Bitcoin is up 5.46% this week to $6,500 after a somewhat tumultuous week. On Monday, we reported that despite Bitcoin’s price being at $6,300, the market was heading for a 2018 low. The price continued to appreciate slowly and oscillated between $6,300 and $6,400 on Tuesday, September 11th before declining to $6,200 later in the day. Over the next two days, the market managed to re-approach the $6,500 level and continued to approach $6,600 through Tuesday. Analysts consider these weeks move to have found stability at the $6,500 level.
Ethereum is up 16% this week to $222 after a hard drop of 31% last week, 5% the week before and drops of 11% and 24% in the preceding weeks with single and double-digit drops going back months. The recent drops have been blamed on ICO sell offs. Vitalik has said that the days of 1000x growth are gone. A statement he clarified this week as something that pertained to the market capitalization. This week marked a turn around as Ethereum surged 9% on Thursday and it was said that last weeks prices at least represented ‘a’ bottom. In the same day, Ethereum had appreciated nearly 23% from its intraday low. The price continued to increase into the next day hitting $220 leaving the market cap over $200 billion again.
The entire coin market cap is up 6% this week following bitcoins price increase and double digit gains by Ethereum and Monero. The state of affairs has led Galaxy Digital founder Mike Novogratz to declare that the market has bottomed out. Not everyone is so optimistic about alt coins though, with Sonny Singh, chief commercial officer at BitPay,
Citigroup to Offer Crypto Custody – According to Business Insider, sources close to Citibank revealed that the $175 billion New York-based bank will offer crypto custody solutions to institutional investors through the launch of a product called Digital Asset Receipt (DAR) which will enable institutional investors to invest in cryptocurrencies in a fully insured and regulated manner.
Blockchain Records to be Accepted as Legal Evidence in China – The Supreme People’s Court of China said this week that blockchain records will now be admissible in court. According to the South China Morning Post, internet courts which have been set up with a view of handling internet-related legal disputes will now be in a position of recognizing digital data as evidence upon verification by methods that include, among others, blockchain, time stamps and digital signatures. The move marks another step toward blockchain-based evidence management as we’ve seen in the U.K and in legislation in Vermont.
SEC Halts Trading of ‘Bitcoin ETF’ – The SEC announced the temporary trading suspension of the “Swedish bitcoin ETF.” on Sunday, while U.S. markets were closed for the weekend, claiming that “there is a lack of current, consistent and accurate information concerning” the funds, Bitcoin Tracker One (OTC: CXBTF) and Ether Tracker One (CETHF), which have been listed on Nasdaq Nordic since 2015 but have only recently been made available to U.S. investors through an over-the-counter (OTC) market.
OTC Trading in Russia on the Rise – According to local reports, the daily trading volume of major cryptocurrencies like Bitcoin and Ethereum in Moscow alone can reach $50 million on peak days, which is relatively small in comparison to major cryptocurrency exchanges but large given the regulatory uncertainty in Russia. The trend closely follows a trend we’ve seen in China.
These are a few pieces that were particularly popular this week.