Bitcoin
From Bitcoin Price Stabilization to The End for SV? – Top Stories of the Past Week
Emilio Janus | Apr 21, 2019 | 05:00
Another Sunday, another Sunday digest. Your one-stop shop to catch up on all the important news in the world of Bitcoin and cryptocurrency.
Bitcoin Price Consolidating For Next Big Move
Bitcoin price 00 continues to hold over $5000, entering a new accumulation phase before the next big bull run, according to some. Latest moves have seen yearly all-time highs tested for both BTC and numerous alt-coins.
The general consensus continues to sway towards the bottom of the bear market having passed. The Mayer Multiple (MM) Indicator, which signalled the bottom of the last downturn, is flashing again. Even UBS is calling the market bottom, although it (somewhat disparagingly) suggests it may be 22 years before we see a new ATH.
Binance coin didn’t seem to accept this, and became the first cryptocurrency to bounce back and already surpassed January 2018 highs. We’re fairly certain that BTC will also take this 22 years figure with a pinch of salt.
Latin American Growth
This week saw numerous BTC-related records fall across Latin America. Faced with the threat of either their own fragile economies, or a certain Donald Trump, business was booming for Bitcoin. Mexico and Venezuela posted record BTC volumes traded on LocalBitcoins, the former due to Trump’s threat to target remittances.
Argentina’s runaway inflation problem is seeing more people turning to Bitcoin to preserve their wealth. While Brazilian seems to be headed in a similar direction, perhaps driving 100,000 BTC traded on Brazilian exchanges in just 24 hours.
News of the Trump administration’s latest measures against Cuba could well see another BTC hotspot open up before our eyes.
Bitcoin Payments Acceptance
Several big merchants who were early adopters in accepting cryptocurrency payments moved out of the market due to the volatility of BTC price in recent years. However, in a significant move, the UKs biggest business travel agency announced that it would start accepting payments in bitcoin.
Three countries approached the IMF stating their interest in issuing Bitcoin-backed bonds to raise sovereign capital. And Sweden even changed its official currency to Bitcoin… at least, some hackers did on Sweden’s behalf. But for 30 minutes we got a glimpse of what the future could look like.
Regulation Miscalculation
France called for Europe-wide implementation of its ‘new and innovative legislation‘ for cryptocurrency. Bitcoinist wasn’t sure it had quite hit the mark, and such face-control would likely have hurt the Bitcoin campaign to raise funds for the restoration and repair of Notre Dame cathedral.
Elsewhere, Russia is starting to realize that it had no idea how to regulate cryptocurrency, and Nevada scrapped its planned regulatory bill.
So Sorry SV
True to its word, Binance officially announced it will delist Bitcoin SV after a week’s grace period for traders.
The people have spoken. Kraken is delisting BitcoinSV: https://t.co/8lSUfEYUYr#delistBSV
— Kraken Exchange (@krakenfx) April 16, 2019
Other exchanges may well follow suit over the coming weeks following Kraken and Shapeshift who have already pulled the plug.
What was the most important Bitcoin story from the past week? Share your thoughts below!
Images via Shutterstock
