What could have been one of the quietest weeks in the cryptocurrency sector this year was rudely disturbed by the drama coming out of Greece.
Bitcoin businesses such as Coinbase have been promoting crypto to Greeks and Europeans looking for a safe haven. A number of bitcoin exchanges have experienced a surge in interest from prospective customers in Greece, and businesses are improvising new forms of virtual money.
Otherwise, the holiday-shortened week was quiet. It was the first week in several with no announcements of venture investment in the industry.
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Even Citi’s testing of blockchain technology turned out to be a revelation of something it has already been doing for years, likely pre-dating the half-dozen other banks announcing research initiatives this year.
Another attempt at proving the unsustainability of Bitcoin’s block size limitations was inconclusive. The ‘stress test’, performed by previously unknown Coinwallet.eu, managed to delay low-fee transactions and raise the backlog of unconfirmed requests to over 15,000. However, life returned to normal once the test concluded, and it failed to grab the same attention as the first attempt a week earlier.
In choppy trade, bitcoin prices gained 3.4% to close the week at $260, and litecoin surged 34% to $4.10. In raising the level of uncertainty around the euro zone economy and its common currency, the Greece developments likely fueled further demand for non-fiat currencies.