Bitcoin dropped by 9% after failing to overcome resistance at $$35000. The drop recorded a daily low at $31,130 earlier this morning, according to Bitstamp. So far in January, BTC has bounced three times from this support line over the past five days.

Bitcoin price remains inside the boundaries of a descending bearish triangle pattern and has mainly been rangebound between $33,000 and $30,750 over the last five days of trading. Will Bitcoin recover? Let's see over the next week or two.

Bitcoin held by public companies has surged 400% in 12 months to $3.6 billion
Public companies hold more than $3.6 billion worth of Bitcoin, technology research Kevin Rooke found.

Technology researcher Kevin Rooke has been tracking the Bitcoin holdings of public companies throughout the past two years. According to Rooke, public firms now hold over $3.6 billion worth of BTC.

Today, MicroStrategy is the biggest Bitcoin holder with 70,784 BTC with GalaxyDigital Holdings a distant second with over 16,400 BTC. Square Inc., meanwhile, is the largest company by market cap among public company holders by with roughly 4,700 BTC.

In a year, public companies alone accumulated around 85,000 BTC, which is equivalent to $2.67 billion.This trend is indicative of the rapidly growing institutional demand for Bitcoin, as portrayed by the surging trading activity on Grayscale and CME.

Blockchain-aided voting trials to begin in India
Blockchain technology is being used to test a remote voting system in India where votes are encrypted and hashed on the blockchain.

Trials of blockchain-aided voting in India that would enable voters to post ballots from outside their home provinces are to begin soon. Chief Election Commissioner Sunil Arora said that research using the cutting-edge technology had already started and that mock trials were to be launched in the very near future.

India’s Election Commission worked alongside researchers from the Indian Institute of Technology Madras in creating a secure way to verify identities and enable voting from far-flung regions of the country, and beyond. On the same day, Arora confirmed a proposal that would give Indians living abroad the chance to engage in the voting process.

The blockchain aspect of the system would see personalized e-ballot papers generated by the blockchain once a voter’s identity has been verified. Subsequent votes are then encrypted, generating a blockchain hash, explained former Senior Deputy Election Commissioner Sandeep Saxena.

Philippines’ central bank to license crypto trading and custody firms
Crypto financial services providers in the Philippines must now obtain operating licenses from the central bank and adhere to AML and CFT rules.

In keeping with the emergence of clear-cut crypto regulations across Southeast Asia, Philippines’ central bank, BSP, has enacted a broader licensing regime for digital asset firms in the country. According to the Philippine Daily Inquirer, all crypto financial service firms in the country must now be licensed by the BSP.

Thus, exchanges dealing in crypto-to-crypto trading pairs and custody platforms must now obtain approval from the central bank. The expanded regulatory regime also covers cryptocurrency derivatives platforms.

All crypto firms in the country will also have to comply with global financial best practices including Anti-Money Laundering and Countering the Financing of Terrorism. As a result, cryptocurrency transfers above a certain threshold will require identifying information for both the originator and beneficiary parties.

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