Trending Bitcoin News and Market Sentiment May 19th, 2020: Ex-CFTC Chair Funds Tech Against COVID-19, Atari Saddles Up With Litecoin Foundation

  • Bitcoin price in range but stays below USD 10,000
  • Ex-CFTC chair will be among judges for a USD 200,000 blockchain contest against COVID-19
  • Atari partners with Litecoin Foundation to offer discount on upcoming console

Bitcoin markets flattered to deceive yet again as it approached USD 10,000 several times but bid its time patiently before striking, perhaps hoping to consolidate in a bear trap as traders happily take small percentage profits from daily price swings.

One big item of news today is that former US Commodity Futures Trading Commission (CFTC) Chairperson Christopher Giancarlo will be judging a technology contest in support of the fight against COVID-19.

Giancarlo is now serving as an advisor to the Open Initiative and will be one of the panel judges for Swiss cryptocurrency exchange Lykke, who is organizing the contest as part of the Open Initiative, flooring a prize amount worth more than USD 200,000 in an effort to source new developer proposals for blockchain solutions that will address problems thought to arise from the current economic crisis the world is facing.

Helping him judge will also be Lykke CEO Richard Olsen, and University of Zurich professor Ashkan Nikeghbali, a professor at the University of Zurich.

The contest looks at four categories: digital vouchers, supply chains, real-time economic news system, and general research initiatives. Olsen said that the next economic recovery will rely heavily on major technical innovation that has yet to be uncovered, one that would solve the economic system’s inefficiencies. He explained:

“A key issue is that the governments have been more in a reactive, more panic-like mode. And it’s now, as the first onslaught has happened and people get back to work that it’s very important to now be strategic… One of the things that a crisis does is it stimulates imagination and innovation. During peaceful times, people are not faced with the tension on a normal way of doing things. And then suddenly you have a crisis like this that puts enormous tension on traditional processes.”

Meanwhile, gamers and Litecoin holders can rejoice, as some of the oldest names in the gaming and crypto industry have now come together to announce a unique partnership that hopes to leverage the keen interest of both the gaming and crypto communities.

Atari, who has already raised over half a million dollars worth of Bitcoin during its ICO pre-sale, will now accept investments in three crypto: Litecoin, Bitcoin and Ether. The Litecoin partnership also now lets future users pay for the much-anticipated Video Computer System (VCS) with the native currency, at a discount if paid for from Litecoin Foundation’s online store.

Atari CEO Frederic Chesnais, in an interview with Cointelegraph, was banking on a good reception from the Litecoin community, saying:

“I hope [Litecoin’s] is a big community. There’s a good overlap. At the end of the day, we are just hoping that people will take advantage of the discounts, and will take advantage of the opportunity to use Litecoin as well.”

Litecoin Foundation marketing boss Jay Milla agreed that the two communities had much in common, saying that gaming was quick to adopt Litecoin online as they are recognized as part of a special breed of early adopters. He reflected:

“And it’s great to see a brand like Atari reinvent itself. And there are plans for us to see ways that we can work together in everything that Atari is doing.”

The upcoming Atari VCS is being modeled as a personal computer that is flexible enough to use for blockchain use cases. Commentators believe this could be the legendary computer game company’s reinvention to make itself more relevant to modern gamers who are perhaps also crypto users.

Litecoin itself continues to be a major altcoin, and is often the testing ground for technologies Bitcoin developers want to evaluate before implementation, as has been the case with Segregated Witness and Lightning Network. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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