Here’s what happened this week in Bitcoin in 99 seconds.
Some market watchers blamed the bearish price action on news that Japan’s largest exchange, BitFlyer, was ordered to suspend new account registrations. Japan’s Financial Services Agency, which oversees crypto exchanges, has demanded that BitFlyer improve their KYC / AML processes.
Those who lost bitcoins in the Mt. Gox failure will receive a partial settlement of $450 per coin. This sum will be paid out mid-2019 in BTC, rather than fiat. This means that the Mt. Gox Trustee will no longer be dumping large volumes of BTC on the market.
The major South Korean exchange Bithumb was hacked and $31 million were stolen. It seems that the exchange’s Ripple wallet was targeted. Bithumb stated that affected clients will be compensated from the exchange’s reserves. The exchange also made assurances about the safety of user funds.
Tether announced that an inspection of their US Dollar bank holdings by a law firm has proven that full Dollar backing exists for all issued Tether coins. As of the 1st of June, Tether’s fiat holdings exceeded the number of Tethers. Although short of a full audit, this report should dispel some of the doubt surrounding Tether’s financial situation.
The central European nation of Slovenia is opening a so-called “Bitcoin City” in its capital, Ljubljana. The region will house over 450 cryptocurrency-accepting shops and span 250,000 square meters. Facilities will include bars, restaurants, a waterpark, cinemas and swimming pools.
That’s what happened this week in Bitcoin. See you next week.
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In all I’ve read, counterfeit ing coins hasn’t been mentioned and relatively little this far on the federal reserve plans for 2020 about using XRP. Can you expand on these to help me legitimize to naysayers?
Federal Reserve to use XRP? Nah, this is probably just a wild rumour. XRP hasn’t seen much uptake so far even among banks using it to route value between themselves (interbank ledger). If the Fed was going to get involved, 2 things:
1) it’d be huge, huge news and everyone in crypto would know about it. I’ve never even heard of this rumour, so I think it’s pretty unlikely it has any backing.
2) the Fed would create their own coin for this purpose rather than massively enriching the Ripple company. By using Ripple, they would in effect make Ripple the Fed and put themselves in a dependent position, for absolutely no reason given the relative ease of creating their own coin.