Here’s what happened this week in Bitcoin in 99 seconds.
Bitcoin has officially entered the longest stretch of declining prices in its 10-year history. The world’s oldest cryptocurrency achieved an all-time high of $19,764 on December 17, 2017 and has posted a series of lower price highs ever since, making February 4, the 413th consecutive day prices have been in decline.
Canadian exchange, QuadrigaCX, announced bankruptcy. Nearly $200 million is owed to clients. According to the exchange’s website, access to cold wallets was lost. The backstory is that the exchange’s founder, Gerry Cotton, died doing charitable work in India, with no plans in place to pass on private key access. Some suspect an elaborate exit scam.
Staying with exchange problems, New Zealand’s Cryptopia exchange was hacked for the second time in two weeks. Following the initial 17,000 ETH loss, a further 1675 ETH was taken from the exchange.
The state of Wyoming passed a bill that will allow for cryptocurrencies to be recognized as money on January 31, according to the state legislature website. The proposed bill defines cryptocurrencies as intangible personal property, granting virtual currencies the same treatment as fiat money. It also authorizes banks to provide custodial services for digital assets. The bill will go into effect on March 1st.
And finally, Twitter CEO, Jack Dorsey, went on the popular Joe Rogan podcast. Dorsey said he thinks Bitcoin will become the currency of the internet.
That’s what happened this week in Bitcoin. See you next week.