Here’s what happened this week in Bitcoin in 99 seconds.
Digitec-Galaxus, considered Switzerland’s Amazon.com, started accepting Bitcoin and 9 major altcoins. The company will utilize payment processor Coinify to instantly convert all crypto received into Swiss francs. The company may expand this initiative to German customers in future.
Jack Dorsey, CEO of Twitter and payments app Square, tweeted that Square is hiring crypto engineers. These developers will be paid for working on open source Bitcoin or crypto projects, and will be paid in Bitcoin.
Binance is launching a new way to buy Bitcoin from over 1,300 Australian news agents via its Binance Lite search. The purchase method will require KYC and carry a 5 percent fee, as well as sales tax.
Bitmain has suffered setbacks this year but seems to be returning to its core business; mining Bitcoin. China’s leading miner and ASIC producer is deploying 200,000 Bitcoin ASICs, in order to utilize the abundant hydro power available during China’s summer months. The equipment is valued at around $80 million.
And finally, a report released by Bitwise highlights an open secret in crypto: many unregulated exchanges are reporting falsely inflated volume. Bitwise’ research, which was presented to the SEC in furtherance of a Bitcoin ETF approval, suggests 95% of reported volume is fake. Bitwise state that Bitcoin’s daily -exchange traded volume total is around $270 million, traded mostly across 10 regulated exchanges, like Binance, Coinbase, and Kraken.
That’s what happened this week in Bitcoin. See you next week.