On today’s segment of Crypto Daily News, we’ll cover the thriving Bitcoin (available on Coinbase) (BTC) and the cryptocurrency market, Venezuela’s president trading the national currency for one tied to its ‘Petro Coin,’ and MetaMask being removed from the Google Chrome store for a few hours.
Crypto Daily News: July 26th, 2018
Crypto Daily News: Bitcoin (available on Coinbase) (BTC) and the Crypto Market
Bitcoin (available on Coinbase) has been on a nine-day bull run, and currently, the cryptocurrency is still sitting above the $8,100 mark.
Source: CoinMarketCapAt press time, BTC is trading at $8,193.45 a coin, up 0.14% in 24 hours. For the week, Bitcoin (available on Coinbase) is up 10%, and for the month, the cryptocurrency is up 32.50%.
Nearly all of the top 15 cryptocurrencies are trading in the green today, and the total crypto market is sitting just above the $300 billion mark.
Crypto Daily News: Petro-Backed Coin Takes Over Venezuela
The Venezuelan president, Nicolas Maduro, just made a major announcement that his country will be replacing its national currency. Currently, the bolivar is Venezuela’s national currency, but the country has been in a steep recession for quite some time making the currency practically useless.
The new bolivar Soberano will make its appearance into the country next month and will take the place of the bolivar. According to a local news source teleSUR, the president states that this new currency will be “anchored” to the oil-backed Petro cryptocurrency.
The Petro was launched back in February in an effort to save Venezuela from its steep recession but received global backlash in doing so.
According to teleSUR, Maduro said:
“The economic reconversion will start on August 20 definitively with the circulation and issuance of the new Sovereign Bolivar, the new monetary cone [sic] that is going to have a new mETHod of anchoring the Petro.”
The president believes that the new currency will alter the financial situation of the country radically. Many global leaders, as well as Venezuela’s own congress, has deemed the Petro coin ‘illegal‘ but it is slowly making its way into the country’s financial system.
Venezuela will strip five zeros from the bolivar rather than just the three that had been initially planned. It remains unknown if this desperate attempt will work, considering the country’s soaring inflation is expected to reach a million percent this year, the article claims.
Crypto Daily News: MetaMask Removed From Google Chrome Store
PSA: MetaMask has been delisted from the Chrome Web Store. We are unsure of why this is the case and we will update everyone as we get more information. All other browsers are unaffected.
— MetaMask (@metamask_io) July 25, 2018
The Ethereum (available on Coinbase)-run browser extension, MetaMask, was removed from the Google Chrome Web Store unexpectedly yesterday. The app was listed again just five hours later, with no clear indicator as to why it had been removed in the first place.
PSA2: We are back on the chrome webstore. Stay tuned for a formal retrospective from the team.
— MetaMask (@metamask_io) July 25, 2018
MetaMask was not given a clear reason why its app was removed, but the company has published a medium post outlining its ‘retrospective view‘ of the situation.