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Bitcoin News Summary – August 13, 2018

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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, 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.

Having delved into futures trading in the past, my intrigue in financial, economic, and political affairs eventually led me to a striking realization: the current debt-based fiat system is fundamentally flawed. This revelation prompted me to explore alternative avenues, including investments in gold and, since early 2013, Bitcoin. While not extensively tech-savvy, I've immersed myself in Bitcoin through dedicated study, persistent questioning, hands-on experience with ecommerce and marketing ventures, and my stint as a journalist. Writing has always been a passion of mine, and presently, I'm focused on crafting informative guides to shed light on the myriad advantages of Bitcoin, aiming to empower others to navigate the dynamic realm of digital currencies.

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2 comments on “Bitcoin News Summary – August 13, 2018”

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  1. A good report, as always. The part about BTC having 51% of the marketcap is very interesting; the coinmarketcap website is showing 51.7% as I write this.

    Scary times here in Argentina – the AR peso is in freefall, having today hit 30 to the dollar, and BTC being down so hard as well, it’s a question of where to park one’s savings when real estate isn’t an option.

    1. Hi Redpossum,

      Yes, I’m also in an emerging market country with a currency that’s depreciating rapidly. It is indeed concerning, especially when combined with political instability.

      So I think hard assets are a good bet during uncertain times. I like gold and Bitcoin personally. Even though neither is performing very well at the moment, at least they’re holding some value without presenting much risk.

      There are other options for preserving wealth though, such as businesses. I’ve often heard that a liquor store is a good business to own during tough economic times – people will always want to drink and even more so when times are bad. I’m sure other businesses which provide essentials would work just as well.

      Apart from that, you could also consider offshore investments into economies which are having less issues. This seems riskier to me though, as the problems of emerging market economies can quickly become spread to developed economies.

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