It would be difficult to argue that Bitcoin, in terms of price had anything but a truly fantastic week. Against the background of the current BitfinexTether furor, across the past week, price made steady gains.
The price of BTC reached new yearly highs, surpassing $5700, and even reaching $6000 with the current premium paid on Bitfinex.
Generally, BTC gained $500 over the course of the week, and Barry Silbert despite concerns about downward pressure, advised that the pump was down to the new marketing campaign of Grayscale, to ‘drop gold‘ in favor of Bitcoin.
More bad news for Bitfinex and Tether…
The week has just added more woes to that which Bitfinex already has, after they were accused of a cover-up last week. So many traders just abandoned the platform, and customers leaving Tether led to a $300 premium on BTC on the site.
There were calls that Tether be delisted by Binance as well as other exchanges due to the news that Tether had become only 74% cash-backed due to the ‘loan’.
Meanwhile, US authorities disassembled a shadow bank maintaining many crypto exchanges, and protecting some of the $850 million that Bitfinex was missing. So probably, they’ll get that back
Bitcoin Mainstream Adoption
A new survey revealed that, 20% of young adults based in the United States now own bitcoin. They will be unable to make use of it at the ‘world first Bitcoin city‘ though, as the Chinese-Govt-backed scheme in Malaysia seems like a bit of a lame duck.
The Confusion of Sweden over legal tender
The Central bank of Sweden has asked the parliament to form a committee to clarify what exactly is legal tender. This is coming due to definitions becoming increasingly blurred, as Sweden works towards becoming a cashless society.
One assumes that politicians in the UK would see this as a mandate for moving back to just paper-money.