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Bitcoin News Summary – October 29, 2018

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

Crypto markets remain steady this week. Markets were largely unchanged from last week, with Bitcoin holding the $6,400 level, Ethereum keeping its $200 level, XRP steady at 45 cents and BCH holding the $440 range. The total crypto market cap is now at around $209 billion, of which Bitcoin’s value comprises 53.6%.

Japan’s Sony Corporation announced a new crypto hardware wallet. The wallet uses contactless technology, meaning that it doesn’t have to be plugged into a PC or mobile device to function. Sony’s press release implies the device will support Bitcoin, Ethereum, Ripple, and other cryptos.

Figures from jobs site Glassdoor revealed 300% annual growth in US jobs relating to Bitcoin and blockchain.

Samsung announced that it’s starting actual production of a new 7 nanometer low power Bitcoin mining chip. Samsung expects the new chip to use up to 50% less power while providing 20% better performance over its previous 10 nanometer chips.

The Spanish Ministry of Finance declared that all citizens must declare their crypto holdings for taxation purposes. Off-shore fiat holdings must also be declared under the new law. Spain expects to raise 850 million Euros from taxes following the new legislation.

A Chinese court determined that citizen’s bitcoins should be classed as legally-protected property with economic worth. The court further determined that ownership of bitcoins by private citizens is legal, as is their exchange between individuals. However, crypto exchanges are still banned in the country.

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.

View all Posts by Alexander Reed

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