Bitcoin News Summary – November 12, 2018

Here’s what happened this week in Bitcoin in 99 seconds.

 

A strong move in Bitcoin Cash price comes in the run-up to the Bitcoin Cash SV hard fork, scheduled this week. On this date, Bitcoin Cash will split into Bitcoin Cash ABC, backed by Jihan Wu, Amaury Sechet, and Roger Ver, and Bitcoin Cash SV, backed by Calvin Ayre and Craig Wright. If you hold BCH, ensure that you’re prepared.

Pure Bit, a South Korean crypto exchange has completely shut down after raising $2.8 million in Ethereum from investors.  The exchange posted “Sorry” and “Thanks” to their communications channels and it is suspected that this was a deliberate exist scam from the get go.

The US Securities and Exchange Commission is charging the founder of popular decentralized ICO token exchange, EtherDelta, with running an unregistered exchange. As the SEC considers many such ICO tokens to be securities, it requires their trade to be regulated.

The launch of the first crypto exchange to be officially registered in the United Arabs Emirates was announced. The exchange, named “Crypto Bulls,” will be the first of its kind in Dubai.

Finally, Venezuelan demand for bitcoins has reached a new peak. Over 1,000 BTC per week are trading over LocalBitcoins in Venezuela. Also, the government revealed it will propose its national crypto, the Petro, to OPEC as a means for trading crude oil. The Petro is pegged to the cost of a barrel of oil.

That’s what happened this week in Bitcoin. See you next week.

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