- A Bitcoin daily high so far of USD 9,432 ensures that consolidation continues
- Brittany Kaiser, the Cambridge Analytica whistleblower. says blockchain could address the crisis in data protection
- Bittrex obtains USD 300 million insurance for its cold wallet funds from Lloyd’s of London
Bitcoin has completed a full day above USD 9,000 and based on the performance of the market, it will probably count a full entry into February without ever touching the old resistance at that level again before Monday.
While there hasn’t been a new high at all, with today registering USD 9,432 (CoinDesk), there hasn’t been any threatening of the support level at the low of USD 9,185 either. Yesterday’s performance still stands strong and even technical analysis from our own commentator needs a few more days for patterns to emerge for the short term.
Whatever the price action these weeks, blockchain technology is powering ahead in recognition and acceptance. And now, with data privacy and protection one of the hottest topics being discussed, Brittany Kaiser, the Cambridge Analytica whistleblower, has singled out blockchain technology as the possible solution to data protection and global issues in data privacy.
The former business development director at the British data analytics firm at the center of an infamous Facebook data scandal recently told Cointelegraph that her former firm collected raw data from as many as 87 million Facebook users to be used in Donald Trump’s presidential campaign during the last US elections. Kaiser, who now serves as co-founder of digital intelligence startup Own Your Data Foundation, was at the World Economic Forum in Davos and talked about how emerging technologies, blockchain being one, will help protect personal data.
She calls data the world’s most valuable asset and expressed excitement at seeing so many social media solutions powered by blockchain. Kaiser sees these as important challengers to the existing social media giants like Facebook and its messenger WhatsApp. She said:
“In my opinion, it’s really blockchain tech and blockchain entrepreneurs that are gonna solve a lot of the problems of the data protection crisis.”
The co-founder named Germany and Switzerland as the best performers at data protection, but the American says her own native country is the stark opposite, with “nearly zero data legislation or regulation”. It’s not all bad news, though, as the US has been involved in several key data privacy initiatives, and Kaiser gives the example of how California this year enacted its own state-level California Consumer Privacy Act, which others were sure to follow.
Meanwhile, one of the world’s biggest cryptocurrency exchanges in Bittrex has just taken in USD 300 million in digital asset insurance to protect funds it holds in cold storage against theft or collusion. This was confirmed in a blog post today.
The new specialty insurance for corporations was given by one of the oldest insurers in the business, Lloyd’s of London, after collaborating with insurance broker and adviser Marsh. Marsh digital asset risk transfer team co-leader Sarah Downey said:
“We worked closely with Bittrex to create a tailored insurance solution to fit their specific cryptocurrency needs.”
Lloyds has had previous experience as long ago as August 2018, when it became the insurer for a crypto custodian Kingdom Trust, following that up eight months later in April 2019 with the addition of Coinbase’s hot wallets to its list of insured clients.
The insurance was granted to Bittrex after it successfully demonstrated satisfactory internal security and compliance protocols. Its CEO Bill Shihara was happy to say that the insurance was yet another layer of assurance on top of existing security and that customers would now have an additional guarantee of safety of funds.
Cryptocurrency in its purest form denounces the idea of someone other than the fund’s owner to obtain access, much less custody of money. However, as most mainstream people are not yet used to the idea of being fully and solely responsible for your own money, the idea of crypto custody has been gaining much popularity, especially among institutional investors.
The idea of having your money protected by insurance, especially when exchanges seem to be getting hacked every now and then, will be very appealing, although insurers are finding it difficult to justify the high risk of managing crypto assets.
So much so, Gemini Exchange has told Cointelegraph that the exchange had to launch its own insurance company to cover some USD 200 million of its own custodied assets, but it did so believing that institutional clients have insurance as a prerequisite to investment.
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The post Trending Bitcoin News and Market Sentiment January 30th, 2020: Cambridge Analytica Whistleblower Singles Out Blockchain As Data Protection Solution, Lloyd’s of London Insures Bittrex Cold Wallet Funds for $300 Million appeared first on BitcoinNews.com.
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