Crypto Digest: Weekly Digest of the Biggest Crypto News (November 14 to November 20)
Cryptocurrency News (Photo from Bitcoin Market Journal)

Crypto Digest: Weekly Digest of the Biggest Crypto News (November 14 to November 20)

By warliezdiaz | Planet Crypto | 20 Nov 2020

Cryptocurrency News (Photo from Bitcoin Market Journal)


BlackRock CIO Says Bitcoin Could Replace Gold

Rick Rieder, the CIO of BlackRock expressed on CNBC that Bitcoin could surpass gold and it is here to stay.

He cited that Bitcoin is a durable mechanism and more functional than passing a gold bar around. He also added that digital currency, and millennial’s receptivity of technology and cryptocurrency is real.

BlackRock is a global investment management and technology provider. Its fund advisors reportedly hold an approximate fifteen (15) percent stake in Microstrategy, which owns a big stash of Bitcoin.


SEC Chair Calls Bitcoin ‘Store of Value’

Jay Clayton, the Chairman of the U.S. Securities and Exchange Commission, has reaffirmed the agency’s stance on Bitcoin, claiming that it is not a security.

He further recognized the leading cryptocurrency as a payment mechanism or a store of value, adding that it is up to the government to regulate payments.

Last year, Clayton also confirmed that Ethereum was not a security. However, the agency is yet to provide some regulatory clarity on other major cryptocurrencies, such as Ripple XRP and Stellar XLM.


Bitcoin User Pays USD 47K in Transaction Fees

An unknown Bitcoin user paid 2.66 BTC worth USD 47,000 in transaction fees to transfer 0.01088549 BTC.

Such case of unusually exorbitant transaction fee is likely a result of human error. The Bitcoin user may have made a mistake in manually constructing the BTC transaction data.

The expensive transfer comes at a time when Bitcoin transaction fees are going through a sharp decline.


Launch of Crypto Banks Imminent Says OCC Chief

Office of the Comptroller of the Currency (OCC) Chief Brian Brooks says the advent of crypto banks is just around the corner.

In an interview with Forbes, he revealed that there are few crypto firms beelining for the Trust Charter with the OCC in order to provide crypto banking services.

Brooks has historically been friendly toward the crypto world, notably ruling that banks could custody Bitcoin and other cryptocurrencies for their clients.


Companies Now Hold USD 15.3 Billion in BTC

According to the Clark Moody dashboard and data from Bitcointreasuries, companies now hold around 842,229 BTC.

Public companies and institutional investors are continuously accumulating Bitcoin. Such demand likely comes from the growing reputation of Bitcoin as a digital store of value.

Corporations are now holding roughly 4.5 percent of today’s Bitcoin supply which is around 18.5 million BTC and when lost or dormant coins are to be considered, the total supply is estimated to be around 17 million in total.


Ethereum Hits USD 500 After More Than Two Years

Ethereum Hits USD 500 for the first time since June 2018, outperforming Bitcoin’s year-to-date returns.

The second largest cryptocurrency by market cap was just trading for around USD 120 in March following the COVID-19 induced cross-asset crash. It’s year-to-date returns stand at 284 percent, higher than the 155 percent for Bitcoin.

Alongside the increase of Ethereum’s value, major altcoins also showed signs of life, notably Litecoin (LTC) and Ripple XRP.


Ethereum Locked in Smart Contracts Surges

According to Glassnode data, the amount of Ethereum held in exchanges has been declining since the end of July 2020.

The reason for the decline of supply in exchanges is the increase of ETH deposited in smart contracts, where it can potentially generate interest in DeFi protocols, has been rising since June.

In the course of a few months, the supply of ETH sitting in smart contracts went from 11 percent to 17 percent, whereas the ETH in exchanges went from 19,000 ETH to 15,500.


  1. BlackRock CIO Says Bitcoin Could Replace Gold: 'It's Here to Stay',; BlackRock’s Chief Investment Officer Says Bitcoin Could Replace Gold to a Large Extent,
  2. SEC Chair Jay Clayton Calls Bitcoin "Store of Value",
  3. Someone Just Made a $47,000 Mistake With Bitcoin,
  4. Launch of Crypto Banks Imminent, Says OCC Chief Brian Brooks,
  5. Corporate Bitcoin frenzy: companies now hold $15.3 billion in BTC,
  6. Ether hits $500 for the first time since June 2018, outperforming Bitcoin YTD,
  7. Ethereum Flowing Out of Exchanges and Into Smart Contracts,


(Welcome to Planet Crypto. We discuss necessary information and updates regarding the cryptocurrency market regularly. So if you want to get updated, do not forget to hit the follow button and smash the like button.
I am not a financial or investment advisor. The purpose of this channel is to raise awareness about blockchain, the technology which will make the greatest impact in the decades to come and help in the mass adoption of cryptocurrencies. Please only consider this as educational or informational. This is never intended as a financial or investment advice.)


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