Today in crypto news, the upcoming Proof of Keys event was explained, bitcoin rose noticeably in price, and Bloomberg found evidence of Tether backing. Blockchain Capital partner Spencer Bogart also spoke bullishly on bitcoin, and Japan revealed a potential label change for cryptocurrencies.
Catch up on the details –
‘Proof of Keys’ Is Coming, But What Is It?
Popular crypto enthusiast Trace Mayer has been promoting a new event to take place on January 3, 2019, called Proof of Keys.
The Proof of Keys event urges crypto users to withdraw their funds from all third parties on or before January 3, 2019. Third parties include exchanges, gambling sites, etc.
Mayer explained several reasons for the event. He mentioned the event could prove third-party solvency (that third parties actually hold customer assets for them). The event also may show crypto holders the importance of holding their own private keys (crypto assets), and could additionally validate different crypto asset chains.
Bitcoin Price Jumps 10% On Anniversary Of All-Time High
The last twenty-four hours have been bullish for bitcoin as the asset shot up to a price point of $3,590. Bitcoin has not seen such price levels in more than a week.
CoinDesk explained this price action could lead to further upward movement in the days ahead. “With the bounce, BTC has not only validated the oversold readings on the 14-week relative strength index (RSI), but also established a bullish reversal pattern on the widely followed three-day chart.”
Although validation on the three-day chart cannot be confirmed until Thursday’s close.
Crypto-Mystery Clues Suggest Tether Has the Billions It Promised
Tether (USDT) solvency still remains unproven as the bear market continues. A Bloomberg report today provided evidence leaning toward Tether actually holding sufficient USD backing.
Bloomberg was able to review several of Tether’s private documents. Although the documents were not complete records, they did show cash numbers matching the amount of USDT in circulation at the time of recording. The files were also verified for authenticity.
However, the documents Bloomberg reviewed did not reveal the origin of the assets or their ending location.
A Year After $20K, Blockchain Capital Exec Says Investors Will Regret Not Buying In Now
Yesterday marked the one-year anniversary of bitcoin’s all-time price high. Blockchain Capital partner Spencer Bogart stated now as a great time to buy bitcoin.
In yesterday’s interview with CNBC, Bogart explained that bitcoin has been mostly fueled by retail trading so far. He said this often leads to bull markets that go a bit too high and bear markets that stoop too low.
“[T]he reality is that the fundamentals have not changed […] 2018 has been a fantastic year for bitcoin. Ignore the price. I mean underlying it, the technology – this is the first year that we’ve started to move scale bitcoin with the lightning network.”
Bogart mentioned many other aspects as well, including the ongoing development of institutional players coming into crypto.
Japan: Crypto May Be Classified As ‘Crypto-Assets’ To Prevent Confusion With Legal Tender
According to a CoinTelegraph Japan report a few days ago, the Japanese Financial Services Agency (FSA) may propose a change in terminology, legally classifying cryptocurrencies as “crypto-assets.”
Through this classification change, Japan “hopes that traders will no longer purchase them believing that they are legal tender recognized by the government,” CoinTelegraph reported.