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Cryptocurrency Daily Roundup - Jan.16

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A summary of some of the widely followed stories on cryptocurrency and blockchain during the past 24 hours.

Flood of altcoins to drive down Bitcoin prices: St.Louis Fed Reserve

"The bullish case is that Bitcoin will appreciate indefinitely due to its capped supply and an ever-growing demand. The bearish case is that Bitcoin's price will fall to zero, as it's an intrinsically worthless asset. We think the future price path is more likely to remain bounded between these two extremes," say David Andolfatto and Andrew Spewak, the authors of the report.

Bulgarian Tax Authority To Inspect Cryptocurrency Trading Platforms

Bulgarian tax authority The National Revenue Agency or NRA is planning to conduct inspections on cryptocurrency trading platforms, Bulgarian media reported. The objective is to ensure that crypto companies and their clients comply with tax and social security laws. The agency has targeted nine enterprises to gather information about the exact nature of their activity and look for undeclared revenues and potential attempts at tax evasion.

IBM Teams With Ford, MineHub To Use Blockchain In Mining Supply Chain

IBM said it joined with Ford Motor Co., Huayou Cobalt, LG Chem and RCS Global to launch a blockchain pilot program to trace and validate ethically sourced minerals. Separately, IBM has collaborated with mining technology company MineHub Technologies, Inc. for a blockchain technology-based solution to use in the global mining and metals supply chain.

New Zealand-based Crypto Exchange Goes Offline After Hack

A New Zealand-based crypto-currency trading company Cryptopia, based in Christchurch, announced on Twitter that on January 14, it suffered a security breach that resulted in significant losses. "Once identified, the exchange was put into maintenance while we assessed damages," it added. The exchange has not disclosed the value of the losses, the tokens and currencies affected or any measures to refund users.

Chevron, Total, Reliance join blockchain-powered Vakt platform

Chevron, Total S.A. and Reliance Industries have joined the blockchain-based platform Vakt as strategic investors. They also become early users of VAKT's blockchain-powered post-trade processing and management platform for commodities. VAKT is an independent company created and backed by nine leading energy companies, commodity traders and banks - BP, Equinor, Shell, Gunvor, Mercuria, Koch Supply & Trading, ABN Amro, ING and Societe Generale.

BitFury launches blockchain-powered Music and entertainment division

U.S.-based blockchain technology company BitFury created a blockchain-powered music and entertainment arm called Bitfury Surround . The Surround platform will design blockchain solutions to address challenges faced by artists and other stakeholders in the music industry. The platform is expected to enhance the protection of intellectual property rights, and also create a sustainable environment that fairly compensates artists and stakeholders.

Current Prices

As of this writing, Bitcoin is down 0.80 percent or $29.50 at $3630.01 on Coinbase. Ethereum is lower by 4.02 percent or $5.16 at $123.16.

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