Bitcoin News Roundup

Bitcoin News Roundup Post ‘Brexit’

On this day Britain formally choose, via referendum, to leave the European Union (EU). This is key to the Bitcoin news roundup this week.

This will be in the news for a long time to come. For our traders we’ll continue to focus on the short and longer-term effect on bitcoin, altcoins, and markets generally.

The ‘Brexit‘ has caused a lot of turmoil in markets. For Bitcoin it seems to be positive. After a low of US$ 550/BTC, the price has rebounded significantly. Trading is at an average of US$ 660 across key USD markets.

The referendum vote itself was incredibly close. Slightly over 51% were in favour of leaving the EU. It would be fair to say the country is divided.

Whether this bounce in the Bitcoin price was a direct result of the ‘Brexit’ vote is uncertain. As markets start to settle the picture should become clearer.

It’s been a volatile month for Bitcoin. There was a dramatic rise to 2 year highs. Then a swift correctio to the US$ 550 level. Now we have now this latest bounce.

Bitcoin News Roundup From Around the World

Bitcoin started as a niche technology for tech. enthusiasts. Mainstream finance discovered and championed blockchain technology through 2015.

Now national governments are seeing great potential for distributed ledgers.

The Dutch Central Bank had been conducting academic tests since 2015. It started publishing those results this week. How could bitcoin and blockchain tech. potentially be adopted by central banks? This was their central thesis. More details are available here.

Poland’s Digital Affairs Ministry announced formal efforts to digitise public services. One particular research focus area will be blockchain, digital currencies and distributed ledger technology.

In the United States, the Financial Stability Oversight Committee (FSOC) this week published a report. In this report it identifies bitcoin and similar blockchain based decentralised currencies as important innovations. It posits that they are poised for strong near term growth. As a result they should be looked at more seriously by regulators.

Bitcoin News Roundup and the Ongoing DAO Saga

The DAO was hacked last week. Over $50 million was compromised. The saga is ongoing. The Ethereum community continues to deal with the fallout.

The DAO was envisaged as the world’s first decentralised crowd funding style platform. Token holders would vote on their preferred projects. And, if those projects succeeded, then the token holders themselves would profit.

It managed to raise an enormous amount of money itself. However, it was hacked shortly after and has left the Ethereum community somewhat divided.

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