This week was somewhat slow in the crypto world. Bitcoin continued to consolidate, as indecision and stagnation plagued the asset’s path to a new price trend. Although the price of BTC seemingly failed to react, this week did host several interesting eventful news.
Catch the top stories from the past several days:
Red Bull partners with… FuturoCoin?
Reported in a Crypto Insider piece on Monday, Red Bull chose an odd cryptocurrency with whom to partner. More specifically, Red Bull Racing. The Red Bull Gmbh-owned Formula One racing team partnered with FuturoCoin (FTO), as mentioned on an article on Red Bull Racing’s website.
At the time of the article, FuturoCoin came in at number 1773 out of 2065 crypto assets on CoinMarketCap’s list of top cryptocurrencies and tokens.
Popular YouTuber Sunny Decree mentioned several oddities regarding FuturoCoin in one of his videos. Decree noticed things such as an error in the project’s white paper, as well as suspicions on the project’s insignificance in general.
General Motors adds blockchain with Spring Labs collaboration
Russia is planning an experiment to shut down its internet
Russia reportedly wants digital independence. ZDNet, with data from Russian news outlet RBK, gave details of Russia’s goals to become self-sufficient in the internet department. Associated with a recent law proposal, Russia plans to conduct a test, shutting off its digital data communications from the outside world.
As part of the initiative, internet activity will be kept in-house, routed toward regulated outposts for approval.
Russia will use the test to gather information, possibly leading to amendments to the proposed law. ZDNet explained, “[a] first draft of the law mandated that Russian internet providers should ensure the independence of the Russian internet space (Runet) in the case of foreign aggression to disconnect the country from the rest of the internet.”
JP Morgan unveils its own cryptocurrency
One of this week’s most talked about events was a surprising move by J.P. Morgan. The influential company announced the development of its own stablecoin – the JPM Coin.
As detailed in CNBC’s February 14 news, each JPM Coin will have a value of $1 USD. Starting later in 2019, J.P. Morgan will take the asset on a trial run for a small percentage of its transactions.
The entity’s cryptocurrency involvement comes as a surprise after bitcoin faced repeated backlash from J.P. Morgan CEO Jamie Dimon over the past couple years. However, as a stablecoin and bank-friendly asset, JPM Coin appears to be quite opposite of BTC.
As was expected, crypto influencers on Twitter posted their share of sarcasm and comedy in response to the news.
Crypto Insider also posted several other noteworthy articles, including a look at the top blockchain influencers of 2018, a look at Bitmain’s downfall, discussion on reducing bitcoin’s block size to 300kb and the new touchless crypto hardware wallet card from Status. Also included was a piece about a 0.25 BTC bounty hidden in a game of Ms. Pac-Man.