Here’s what happened this week in Bitcoin in 99 seconds.
Bitcoin continues to outperform altcoins, reaching over 51% of the total crypto market cap this week.
The story behind this week’s $900 price drop was the SEC’s decision to delay its decision on the highly-anticipated Bitcoin ETF until September 30th. Agency officials want more time to consider the approval of the VanEck SolidX Bitcoin Trust.
Bitcoin Core developer Cory Fields revealed that he’d alerted the Bitcoin Cash developers to a fatal flaw in their code. Fields said that the bug could have proved “catastrophic,” potentially splitting the Bitcoin Cash blockchain.
The American Drug Enforcement Agency (DEA) announced that Bitcoin currently has far more legal than illegal use. DEA special agent and Cyber Investigative Task Force member, Lilita Infante reported that illegal use of Bitcoin accounts for about 10% of its current volume. The agent said that the majority of use is now for financial speculation.
Japanese internet giant, GMO, reported $2.3 million in profits for its cryptocurrency division over the second quarter of this year. GMO also recently announced its new 33 terahash per second B3 miner for sale.
Finally, Overstock.com saw a massive 25% gains in its after-hours share price, following the company’s earnings report. The report revealed that a Hong Kong-based private equity firm made a $325 million Dollar investment into Overstock’s tZero blockchain subsidiary and ICO tokens.
That’s what happened this week in Bitcoin. See you next week.