Another week, another of Crypto Tidbits. This week, Bitcoin traded within a relatively wide range — $8,200 to $8,900 — but is closing at a very similar level to last week. Analysts are currently divided over what this consolidation means for the cryptocurrency market’s short-term future.
Price action (or lack thereof) aside, this week was hectic for the cryptocurrency industry at large. Facebook’s blockchain project, Libra, suffered when an array of key partners decided not to pursue collaboration; the U.S. Securities and Exchange Commission (SEC) came down hard on a Bitcoin exchange-traded fund application; and the Internal Revenue Service came out swinging, unveiling more measures that would aim to prevent tax evasion via digital assets.
Related Reading: Crypto Tidbits: SEC Declares Bitcoin a Non-Security, Ethereum DeFi Gains Traction, PayPal Leaves Libra
Bitcoin & Crypto Tidbits
- Libra Loses Key Partners: On Friday, eBay, Stripe, Visa, and Mastercard all dropped out of the Libra Association.
- Bitcoin ETF Denied: On Wednesday, the SEC finally issued a verdict on Bitwise’s Bitcoin ETF application after months of waiting and delays. And unfortunately, it wasn’t all…
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Author: Nick Chong