Trending Bitcoin News and Market Sentiment January 23rd, 2020: ETC Gets 2-Year Development Funding, Deloitte Completes High-Level Security Compliance Audit for Gemini

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  • Bitcoin has lost some steam in its rally this year, but strong support above USD 8,200 continues to hold
  • Ethereum Classic has received a major boost, with financial commitments from Grayscale Investments keeping development at the blockchain protocol clear till the end of 2021
  • Deloitte has just completed a security audit for the Gemini crypto exchange, giving it a high-level security bill of health

 

Bitcoin bulls finally took to some deflation today, with Asian and and European traders both giving way to selling pressure to record a daily low so far at USD 8,290 (CoinDesk). Altcoins have followed suit, with major coins like Ethereum and Ripple losing 2.83% and 3.53% on the day.

With this move, Bitcoin clearly moves out of the last week’s trading range and analysts will now believe that this pullback could open the doors to reintroduce prices below USD 8,000. It does remain to be seen what American traders will do now, but this nine-day low will probably force them to continue the downside for a while more.

Nevertheless, price could just as easily turn back up, with current levels looking also like they could trigger buy offers, and USD 8,200 anyway has proven to be a strong support level, with psychology likely to play a role here. USD 8,750 will be what bulls must aim for and stay above by the weekend, though, for a reversal of sentiment in the short term.

One of the underrated news items today comes from major crypto fund Grayscale Investments, who has just announced that it will continue to fund the development of Ethereum Classic (ETC). Already providing financial support to its developers for the past two year, this new financial commitment will come from the Grayscale Ethereum Classic Trust, direct to the ETC Cooperative every quarter until the last of 2021.

ETC Cooperative executive director Bob Summerwill reflected:

“It is a big vote of confidence which we deeply appreciate. This funding allows us to continue our support of the ETC protocol and ecosystem. We will provide grants for key projects, as we have through 2018 and 2019.”

So far, the Top 20 altcoin by market capitalization has received USD 1.1 million in donations from Grayscale to fund the development of its protocol. ETC is the token backed by the original Ethereum blockchain that chose to reject a contentious rollback of the blockchain after a malicious hack in 2016 that resulted in the offshoot Ethereum (ETH) that has since outperformed ETC.

Grayscale manages assets worth about USD 80 million in its ETC vehicle, with 0.92 ETC backing each of its estimated 10 million shares. Data from block explorers and other disclosures estimates that the trust controls 14% of total ETC supply.

Meanwhile, another crypto corporate giant is making waves, with US-based crypto exchange Gemini, who also runs a crypto custodial service, claims that it has just completed a security evaluation that moves it into the realm of recognized financial security.

A Tweet posted on the official Gemini exchange says that it has completed an independent security compliance examination, in what it claims is a first of its kind.

Apparently, it passed a SOC 2 Type 2 evaluation conducted by Big Four consultancy firm Deloitte, which determines that a company has a compliant level of security. Gemini head of risk Yusuf Hussain stated in a Cointelegraph interview:

“The Type 2 is the highest level of security compliance that any organization can demonstrate… Doing security wrong in this industry will result in direct loss of customer funds.”

Last year, Deloitte also completed an audit on Gemini but on a preparatory SOC 2 Type 1 inspection, which helped them prepare for this latest one. With its clientele assumed to be big-money players and institutional investors, Gemini has been focusing heavily on getting all of its crypto business legally recognized. And with a particular marketing thrust on its custodial services to build customer trust, the firm has been seeking to get recognition for all its compliance and security measures.

Unlike many others, Gemini has not shied away from regulatory compliance, with one of its slogans in last year’s advertising campaigns splashed across billboards and public transport reading: “Crypto needs rules.”

 

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The post Trending Bitcoin News and Market Sentiment January 23rd, 2020: ETC Gets 2-Year Development Funding, Deloitte Completes High-Level Security Compliance Audit for Gemini appeared first on BitcoinNews.com.



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