Bitcoin News Summary – Feb 26, 2018

4 months ago admin2 Comments Off on Bitcoin News Summary – Feb 26, 2018

Here’s what happened this week in Bitcoin in 99 seconds.

Bitcoin’s Price has fallen back to the psychologically-important $10,000 level. Transaction fees have remained remarkably low this week, with multiple reports of 1 satoshi per kilobyte transactions being confirmed within a few blocks. During this week Coinbase and Bitfinex will also be integrating SegWit – a technological upgrade to the Bitcoin protocol which reduces transaction fees even more.

Bank of America admitted in a report to the SEC that cryptocurrency represents a competitive threat. BofA, currently the second biggest US bank, has barred its clients from purchasing crypto with its credit cards. Citigroup and JP Morgan have also prohibited credit card usage for crypto purchases. If major banks are worried, Bitcoin must be doing something right.

The Israeli Tax Authority ruled that Bitcoin will be classified as an asset rather than as a currency. This means that capital gains tax of 25% will apply to crypto profits made by individuals and up to 47% tax will be imposed on crypto profits made by businesses. Businesses which sell crypto will also be liable for a 17% VAT charge. These heavy taxes will likely slow cryptocurrency adoption and development in the country.

Venezuela’s President Maduro announced that the country will accept all cryptocurrencies, including Venezuela’s own “petro” coin,  for trade and government services. This makes Venezuela the first country to recognize cryptocurrency as legal tender;

That’s what happened this week in Bitcoin. See you next week.

Related Posts

60 Second Video News Summary – Jan 29, 2018

admin2 5 months ago
Hi, I’m Nate Martin from and here’s what happened this week in Bitcoin in 60 seconds. Tether, the issuer of the dollar-pegged cryptocurrency USDT, said its relationship with... Read More

Crymix Project: Japanese ICO Attracts Public Attention

admin2 3 months ago
In order to create the next generation original blockchain, Crymix is doing industry-academia joint research with national university in Japan. They are also building a research system that enables university... Read More

South Korean Officials Accused of Insider Trading

admin2 5 months ago
Following declarations about tighter regulation and an exchange ban in South Korea, markets took a tumble. They have since recovered somewhat, with an influx of $50 billion USD on... Read More

C³ – Germany’s Largest Crypto Conference Comes to Berlin

admin2 3 months ago
True to the motto “the future of blockchain” and with the intention of bringing together leading crypto experts, investors, blockchain startups, lawyers, developers – everyone who is interested in... Read More