Bitcoin price spikes 20%, ‘BTC is money’ and Coin Metrics ranks Exchanges on trustworthiness
‘Bitcoin is money’ according to federal court Washington D.C.
Bitcoin is a form of “money” covered under the Washington, D.C., Money Transmitters Act (MTA), a federal court said Friday.
The court declined to dismiss criminal charges against Larry Dean Harmon. He had been the operator of an underground Bitcoin trading platform. But he ran this without the needed money transmitting business license.
He sought to dismiss the illegal-money-transmission claims, arguing that Bitcoin isn’t “money” under the MTA and that his platform wasn’t a “money transmitting business” under the U.S. Code.
Chief Judge Beryl A. Howell described the characteristic of money, calling it a medium of exchange, method of payment, or store of value.
“Bitcoin is these things.”
The district court’s ruling means that Bitcoin is treated as money only in the context of D.C.’s money transmission law, said Peter Van Valkenburgh, director of research at Coin Center.
Ranking exchanges on Trustworthiness
Coin Metrics introduced the Trusted Volume Framework to be able to rank exchanges on trustworthiness.
We’ve taken a data driven approach to the problem and are excited to introduce a “trusted volume” metric to help identify legitimate trading volume.
In their paper they write that fake trading volumes have been a dark mark on the industry. And it is difficult to find a single metrics to accurately sift through the reported numbers.
The new framework for measuring the reporting quality of an exchange is broken down into three broad categories:
- volume correlation;
- web traffic analytics;
- qualitative features.
As of June 2020, the passing exchanges for ‘trusted’ spot volume include Binance (and Binance US), Bitbank, Bitfinex, bitFlyer, Bitstamp, Bittrex, CEX.IO, Coinbase, Gate.io, Gemini, itBit, Kraken, and Poloniex.
Source: Coin Metrics
Bitcoin reaches highest price in 2020
It’s been a crazy week. The Bitcoin price rose more than 20% in one single week. At the moment of writing one BTC costs about $11.150.
We collected some statistics regarding the Bitcoin price:
- Bitcoin faced two tops at $10.400 earlier this year (in Februari and June), setting a yearly high last week;
- The spike of the price reached to $11.400;
- Both Bakkt (11,509 BTC) and Deribit (47,513 BTC) set trading records for respectively futures and options;
- Over $500,000,000 shorts positiions were liquidated as a result of this spike;
- Hackers who stole $28 million Bitcoin from Bitfinex started moving these coins.
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