Crypto News | Bitcoin’s First Biweekly Gain in 2018

Institutional money, tax day being behind us, the end of negative reaction to regulation – any of these reasons could have contributed to the current crypto market upswing. For the second week in a row, Bitcoin is set to end up in the positive. This is the first Bitcoin’s biweekly gain this year. Over the past two weeks, Bitcoin has gained 29%, successfully pulling up most major cryptocurrencies, as well. Currently, one BTC is selling for $8,751, and the king of crypto even broke $9,000 earlier today before stabilizing. When it comes to major altcoins, Ripple gained 19 percent, Ethereum 7.5 percent, and Litecoin 4 percent.

However, even this Bitcoin’s biweekly gain couldn’t sway John Williams’ negative opinion. Williams is the current President of the San Francisco Federal Reserve, also nominated to head the New York Federal Reserve. In a speech on Friday, he argued that cryptocurrencies are undeserving of that name, since they could never fulfill the role of fiat currencies. In his view, cryptocurrencies are too volatile to be used for payment, which makes them pretty much useless. He is also concerned with the fact that Bitcoin has a limited supply, which makes it impossible to regulate the market and stabilize the economy by increasing or decreasing the amount of BTC in circulation. Although he feels that cryptocurrencies don’t “pass the basic test” of what currencies should be, crypto supporters believe that the very things he pointed out as flawed make cryptocurrencies superior to their more established alternatives.

Far from either New York or San Francisco, the Supreme Court of the Russian Federation overruled the ban imposed on the once very popular portal Although the website was not the first one to be banned by Russian authorities over the last few years, this was the first time that a ban has been annulled. There are still 40 other sites that were banned for similar reasons – and for them, this ruling may seem like the light at the end of the tunnel. certainly wasn’t swindling people or attempting fraud when it was taken down in July 2016. At the time, the Vyborgsky District Court in Saint Petersburg ruled that the website violates a law concerning the Central Bank of the Russian Federation simply by publishing material about Bitcoin and other cryptocurrencies, saying that there can only be one currency in Russia. Still, times change, and now it seems that there can be more than one.

An apparently, even for pretty infamous people, there is always a second chance. Mark Karpeles, the former CEO of Mt. Gox, landed a new job as the CTO at a cryptocurrency firm. Trust Media, a company based in London, mostly invests in cryptocurrencies and VPNs. According to reports, Karpeles will work remotely. Some news outlets have been reporting that he fears for his life, which is why he often switches apartments. Karpeles has recently stated that he is only looking for closure and that, in case he receives any funds from the Mt. Gox settlement, he would give it all back to those affected by the bankruptcy.

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Author: Max Rothstein

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