Bitcoin had another huge week as adoption continues both by new users and by new merchants. Fueled in part by exposure from Kim Dotcom and NameCheap’s announcement Bitcoin rallied to a new all time high of just over $49. Following huge gains Tuesday night, Bitcoin saw massive oscillation in the price bounding between $49 and $33 on Wednesday. New services and merchants continue to emerge, attracting new users to the digital currency. Here are the top stories in Bitcoin this week.
Big time doman registrar NameCheap announced that they would accept Bitcoin for payment. This much anticipated move, accompanied by an email to their users showcasing the announcement, helped drive Bitcoin to new highs on Wednesday. NameCheap became one of the internet’s most notable registrars after their opposition to SOPA/PIPA last year.
While it’s great that the DOW hit a new all time high this week, so did Bitcoin. With a market cap briefly over half a billion dollars (USD) Bitcoin is getting some attention from major news outlets such as CNN Money. There was certainly some pull back after Bitcoin rose sharply to $49 (USD) on Wednesday. The price has since settled at around $43.50 at the time of this writing.
Kim Dotcom is laying it on thick with the Bitcoin community. After coming out in support of Bitcoin as a payment option for MEGA last month, he’s followed up stating his interest in a MEGA card. He went to twitter for support of the idea earlier this week, seeking someone to help him make the card, funded by Bitcoin, a reality.
Earlier this week Redditor shakethatbass became a shining example of the generosity of the Bitcoin community after spurring a sudden donation campaign. The deal was that shakethatbass would pay fellow Redditors one bitcoin (~$35 USD at the time) for every $20 they provably contributed to a charity. When all was said and done shakethatbass shelled out over 350 BTC or roughly $7000 USD.
This is potentially huge for MtGox users in the US and Canada. The largest Bitcoin exchange, MtGox, announced that they would be partnering with US based startup Coinlab in a deal brokered in part by Silicon Valley Bank. The move is expected to bring more liquidity to the market from North American users.
A few notable mentions are the the possible appearance of a ‘stealth’ ASIC company known as Prime ASIC, regarded by many as a SCAM at this point. Bitcoin is reaching the soft block size limit, requiring action by mining pools and miners (more info in this Bitcointalk thread). Wired magazine reported on a $12,000 Bitcoin heist from payment provider BitInstant.
That’s it for top news this week in Bitcoin. Check in next week as I hope to report more news in the ASIC mining sector. As always if you have a tip or story you’d like to report contact me at cryptojunky at zoho dot com.