Bitcoin This Week: CoinMarketCap Aware of Discrepancies, UK Police Wants To Seize Cryptos And More

Bitcoin This Week: CoinMarketCap Aware of Volume Discrepancies, UK Police Wants To Seize Cryptocurrencies And More

Man Who Predicted Bitcoin’s Rise Says Institutional Investors Are On Their Way

Billionaire cryptocurrency investment entrepreneur Michael Novogratz, said it will take five to six years for the mainstream market to embrace blockchain, but that institutional investors are “doing a lot of work” to get involved. Speaking at the Beyond Blocks event in South Korea, Novogratz warned that we won’t see mass adoption until blockchain no longer feels “like something new” and this could be five or six years away.

UK Police Want More Power to Seize Cryptocurrencies

Police in Surrey seized 295 Bitcoins following the arrest of a Latvian criminal last October, the Financial Times reported this week. The Bitcoins, worth over $2 million dollars at today’s prices, were subsequently liquidated, with 18% of the haul transferred to the Surrey Police force to assist with its operational budget.

Chinese Bitcoin Millionaires Funnelling Funds Abroad Through Real Estate

With so many headlines devoted to fraudsters and gangsters using Bitcoin to launder their ill-gotten gains, it is easy to forget that Bitcoin has brought wealth to many forward thinking investors who bought the coin while it was in its infancy. Now Chinese early Bitcoin adopters are using their new wealth to purchase real estate abroad to avoid Draconian laws at home.

CoinMarketCap Aware of Volume Discrepancies

Bitcoin, as always, sits in first position in the top 100 cryptocurrencies in terms of market cap and volume. When we talk about the top 100, we are, of course, referring to the CoinMarketCap list, which has become the “go to” list for coins and tokens. But how accurate are its volume listings? Well, in a blog post published recently, Carylyne Chan, CoinMarketCap’s Marketing Vice President, alluded to growing concerns that metrics used to establish a coin’s trading volume can sometimes be inaccurate.

Bitcoin Holding Steady

Bitcoin has continued its impressive recovery after leaping in value at the start of the week. On Thursday, the coin opened at $7378, almost a thousand dollars higher than the same day last week. Steady gains saw it close at $7466. On Friday, the coin reached $7594, its peak price since early June. However, a fall-back saw it close at $7354. Saturday saw steady gains and by Sunday, trading was in the mid-seven thousands again.

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