Crypto Weekly – Jul. 13

Bitcoin and its peers opened the week on a strong note, but lost ground thereafter as volumes shrunk rapidly. Cryptocurrencies remained in a largely downward trend afterwards.

However, Friday morning Bitcoin and altcoins were in the green following a rebound late Thursday.

Cryptocurrency market capitalization declined from around $275 billion at the start of the week to nearly $250 billion Friday morning on CoinMarketCap.

Here is a collection of main news from the cryptocurrency and blockchain space over the week.

Bitcoin Trading in Chinese Yuan Shrinks, Owners Double In Canada

Bitcoin trading in the Chinese yuan or renminbi has fallen below 1 percent of the world total, which is a drop from a peak of more than 90 percent, the news agency Xinhua reported, citing the country’s central bank. In contrast, a survey conducted by the Bank of Canada showed a nearly 100 percent increase in the number of people who own bitcoin in the country over the course of a year.

Bitcoin At $9K On WEX Exchange; Experts Warn

Bitcoin surged to about $9,000 on a relatively unknown cryptocurrency exchange called WEX on Wednesday, while the top cryptocurrency was broadly unchanged on other leading trading venues. The surprise spike in the price of Bitcoin on WEX caused market experts to warn of trouble.

Litecoin Foundation Acquires Stake In Bank; Robinhood Adds Litecoin, Bitcoin Cash

In a strategic tie up, Litecoin Foundation has acquired 9.9 percent stake in Germany’s WEG Bank AG from TokenPay Swiss AG, a crypto-to-fiat payments firm. Elsewhere, Robinhood, a commission-free stock and cryptocurrency trading app in the US, added support for two more cryptocurrencies, Litecoin and Bitcoin Cash, on its crypto trading platform. The app had initially supported only Bitcoin and Ethereum.

Gemini Appoints Ex-NYSE CIO As First CTO; Facebook Makes Blockchain Appointments

Gemini, the cryptocurrency exchange owned by Internet entrepreneur twins Cameron and Tyler Winklevoss, has appointed former NYSE Chief Information Officer Robert Cornish as the company’s first-ever Chief Technology Officer. Elsewhere, Facebook appointed its senior engineer Evan Cheng as the Director of Engineering, blockchain.

Huobi Enters Australia; India’s Coindelta Launches Peer-to-peer Platform

Singapore-based cryptocurrency exchange Huobi expanded its operations to Australia by launching its digital asset exchange there. Indian cryptocurrency exchange Coindelta has launched a peer-to-peer (P2P) exchange platform like several other crypto exchanges in India in its bid to bypass the Reserve Bank of India’s ban on providing banking services to firms or individuals dealing in cryptocurrencies. The RBI ban came into effect from July 5. In Israel, decentralized cryptocurrency exchange Bancor said it lost nearly $13.5 million worth of cryptocurrencies to hackers after a wallet used to upgrade some smart contracts was compromised. And Canadian cryptocurrency exchange Coinsquare partnered with blockchain investment bank DLTA 21 Blockchain Corp. to launch a centralized cryptocurrency trading platform in Japan.

London School Of Economics Launches Online Crypto Course

The London School of Economics or LSE introduced an online course on cryptocurrency, starting in August 2018. The prestigious educational institution aims to guide potential investors and businesses to make sense of, and accurately evaluate, cryptocurrencies and their uses. A study by found that Blockchain would contribute nearly $1 billion to the telecoms market within the next five years.

Opera Unveils First Browser With Built-in Crypto Wallet; Palladium Launches ICCO

Opera has become the first major browser to carry a built-in crypto wallet, which will spare internet users the trouble of installing separate Dapp browsers or crypto wallet extensions. The Norwegian browser maker said in a press release that the private beta version of the Opera browser for Android has been made available. Meanwhile, a Malta-based blockchain company Palladium launched a fully Initial Convertible Coin Offering (ICCO), which it claims is the world’s first ever, to raise EUR 150 million that will be used to support the three core blocks of Palladium’s solution.

FedEx, Pharmacy Plan Blockchain Platform To Distribute Unused Cancer Medicines

The FedEx Institute of Technology has partnered with pharmacy services company Good Shepherd Pharmacy to create a new blockchain-based platform for quicker distribution of cancer medicines. Both organizations are developing a blockchain platform, called REMEDI, to retrieve unused medications from cancer patients and pass them on to economically disadvantaged patients.

Australia To Target Crypto Profits Hidden Offshore

The Australian Tax Office or ATO said it will track down citizens hiding their profit from cryptocurrency trading offshore, Australian Financial Review reported. The U.S. President Donald Trump has established a new “Task Force on Market Integrity and Consumer Fraud” to help regulatory agencies in their probe of financial fraud crimes in the country. This week, a California-based bitcoin trader, called as “Bitcoin Maven” was sentenced to one year and a day in federal prison in bitcoin money laundering case.

Current Prices

As of 10.26 am ET on Friday, Bitcoin was down 5.01 percent for the week at $6,257.80 and Ethereum was lower by 6.54 percent at $438.40 on Coinbase.

by Jyotsna VRTTNews Staff Writer

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