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. Twitter’s chief executive Jack Dorsey doubled-down on his support for Bitcoin, again lauding it for its potential to become the world’s digital currency. Uber, Lyft, and Spotify were revealed to be backing Facebook’s impending cryptocurrency. And Bakkt finally announced that it will soon begin testing of its Bitcoin futures vehicle, which is believed to improve institutional adoption across the board.
This Week in Crypto
- Ethereum-Based Chainlink Gets Name Dropped by Google, LINK Rallies Hard: On Thursday, Google Cloud, the firm’s cloud computing services platform, released a tidbit of news titled “Building hybrid blockchain/cloud applications with Ethereum and Google Cloud”. While this was big news in and of itself, the crypto community focused on the article’s mention of Chainlink, a project that facilitates data from the Internet to be translated to and verified for blockchain. This recent integration will allow for Chainlink, and thus Ethereum smart contracts, to interact with BigQuery, Google’s data analyzer and portal. What this does is allows for developers to build decentralized applications that can harness Google, theoretically improving the efficiency and viability of smart contracts. Due to this news, Chainlink’s LINK token rallied by over 60% within a 24-hour time span, pushing past $2.00. Prices have since settled under $2.00 at around $1.73.
- Bakkt’s Bitcoin Futures Soon to Launch: According to a recent blog post, Bakkt, the cryptocurrency exchange/infrastructure initiative mainly backed by the New York Stock Exchange’s parent (Intercontinental Exchange), is expecting to accept beta testers to its platform in July. It expects to allow investors to use its Bitcoin (BTC)-backed futures contract, which has been in the works with American regulators for months now. Many believe that the full launch of the exchange’s cryptocurrency investment vehicle will entice institutions to dive into this space, resulting in a price appreciation for BTC and its ilk.
- Bittrex to Delist Array of Crypto Assets Shortly: Last week, Bittrex, a well-known regulated crypto exchange centered around altcoins, revealed that it would soon be disallowing users in the United States from trading 32 cryptocurrencies. Although most assets that were mentioned are not well-known, the list includes QTUM, STORM, GO, and ENG — all popular ICOs during 2017 and 2018’s mania. By June 21st, the coins mentioned will not be available to be bought or sold through Bittrex, but through Bittrex International instead — the firm’s Europe-based venture that is focused on its non-American clientele. And today (Friday), the Seattle-based startup continued to delist altcoins en-masse. In the firm’s latest blog post, it revealed the delisting of 42 cryptocurrencies, including Civic (CVC), OmiseGo (OMG), and Sirin Labs‘ crypto token (SRN). By June 28th, the assets mentioned in the list will be delisted on Bittrex for U.S. clients.
- Binance to Restrict U.S. Traders Amid Regulatory Turmoil: This week, crypto exchange Binance’s chief executive, the venerable Changpeng “CZ” Zhao, revealed that his platform had changed its terms of service. While the announcement didn’t make any specific noticings, users that scoured the updated document found out that United States-based traders would soon be disallowed from using the platform, the most popular cryptocurrency exchange site by traffic. Binance is expected to launch a U.S. subsidiary that houses its own more-regulated, more-restricted exchange to recuperate for the lost access to the primary website.
— Binance (@binance) June 14, 2019
- Facebook Cryptocurrency Backed by Uber, Coinbase, Paypal, Lyft, Spotify, And More: Earlier today, The Block revealed that Facebook’s upcoming cryptocurrency project will be backed by an array of mainstream corporations: Uber, Lyft, Spotify, Visa, Mastercard, PayPal, A16Z, among many others.