In the crypto world sometimes a week can seem as long as a year. So many things can happen, and it can be hard to keep
track of everything. This is why we at Bitcoin Solutions decided that we would start doing a weekly blog every Monday going through all major
news that have happened during the previous week.
We will start with the price, since it
seems to be what everyone is focusing on the most.The price of bitcoin had been somewhat stable at $6600 U.S. in the previous weeks, but it dropped down to $6000 towards the end of the week, briefly dipping under $5800 on Sunday, but recovered to $6200 on Sunday evening.
While what makes the bitcoin price rise or drop is not always obvious, it seems that this week’s drop in price was due to
the Bithumb hack, a Korean Crypto Exchange. Bithumb is the second Korean exchange to be hacked in the last month.The exchange stated that they lost approximately 30 million dollars in value, and stated that it would be covering the losses in full, without taking any funds belonging to customers.
Mt Gox Case
Mt Gox was the biggest bitcoin exchange
until it got hacked and had to file for bankruptcy in February 2014. On June 22nd the Japanese courts approved the Mt Gox civil rehabilitation.
The approval of the civil rehabilitation means that the Mt Gox trustee, who in the past months was selling the coins for Japanese Yen, will no longer have to sell the coins as the former customers will be credited in bitcoin. Creditors of the exchange that would like to receive their coins back will have to be refile claims by October 2018, and coins will be credited mid 2019.
Amsterdam Airport 6 Month BTM
Schiphol airport in Amsterdam has installed a bitcoin ATM that will allow travellers to exchange remaining euros for bitcoin in this 6 month long test pilot.The airport is the first one in Europe to offer this kind of service, and is hoping to see if the demand for this service exists among travellers going through the airport.
Square is a digital payments company based in Silicon Valley, originally focused on credit card payments, last fall started offering a bitcoin buying option through it’s Cash app. This Monday the company announced that it had been granted the infamous New York BitLicense.
The license will allow company to sell and buy crypto-currencies within the state of New York.