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Crypto Daily RoundUp - Feb. 6


Bitcoin's free fall continues and its price fell below $6,000 early Tuesday as the curbs and regulations on cryptocurrencies rise. But this did not alarm Singapore's de facto central bank, which said that there was no need to ban cryptocurrency trading in the city-state for now, adding that the blockchain technology and distributed ledgers were welcome.

Here is a wrap up of the main cryptocurrency news over the last 24 hours.

Bitcoin Falls Below $6,000, Lowest Level In 3 Months

Bitcoin continued its falling trend and fell below $6,000 early Tuesday, but bounced back later. The sell-off continues amid concerns over tighter regulation in several main markets such as South Korea and China. The ban imposed by major financial institutions on purchase of cryptocurrencies using credit cards also gave momentum to the slide in prices. Some respite came from Singapore where the deputy prime minister said there was no need to ban cryptocurrencies at the moment.

Singapore Deputy PM Says No Strong Case To Ban Cryptocurrency Trading

Singapore's central bank has been closely studying cryptocurrencies and the potential risks posed by them, and currently, there is no strong case to ban their trading, the city-state's Deputy Prime Minister Tharman Shanmugaratnam said. "Cryptocurrencies are an experiment. The number and different forms of cryptocurrencies is growing internationally," Shanmugaratnam, who is the minister in charge of the de facto central bank Monetary Authority of Singapore, said in a written reply to questions from parliamentarians."It is too early to say if they will succeed. If some do succeed, their full implications will also not be known for some time," he wrote.

Virgin Money Joins Major Banks In Banning Credit Card Cryptocurrency Purchase

Virgin Money banned its customers from buying Bitcoin and other cryptocurrencies using their credit cards, thus joining the list of major financial institutions who have adopted the measure. Leading banks and financial firms in the US such as the Bank of America, Citigroup, JP Morgan, Capital One and Discover, and the Lloyds Bank in UK banned their customers from purchasing cryptocurrencies using credit cards, over the weekend. The ban does not apply to debit cards. The move comes as the price of Bitcoin keep falling, reaching below $6,000 early Tuesday, but recovered thereafter.

SEC, CFTC Chairmen To Testify Before Congress

Jay Clayton, the chairman of the Securities and Exchange Commission, and Christopher Giancarlo, chairman of the Commodity Futures Trading Commission, are set to testify before the Congress on Tuesday on the risks posed by cryptocurrencies to investors and the financial system. Reports suggested that the hearing will focus on whether both agencies can supervise exchanges and protect investors from market volatility and fraud, especially from cyber sources.

Metatron Unveils Bitcoin Peer-to-Peer Transaction App

Metatron announced the launch of CryptoCoinBase, a Bitcoin Peer-to-Peer Transaction App. The new app is a cryptocurrency exchange platform with price tracking and location services. It is available on Google Play and as a Progressive Web App. The technology company has also launched icocryptoblockchain.com, its one-stop website soon to be app that will provide the latest cryptocurrency news, education, editorials, market capitalizations, trade volume and ICO alerts.

Quantum Medical Transport Offers QuantH Digital Coins In $50 Mln ICO

Quantum Medical Transport, Inc. has set a $50-million Initial Coin Offering or ICO, to privately place ERC20 tokens to accredited investors. ERC20 is supported by Ethereum network. The company aims to raise capital for growth, debt restructuring, stock repurchase, and acquisitions. The Texas-based Quantum Medical, a medical services transportation company, is offering QuantH digital tokens, similar to Bitcoin and Ether. The company said its QuantH Medical Blockchain Technology enables secure encryption data sharing, i.e., Health Information Data Exchange.

Current Prices

As of 6.00 am ET on Tuesday, Bitcoin was down 17 percent at $6,449.17 and Ethereum fell 19.35 percent to $621 on Coinbase.

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