On March 10 bitcoin markets had quite the volatility as many proponents and investors awaited for the decision concerning the Bitcoin ETF. During the morning hours, bitcoin’s price darted towards an all-time high and rested at $1250-$1275 per BTC until the decision. The U.S. regulatory agency decided to wait until the stock markets closed before making the official announcement.
Following the closure of the NYSE and other markets, SEC told the world the ETF news. The agency disapproved the ruling stating many concerns that bitcoin was unable to be regulated. Immediately after the rejection bitcoin’s price subsequently dove 20 percent during the evening. However, the next day bitcoin’s price climbed again regaining its steam and steadily found its way back to the $1230-1259 range. The U.S. Securities and Exchange Commission states:
“Order Disapproving a Proposed Rule Change of Commodity-Based Trust Shares, to List and Trade Shares Issued by the Winklevoss Bitcoin Trust “
Coinmama’s Week In Review
Travel Company Cheapair Sees Bitcoin Sales Jump
This past week the airline and travel accommodation company Cheapair.com announced bitcoin sales had climbed 74 percent over the last six months. The company's founder states there has been a lot of bitcoin sales for airfare this year. “We've seen a 74% year over year increase in bitcoin sales over the last six months,” said Cheapair CEO Jeff Klee. Since bitcoin’s significant price rise over the past year began more and more merchants say that bitcoin is used more often.
Foxconn Goes Blockchain
One of the largest tech manufacturers in the world Foxconn has announced the corporation is now testing blockchain technology. The company states it has created a vast network between its business partners and will utilize blockchain technology for supply chain finance. Foxconn is well known for manufacturing the iPhone. According to Foxconn executive Jack Lee, he believes blockchain can transform the supply chain from the core as well as the finance sector as well.
EU Parliament is Ready to Regulate Bitcoin
This week the European Parliament revealed new legislative action towards regulating digital currencies in the region. The authorities want to tighten digital currency use to the guidelines and monetary policies set in place by traditional regulations. Parliament details the country must combat risks of anonymity, and AML/KYC procedures must be enforced to allow the law to reign over cryptocurrency transactions at all times. The bill has been drafted by Parliament, the Justice of Home Affairs and the Committee on Civil Liberties.
Bitcoin Core 14 Released
The fourteenth Bitcoin Core client was released this week featuring a variety of new features. One of the most significant turned out to be a new improvement to the block relay network. The feature enables miners to find data faster and more accurately. According to developers mining pools have received a significant boost in performance since the release has initiated.
Overall the week has been an astounding display of bitcoin as usual, which is never a dull moment. The price hit an all-time high took a slight dip and has now resurfaced stronger than ever. The power of the Bitcoin Blockchain is immense as it's network, and community has endured throughout storm after storm and many beautiful moments in between.
Tune in next week as Coinmama crawls the web for the hottest bitcoin topics and stories.