Here’s what’s been happening in the crypto world over the past 7 days. 

Community & Adoption News

The popularity of cryptocurrencies, and especially Bitcoin, keeps growing. The fact that the number of Bitcoin ATMs across the world continues to rise supports this claim. According to Coin ATM Radar chart, the number of Bitcoin ATMs has surged by 55% over the last year, 262% over the past two years, and a staggering 647% since 2016.

Bitcoin ATM growth - coin ATM radar
Source: Coin ATM Radar

Another crypto adoption news comes from France. Starting next year, more than 25,000 outlets will start accepting cryptocurrency payments for over 30 brands, including Sephora, Foot Locker and Decathlon.

According to a recently-released survey, US Millennials and Generation Z have a growing interest in Bitcoin and other crypto. Nearly half of the respondents (43%) believe that cryptocurrencies could replace the US financial system right away. And more than a fourth (26%) says that it could happen soon. However, a large number (around 37%) is still concerned about regulation and volatility, while some of the respondents (14%) still have a hard time completely understanding crypto.

As far as the news in the crypto community goes, competition among miners is intensifying. According to new data, bitcoin mining difficulty will grow by 60% in the third quarter of 2019.

Source: Blockchain

A group of researchers has recently performed a security analysis of Bitcoin’s lightning network. According to them, the lightning network is as secure as Bitcoin. However, one thing to note is that their analysis was based on the formal specification, not an implementation, which may contain some bugs.

Iran’s Crypto Mining Regulation

Back in July, Iran Chamber of Commerce, Industries, Mines and Agriculture authorised bitcoin and cryptocurrency mining. A few days ago, CoinDesk claimed to have acquired a document presenting a draft proposal for new cryptocurrency mining regulations. According to them, it won’t be long before the proposal is officially approved.

Bakkt’s Launch: An Important Event in Crypto History? 

On Monday, September 23, after two delays, Bakkt finally launched the first physically-delivered Bitcoin futures contracts.

Since the service is designed for the institutional traders, many believe that Bakkt will encourage more brokers and big investors to enter the markets. However, some believe that it won’t be the “tipping point” for the crypto adoption, though it still doesn’t mean it isn’t a big step forward.

Bad Guys

There are bad guys everywhere, in both the physical and digital world, as well as in any industry. Cryptocurrency world is no different. Some of the latest scams include an investment one promoted using the image of Andrew “Twiggy” Forrest, which made one Aussie woman lose $670,000.

Cybersecurity researches are also warning that malware could be stealing cryptocurrency wallet information. Even though everyone should be wary, Bitcoin and Litecoin wallets in particular are believed to be at potential risk.

Not all, but fortunately some bad guys do get caught. This has happened recently, and the UK police are now auctioning some criminal’s seized bitcoin, worth around £500,000 (~ US$617,000 / AU$914,000). Confiscated bitcoin is up for online auction for 24 hours – from Wednesday, September 25 at noon GMT, until Thursday, September 26 at noon GMT. Another sale is planned for Thursday at 6 pm GMT and is available to both online and physical bidders.

Cryptocurrency Market

As far as crypto prices go, this Tuesday was not the best day for neither bitcoin nor some altcoins, such as ethereum. ETH price went down for about 18%. Bitcoin price dipped below US$8,000, which is its lowest point since this June, according to CNBC. However, after a few hours, the bitcoin price managed to recover a bit and go above the $8,000 threshold.

Bitcoin price June 1 – Sept 25; Source: CoinDesk

Anyhow, some crypto experts, such as Tyler Winklevoss, saw the dip as another buying opportunity.

His brother, on the other hand, suggests hodling.

All in all, we closed (AEST) the last day of our review, September 25 2019, at a price of US$8705 (~ AU$12900 / £7045).

See you next Thursday!