Bitcoin News Summary – October 29, 2018

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.

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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