Bitcoin Weekly Recap 6-3-2016
Bitcoin Price Surges in Wake of Yuan Concerns
The price of Bitcoin surged to a high of $546 midweek, as a result of concern over the weakening yuan and fears that China’s central bank has plans to further devalue the nation’s currency. Bitcoin trade volumes began to increase dramatically on Shanghai’s BTTC digital currency exchange last Friday, with daily average trading volumes roughly five times what they were before the surge. Chinese exchanges account for more than 90% of all Bitcoin trading around the world, so trading activity there obviously impacts global price.
Some have also suggested that the recent price surge could be related to three other factors as well: the upcoming halving of the Bitcoin mining reward, new developments in Bitcoin and blockchain technology, and the recent interest in Ethereum. As Fortune’s Jeff John Roberts noted, however, the Chinese explanation seems the most plausible at the moment.
Report Reveals Canadian Use of Bitcoin Doubled Last Year
Anyone following the Bitcoin news in Canada throughout 2015 might have been given the impression that the world’s most well-known digital currency was having a down year, as several currency exchanges shut down. A new report, Canadian Payments Forecast – 2016, indicates that the exact opposite appears to be true. In fact, the report’s study reveals that Canadians actually doubled their usage of Bitcoin in 2015. The report also highlighted the steady decline of cash use throughout the country, as more Canadians continue to gravitate toward so-called contactless payment options.
New from Australia: Over-the-Counter Bitcoin
Bitcoin fans in Australia will now have a truly simple way to buy the digital currency, as the exchange Bitoin.com.au and FinTech firm Blueshyft have joined forces to offer an over-the-counter purchasing option for consumers. The new project will allow Bitcoin buyers to purchase the currency at roughly 1,200 newsagents across the country, providing a true retail buying experience that should help wary Australians develop more trust in digital currency. Initially, there will be a minimum purchase of $50, but the project backers have indicated that they intend to work to lower that minimum to enable even greater participation from the public.
New Coinbase Widget Simplifies Bitcoin Buying
In a blog announcement earlier this week, Coinbase revealed that it is releasing a new product it calls the Coinbase Buy Widget. The widget is designed to simplify the process involved in buying Bitcoin, to seamlessly and instantly deliver Bitcoin to debit card users. The widget reportedly offers an in-app account creation feature, and the ability to make a purchase in just a few simple steps. The widget is being launched with three developers – Brave Browser, Hammercoin, and PopChest.
KinerjaPay Partners with Bitcoin Indonesia to Offer Bitcoin Payments
Indonesia’s payment solutions leader, KinerjaPay, has joined with Bitcoin Indonesia to provide its customers with online Bitcoin payment solutions on the company’s platform. That makes KinerjaPay the first internet commerce company in Indonesia to offer customers that option. The payment system will seamlessly convert the user’s Bitcoin to the rupiah currency during transactions on the company’s payment platform, and during money transfers. KinerjaPay anticipates that this new payment option should help to increase the transaction volume among the platform’s more than 150,000 accounts, and increase the average Indonesian’s level of trust in online payment systems.
BMPI Ranks Argentina as Top Country for Bitcoin Adoption Potential
Argentina sits atop the Bitcoin Market Potential Index (BMPI) rankings as the nation seen as having the greatest potential for Bitcoin adoption. The survey, created by the London School of Economics, is the latest attempt to assess the relative potential usefulness for Bitcoin in the examined countries. The United States was ranked fifth, and China came in at 27 on the list of 178 nations. The creators of the index began the project with the intent of providing useful data that could help investors and businesses identify the greatest potential opportunities for expanding their Bitcoin and blockchain operations.