Weekly Recap: BTC Rally Fizzles on Bailout, More Money for Blockchain Tech

Another dramatic last-minute deal to save Greece from exiting the euro zone was clinched, putting an end to speculative buying

During what was again a relatively quiet summer week for digital currency, a(nother) dramatic last-minute deal to save Greece from exiting the euro zone was clinched, putting an end to the speculative buying in bitcoin.

Bitcoin prices closed the week down by 4.5% at $279, their worst week since late January. They again failed to carry momentum past $300, frustrating investors hoping that the Greece crisis would yield the perfect opportunity for a major comeback.

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Litecoin continued its wild ride, shedding 26% to $3.88 as its unexpected price bubble continues to deflate.

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Investor interest in blockchain technology continued to steadily gather momentum. Factom, a startup looking to leverage the blockchain to build an ‘immutable data layer’ for decentralized records, achieved its $1 million crowdfunding goal. ShoCard, which aims to enable the digital embedding of IDs in the blockchain, got $1.5 million. Investment in the blockchain space was the only variety in the industry during the period.

Conversely, Bitcoin as a currency continued its bumpy ride, its role for criminal activity in the spotlight. Drug Enforcement Administration (DEA) agent Carl Force was ordered to forfeit close to $500,000 from unlawful gains made during the Silk Road investigation and other bitcoin-related crimes. Bitcoin-powered malware marketplace Darkode was shuttered in a global crackdown on cybercrime, resulting in the arrests of at least 28. In addition, a Spain-based digital currency Ponzi scheme was broken up, resulting in the arrests of 20.

North Carolina’s Senate Committee approved a bill that would regulate virtual currencies as part of the state’s Money Transmitters Act.

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