Hi, I’m Nate Martin from 99Bitcoins.com and here’s what happened this week in Bitcoin. Bitcoin is down more than 15%
from the weekly opening price and has dragged the entire crypto
market downward along with it. People’s Bank of China warned
it will take action against entities that may be involved in
trading cryptocurrencies. The move was in response
to a rise in trading activity following China’s public endorsement
of blockchain technology. Pledging to keep its promise to outlaw trading, the PBoC vowed to “dispose of” any such activity it discovered under its jurisdiction. Following the statement, attention focused on reports of alleged police raids on the offices of Binance and Bithumb in Shanghai. Both exchanges promptly denied the rumors. In a tweet response on Friday,
Changpeng Zhao, the CEO of Binance, announced its intent to sue the
news agency which released the story, and called the report ‘pure FUD’. The Monetary Authority of Singapore,
may soon allow cryptocurrency-based derivatives to be traded on regulated platforms. The proposal comes as a response to demand from international institutional investors for regulated products to be able to
hedge their exposure in payment tokens. The CEO of Paypal, Daniel Schulman,
has revealed that he personally owns Bitcoin. In a recent interview, Schulman was
asked numerous questions regarding his crypto holdings, where he admitted
that he indeed holds Bitcoin. And finally, cryptocurrency institutional investors
overwhelmingly keep their wealth on exchanges despite the inherent security risks. According to a survey of 76 institutional investors,
92% of participants chose to keep their crypto with trusted third parties,
and not under their own control. That’s what happened this week in Bitcoin.
See you next week.