Here’s what happened this week in Bitcoin in 99 seconds.
Bitcoin’s price is clawing back above $11,000 per coin. While most coins were trending upwards or at least holding steady this week, among the majors only Monero seems to be outperforming Bitcoin, having regained its $300 level. Bitcoin is now back to a 40% share of the crypto market.
Liechtenstein’s Bank Frick announced that it would allow direct investment into Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash, as well as store coins for its clients. It seems that European banks are loosening up regarding crypto.
Wellington Management Company, which controls one trillion Dollars in client funds, announced that it’s seeking to take a position in crypto. The company will be trading Bitcoin futures available and also investing in companies with exposure to crypto, such as GPU manufacturers.
The popular crypto-only exchange, Poloniex, announced their acquisition by Circle, a former US Bitcoin exchange which pivoted to become a more generalized financial service provider. Perhaps this move indicates that Circle is looking to “un-pivot” back into crypto.
Coinbase was charged with two class action suits. The first lawsuit claims that Coinbase employees reaped huge gains by trading on nonpublic information regarding the support of Bitcoin Cash on the exchange. Tthe second lawsuit discusses funds sent by Coinbase users via email to non-Coinbase users. Not all email transaction were redeemed, and questions have been asked regarding what has happened to those unredeemed funds.
That’s what happened this week in Bitcoin. See you next week.