This is our weekly blog going through all major news that happened during the previous week. Here are the main news of the week:
Price last week: $6700
Price this week: $6700
The price is still in the $6700 range after spending most of the week in the $6300 range the previous week. No particular news seems to be responsible for the price drop during the week; it seems to be due only to market forces.
The Lightning Network Reaches 77 Bitcoins
The Lightning Network, the second layer solution that permits Bitcoin to scale to thousands of transactions per second now has 77 bitcoins on it; It has more than doubled in size in the last two weeks. As more apps are created we expect the network size to keep growing.
SEC Opens Comments for SolidX Bitcoin ETF Proposal
A Bitcoin ETF is a financial instrument that would allow large investors to buy bitcoins through this regulated asset.
The SolidX Bitcoin ETF would be listed on the CBOE, the Chicago Board Options Exchange. The SEC, the government body that regulates securities, such as the Bitcoin ETF, has opened for public comments regarding the ETF. After the comments the SEC will decide if it wants to approve or deny the ETF, depending on if it believes the ETF is good for American investors or bad for them.
Segregated Witness Support Over 40%
In August of last year the Bitcoin network was upgraded with Segregated Witness (also known as SegWit); this upgrade fixed a couple things in the Bitcoin protocol.
The first and most important fix was a fix to what is called “transaction malleability”. Transaction malleability was a bug that allowed people to modify (or malleate) transactions that are not yet in the Bitcoin Blockchain, in a way that some details of the transaction could benefit the person malleating the transaction.
The second thing that SegWit fixes is that it effectively increases the number of transactions that can be done on the Bitcoin network.
Nearly a year after activation, we have reached 40% usage of SegWit andwe are now able to have over double the number of transactions on the Bitcoin blockchain, and we are also able to use scaling solutions like Lightning Network.