This Week In Crypto is a weekly segment from the Live Coin Watch News team, providing readers with a fun, succinct, and pertinent summary of the most important Bitcoin-related events in the past seven days.
What a week it has been for this newfangled industry. Bitcoin (BTC) didn’t really see much price action, save for a sell-off last weekend. The cryptocurrency has been, however, deemed the “King of the Hill of Asset Classes” by Delphi Digital, a markets research firm, due to its ability to post strong gains in the middle of macroeconomic turmoil.
On the fundamental side of the space, we saw an interesting set of news, including news that India may be looking to jail cryptocurrency users, EOS-creator Block.one launching a blockchain social platform, and Apple adding a symbol for BTC, recognizing the asset as legitimate.
This Week in Crypto
- India Purportedly Looking to Jail Bitcoin Users: Reported first by Bloomberg Quint, Indian regulators purportedly have plans to jail those who use digital assets like Bitcoin in the nation. Citing a “draft bill”, the outlet explained that those who mine, hold, generate, transfer, dispose of, issue, or sell cryptocurrency will be subject to anywhere from one to ten years in the slammer. This exacerbates the current ban already in place, which shut down all cryptocurrency exchanges operating in the nation.
— Pierre Rochard [🌮⚡️🔑] (@pierre_rochard) June 7, 2019
- Apple Quietly Adds BTC Logo To Dev Kit: This week, Apple conducted its latest Worldwide Developers Conference (WWDC), during which executives of the firm made a number of announcements about new products and services.What hit headlines was the firm’s new Mac Pro, which has drawn flak for its cheese grater-esque design, and its new $5,000 monitor and $1,000 monitor stand. But what slipped under the radar was that in Apple’s latest update to SF Symbols, which gives developers of Apple applications symbols to utilize, Bitcoin was added. Four ₿ symbols were added, two circular and two square logos.
- Block.one Launches EOS-Based Voice, Social Media Platform: Cayman Islands-based Block.one, a blockchain developer behind the EOS.io protocol, will be launching a social media platform based on the platform. Called Voice, the new venture will change how social media works, implementing a token system that allows all users to let their voices be heard. The token is fittingly named “Voice”.
- Facebook to Launch Crypto White Paper In Coming Weeks: In a similar string of news, per a recent report from The Information and TechCrunch, Facebook will be fully announcing its cryptocurrency, Globalcoin, by June 18th. The company is expected to release a white paper, and will likely release the full product sometime later this year or early next year. LinkedIn data shows that there are over 100 staffers working on the project, which is dramatically higher than the reported 50 earlier this year.
- Vancouver Looks to Ban Bitcoin ATMs: Reported by The Star, Vancouver’s mayor, Kennedy Stewart, recently suggested a fully-fledged ban on Bitcoin ATMs in the Canadian city. There are over 70 crypto vending machines in the city, which became the first to have a Bitcoin ATM in October 2013. This is seemingly done to curb the rampant money laundering issue in Vancouver and the surrounding cities, which saw $7.4 billion worth of dirty money change hands in their vicinity in 2018.
- Poloniex Users Lose Millions in Altcoin Flash Crash: Announced on Thursday, Poloniex’s market for CLAM, a lesser-known but long-standing altcoin, suffered a massive collapse on May 26th. On this day, there was a “sudden, severe” crash in the value of the cryptocurrency, which widely went unnoticed by the public. CLAM’s sudden drop caused a “number of margin loans to default”, resulting in a “generalized” loss of 1,800 BTC, currently valued at just over $14 million, from Poloniex’s lending pool. This means users of Poloniex’s Bitcoin loan pool, which purportedly make up 0.4% of the exchange’s entire user base, have lost 16% on their loan positions.
- SEC Chairman Still Skeptical of Crypto Market: In a recent interview with CNBC, the United States Securities and Exchange Commission’s Clayton explained that he is still worried about the status of the underlying cryptocurrency market, looking specifically to custody and market manipulation.