Data from Google Trends indicates that there’s a massive spike in the interest in cryptocurrency. In fact, “buy crypto” searches are at their highest level since the ICO boom. At the same time, the amount of BTC held in exchange accounts was at a 2 year low. This indicates many users are withdrawing coins to more secure personal wallets. Both of these events suggest a sign of bullish market expectations.
A new paper by Blockchain Research Lab provides further evidence for wash trading. Wash trades occur when a trader buys or sells to their own account, achieving no profit or loss but increasing reported volume. This benefits both the coins and exchanges by giving a false impression of activity. The researchers called on popular data metric sites to implement stricter reporting of trading volumes.
Former head of Uber’s security team is alleged to have paid $100,000 in Bitcoin to cover up a hack of the company’s database in 2016. Joseph Sullivan has been charged with obstruction of justice and misprision of a felony for failing to disclose the hack, which is said to have exposed the data of 57 million users including drivers.
Tahini’s, a Canadian restaurant chain, is converting the entirety of its cash reserves to Bitcoin. The company’s owner tweeted explaining that the pandemic and its monetary response revealed the traditional financial system as “a game of musical chairs.”
Before we conclude, this week’s “Bitcoin quick question” is can Bitcoin be transferred into your bank account?
In most countries, Bitcoin cannot be transferred, as is, to your bank account. That is usually due to regulatory and compliance measures that banks are dealing with, as they are the government’s agent when it comes to preventing money laundering, terror financing, or other criminal activities.
However, recently there have been great advancements, and the day you will be able to hold Bitcoin in your bank looks closer than ever.
Rules that have passed in Germany will allow local banks to custody cryptocurrencies, and it is safe to assume other European countries will follow.
In the United States, the regulator of the currency, also known as the OCC, has recently clarified U.S. Banks are also allowed to hold cryptocurrencies for their customers.
Therefore, it is a matter of time before the banks will step in as well. But remember the Bitcoin rule – not your private keys, not your Bitcoin!
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That’s what’s happened this week in Bitcoin. See you next week.