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.
Wow, what a crazy week it has been for the Bitcoin price and the industry at large. First off, BTC has just seen an absurd amount of volatility, experiencing massive upturns and downturns on different dates, and sometimes even on the same date.
In fact, Bitcoin rallied by 20% within 24 hours to fall by $3,000 the next day, evidently a sign that FOMO is finally hitting the market. Whether or not this continues remains to be seen though.
As of the time of writing this, Bitcoin sits at $11,900, and seems to be establishing somewhat of a foothold where it is now.
Regardless of price, the industry saw a great deal of development this week. Bitmain is looking to trade on public markets once again, Goldman Sachs has hinted at its interest to launch crypto assets, VeChain bagged a massive partnership in China, among other tidbits of news. Let’s take a closer look.
This Week in Crypto
- Goldman Sachs CEO Hints at Blockchain Foray: In a recent interview with a French newspaper, the chief executive of massive institution Goldman Sachs has revealed that his firm has plans for blockchain, which may involve an in-house crypto asset project.
- Twitch Adds Back Bitcoin: Game streaming platform Twitch is accepting Bitcoin and Bitcoin Cash via BitPay once again for subscriptions. This comes after Whole Foods teamed up with a crypto startup to allow for in-house digital asset payments.
- Coinbase Adds Chainlink Amid Massive Partnership, Google Support: Chainlink has seen a helluva week, a week that some would say was even crazier than Bitcoin’s. Earlier this month, technololgy giant Oracle revealed that it would be working with the Chainlink platform for its in-house blockchain project, and will be announcing corporate partners for the venture later this year. Google, yes the Google, then name-dropped the Ethereum-centric project in a blog post and a Youtube video, claiming that it would be allowing for Chainlink oracles to interact with BigQuery. And most recently, Coinbase, for both its “Pro” and consumer platforms, has added the LINK token for trading.
- LedgerX Inches Out Bakkt, Approved to Launch ‘Physical’ Bitcoin Futures: Just a few weeks back, Bakkt revealed that it would be launching its Bitcoin (BTC) futures product for user testing in late-July. But, it seems that another cryptocurrency exchange has beat the New York Stock Exchange-backed initiative to the punch, so to speak. Announced Tuesday morning, LedgerX, a crypto asset derivatives platform headquartered in the Big Apple, has received clearance from the U.S. Commodity Futures Trading Commission (CFTC). This regulatory green light will allow the company to list physically-settled BTC futures, which are far different than the paper contracts offered by the CME.
- Lolli Allows for Users to Earn Bitcoin at Hotels.com: Announced on Tuesday via a blog post, users of Lolli will be able to earn Bitcoin when they book vacations with Hotels.com — a leading travel service that gets over 55 million visits a month according to SimilarWeb data. Hotels.com joins Priceline, Hotwire, Hilton, the Marriott, among other travel-centric partners of Lolli. The service brings its 325,000 listed hotels and properties, which exist in 19,000 locations, to the table, giving Bitcoin-friendly consumer countless options to travel the globe in return for some juicy BTC kickback. While the exact reward scheme for Hotels.com varies, Lolli clients can earn “up to” 3.5% back on their bookings, in Bitcoin no less. So, if you’re earning in the highest bracket, a $1,000 booking, should net you $35 in Bitcoin.
- Walmart Joins Hands With Crypto Startup in China: Announced via a press release, Walmart China, which presides over 424 retail stores, is now working with VeChain. The two partners join China Chain-Store & Franchise, a retail consortium that purportedly has 1,000+ members; Pricewaterhouse Coopers, a “Big Four” auditor; and the Inner Mongolia Kerchin, an Asian cattle company. Together, the companies involved form what is now known as the “Walmart China Blockchain Traceability Platform”, or WCBTP for short. By the end of 2020 — just over 18 months away — the collective wants to trace 50% of packaged fresh meat, 40% of packaged vegetables, and 12.5% of packaged seafood that Walmart China sells through blockchain technologies.
- Crypto Exchange Hacked for Millions in XRP, Cardano: Announced Wednesday night via an extensive Twitter thread, Bitrue, a Singapore-based exchange, has lost a large stash of XRP and Cardano (ADA) in a recent hack. Being surprisingly candid and upfront about the details of this debacle, the exchange sad that a hacker had managed to siphon “9.3 million XRP and 2.5 million ADA” from Bitrue’s “hot wallet” to “different exchanges”. The exchange has promised to return “100% of lost funds” to the 90 affected users, a move which not many hacked cryptocurrency platforms have promised. Bitrue has also claimed to have been in close communication with Huobi, Bittrex, and ChangeNow, three crypto platforms which received the hacked funds that have since “frozen the affected funds and accounts.”