Crypto Tidbits: RBC May Embrace Bitcoin, China Bashes Cryptocurrency, Ethereum DeFi Booming

Another week, another round of Crypto Tidbits. The past seven days were rather painful for Bitcoin (BTC), with the leading cryptocurrency tumbling by some 4% according to Coin360. Altcoins have posted similar losses. As of the time of writing this, BTC is trading for $8,500, seemingly poised to break down further as bulls fail to step in.

Regardless of the price action, though, the cryptocurrency and blockchain industry saw a number of positive developments: reports indicated that Canada’s largest bank is looking to embrace Bitcoin, China’s foremost news outlet, which is state-run, mentioned Bitcoin in an article, and Ethereum’s decentralized finance ecosystem has been gaining traction.

Related Reading: Crypto Tidbits: Bakkt’s Bitcoin Market Explodes, Huawei CEO Skeptical of Blockchain, FBI Wary of Cryptocurrency

Bitcoin & Crypto Tidbits

  • RBC May Launch Crypto Asset ExchangeReported by The Logic, a Canadian innovation-centric news outlet, Royal Bank of Canada — the country’s largest bank with $660 billion in assets under management — is exploring the creation of a cryptocurrency trading platform for investments in an array of digital assets, purportedly including Bitcoin and Ethereum. Citing four Canadian and American patents that can be found by the public, the outlet reported that the institution is “exploring the creation of a cryptocurrency trading platform for investments as well as in-store and online purchases.” Serving over 16 million customers, RBC’s platform could be a boon for the crypto industry at large. What’s interesting is that this comes after RBC announced last year that:

    “Effective immediately, RBC will no longer be allowing the use of RBC credit cards for transactions involving cryptocurrency. We regret any inconvenience this may cause.”

  • Chinese Government-Run Xinhua Releases Bitcoin ArticleEarlier this week, Xinhua, China’s purportedly most-read news outlet, released an entire article on Bitcoin. The article, whose…

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