Blockchain Blog

Bitcoin News for the week of 6/06/16

Welcome to our weekly bitcoin news recap, where we cover top headlines and stories in the world of bitcoin each week. The price of bitcoin continues to be of interest in mainstream media, with many speculating on the rise. This week we also learned the difference between bitcoin exchange volume and exchange liquidity in a new report from Kaiko, and we saw new investments in the space with one being potentially the biggest to date. Read all this news and more below!

Bitcoin’s Recent Rise

![Image via businessinsider.com](https://blog.blockchain.com/content/images/2015/11/bitcoin-banks-1024x768.png)
Image via businessinsider.com
[Bitcoin Price Surges Toward $600, Breaking $9 Billion Market Cap](http://www.ibtimes.com/bitcoin-price-surges-toward-600-breaking-9-billion-market-cap-2378949)

The world’s most valuable digital currency is surging once again, this time nearing the $600 mark, a price it has not reached since early August 2014. The exact reason for the bitcoin price rise is unclear, but David Gilbert of IBT suggests the continuing uncertainty over the Chinese yuan is a possible factor.

CoinDesk data reveals the gains coincided with high long-short ratios and other indicators that the sentiment is turning strongly bullish as we enter the summer months. Commentary on the future prices are bullish, as another factor that could potentially help bitcoin going forward is people finding new and innovative ways to utilize the blockchain, the electronic ledger that holds all the digital currency’s transactions.

Martin Tillier, a writer for NASDAQ, also has optimistic price predictions, in part due to the upcoming presidential elections in the U.S. Are you looking for an easy way to keep track of the bitcoin price? Bookmark our Markets page to follow it on the web, or download ZeroBlock for iOS or Android to keep track on your mobile device.

Bitcoin Exchanges

![Image courtesy of Bitcoin.com](https://blog.blockchain.com/content/images/2016/06/drought.png)
Image courtesy of Bitcoin.com
[High Volume Doesn’t Mean Liquidity: New Kaiko BTC Exchange Report](https://news.bitcoin.com/new-kaiko-bitcoin-liquidity-report/)

Comparing data on volumes and liquidity at the world’s largest bitcoin exchanges reveals interesting ranking results, according to the soon-to-be released market report by Kaiko.com. Particularly noteworthy, is the placement of large Chinese exchanges on BTC-USD pair rankings. These exchanges typically place highly in terms of total trade volumes, but available liquidity is lower – suggesting algorithmic trading, but in smaller amounts per trade.

It shouldn’t be too much of a surprise though that Chinese exchanges place high in terms of bitcoin trading, as China has been a contributing factor to the overall price rise of bitcoin. Trading volume on BTC China has jumped three to five times recently, with the majority of trading worldwide conducted via Chinese exchanges. This demand for bitcoin has caused new exchanges to surface in other parts of the world where devaluing economies are a real issue, for example in Colombia or in Turkey.

Investments and Venture Capital

![Image via Coindesk.com](https://blog.blockchain.com/content/images/2016/06/avalon-chip.png)
Image via Coindesk.com
[New Details Emerge on Bitcoin Firm Avalon’s $466 Million Pending Sale](http://www.coindesk.com/sale-of-bitcoin-company-behind-avalon-mining-chip-awaits-government-approval/)

China-based bitcoin mining firm Canaan Creative announced yesterday it had agreed to sell its operations to a publicly listed electronics firm in a deal that would mark the biggest exit for a bitcoin company to date should it be approved by local regulators.

Also making headlines is Korean web giant Kakao, the makers of KakaoTalk, who have invested in Satoshi Citadel. According to the Bitcoin company, this is a strategic partnership that could bring its “innovative solutions” to Kakao’s 100 million users.

In a recent interview with Tim Draper, billionaire venture capitalist, Draper had this to say about bitcoin: “I think it is particularly good as an option value as more options happen in bitcoin. It is good for stored value. I think the most interesting thing will be when people need to pay out dividends and you can just push one button and shoot out bitcoin into a bunch of different wallets. Or you need to pay a royalty out like the Star Wars guys, just push one button, pick everybody’s bitcoin wallet and go.”

We made it to the FinTech50 list!

#FinTech50 2016 at @SVB_UK@blockchain‘s @niccary with FT50 panel member @SirTeno pic.twitter.com/BsmLIVfyaZ

— FinTech 50 (@TheFinTech50) June 10, 2016

Meet The FinTech50 2016

The FinTech50 is a list produced annually of 50 European businesses who are transforming financial services. Now in its fourth year, it’s a recognized FinTech brand, generating world-wide interest when announced. Blockchain made the list year which we are very excited about. Blockchain co-founder Nicolas Cary attended the FT50 event at Silicon Valley Bank UK.

Nicolas will be presenting this week at the Horizons conference on Tuesday in Luxembourg to discuss the Future of Financial Services.

Coming up on June 22, Blockchain CEO Peter Smith will be joining Brian Rose of London Real TV for a bitcoin and blockchain chat at Forward Partners Live. It’s free to register and should be an exciting and informative event. We hope to see you there during #LDNTechWeek!

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