BitGo Holdings, a leading blockchain security and infrastructure provider, has announced the acquisition of Prime Core Technologies, the parent company of Prime Trust. The deal aims to enhance BitGo’s infrastructure and broaden its regulatory reach, while bringing secure, regulated services to clients. The acquisition is still subject to regulatory approval, with further details to be disclosed.
In other news, the Commonwealth Bank of Australia (CBA) has announced temporary measures to combat scams within the country’s crypto industry. The measures include a temporary decline or holding of “certain” payments to cryptocurrency exchanges for 24 hours or more, as well as a AUD 10,000 ($6,650) limit on payments made to exchanges in the coming months. Australian banks have been taking steps to protect customers against scams, with the move marking a turnaround for the CBA, which had announced in November 2021 that it would enable crypto trading for Australians on its banking app, CommBank.
As for the current state of Bitcoin’s price, it continues to consolidate above the $26,000 support level, but faces resistance near $26,750. If the price fails to clear the $27,000 resistance, it could lead to another decline, with immediate support near $26,140 and the next major support near $25,850. The next key resistance is near the $27,400 level, with potential further gains up to the $28,500 resistance zone.
Overall, the blockchain and crypto industry is constantly evolving and adapting to new challenges, whether it be regulatory hurdles or security concerns. The recent developments with BitGo’s acquisition and the CBA’s measures serve as reminders that the industry is still in its early stages and requires responsible management and oversight. Nonetheless, the potential benefits of blockchain and crypto are vast, and many companies and institutions are continuing to explore and invest in the space.