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Bitcoin News Summary – October 22, 2018

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

US investment giant Fidelity, which has over $7 trillion under management, announced its new crypto custody and order execution service, Fidelity Digital Asset Services. Fidelity aims to make Bitcoin trading accessible to major institutions, such as hedge funds.

Major exchange Bitfinex re-opened fiat deposits for its 4 support currencies: Dollars, Pounds, Yen and Euros. Bitfinex claim their new system is more reliable. This funding mechanism was on hold for about 11 days. This raised concerns, especially regarding Tether, the US Dollar-pegged cryptocurrency, which is closely linked to Bitfinex.

The Bitcoin blockchain showed a transaction of nearly 30,000 BTC, worth almost $200 million, was processed for a 10 cent fee. The same transaction would cost over $10,000 if sent through the legacy banking system.

Former Indian exchange Zebpay announced that it has relocated its operations to the island of Malta. This move follows a bank on the exchange’s bank accounts after the RBI imposed strict new regulations on crypto businesses. Unfortunately, Zebpay can no longer service its roughly 3 million users in India.

Finally, after 3 years of running our popular Bitcoin faucet and dispensing almost 13 Bitcoins to the general public, 99Bitcoins’ faucet has shut down. The move was decided upon in order to help us focus on a new and exciting project to help educate the public about Bitcoin which will be revealed in the coming month.

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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