Here’s what happened this week in Bitcoin in 99 seconds.
Major US bank, Wells Fargo, will no longer allow its customers to purchase Bitcoin with their own funds. Specifically, the bank responded to a customer complaint on Twitter that ‘they do not allow transactions involving cryptocurrency.’ Last year, Wells Fargo banned the purchase of cryptocurrencies using its credit cards, claiming they are too risky of an asset. Wells Fargo’s policy runs contrary to the trend of increasing crypto acceptance and integration by banks.
Leading digital currency asset manager, Grayscale reported that its assets under management nearly tripled from $1 billion to $2.7 billion due to the increase in crypto prices in the second quarter of this year. Grayscale’s Bitcoin Trust was up 178%. The asset manager also reports strong inflows into its funds, signaling strong institutional demand for crypto investment.
Steve Wozniak, famous for co-founding Apple, announced his involvement with a Maltese blockchain startup. The new company, Efforce, is focused on using blockchain technology to improve electrical efficiency. Wozniak has made supportive statements in the past regarding Bitcoin.
And finally, America’s Commodity Futures Trading Commission is investigating crypto exchange giant, BitMEX, for allowing US citizens to trade. Popular crypto trader, Tone Vays, was banned from trading on BitMEX due to his US citizenship but the CFTC suspects other Americans may be trading on the site by disguising their US IP addresses. $85 million was reportedly withdrawn from BitMEX after reports of the investigation.
That’s what happened this week in Bitcoin. See you next week.