Here’s what happened this week in Bitcoin in 99 seconds.
Venezuela’s president Nicolas Maduro announced a desperate new action to control its hyperinflation. The government will devalue the Bolivar by 95% and peg its value to that of Venezuela’s new government cryptocurrency. This crypto, known as the Petro, is linked to the oil price. Many analysts doubt that the new measures will prove effective and the viability of the Petro.
China unexpectedly banned cryptocurrency content across its highly popular WeChat messaging service. WeChat has over 1 billion registered users but only those inside China will be affected. Additionally, China is banning cryptocurrency events from being held in Beijing’s Finance District.
America’s Security and Exchange Commission (SEC) rejected another Bitcoin ETF. The ProShares ETF was refused for much the same reason as previous applicants; the SEC claims Bitcoin is too vulnerable to market manipulation. Notably, Bitcoin’s price held steady on the news, suggesting a shift in market sentiment.
Crypto and traditional investment platform, eToro, has sponsored 7 English Premier League football clubs. The clubs said they’ll be experimenting with Bitcoin and blockchain for ticket sales, player transfers, merchandise authentication and so on.
Finally, discord within the Bitcoin Cash community continues to build. It appears the coin is heading for a contentious split in November, as the rift grows between the Bitcoin Cash SV and Bitcoin Cash ABC camps, each of which is well-financed and backed by large miners. The factions disagree on BCH’s technical development.
That’s what happened this week in Bitcoin. See you next week.