Weekly Recap: Litecoin Ride Gets Violent, BitFury 3-peats $20 Million

The cryptocurrency world saw more activity than during the week prior, but the movement in bitcoin and litecoin prices grabbed

The cryptocurrency world saw more activity than during the week prior, but the movement in bitcoin and litecoin prices continued to grab headlines.

Startups gave their thumbs up to California’s proposed virtual currency regulations, which were recently amended in a favorable manner for the industry. The draft bill, approved last month, does not impose additional virtual-currency specific rules, rather the rough equivalent of money services business licensing.

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The island of Jersey got the ball rolling on regulation, launching a public consultation for input.

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Investors showed their faith in the mining industry, pouring in another $20 million into BitFury, its third round this amount. Mobile bitcoin wallet startup Airbitz reportedly secured $450,000 from venture capital firm Block26.

A large spam attack on the Bitcoin network created a backlog of unconfirmed transactions, and the effects are still being felt.

Bitcoin prices increased despite technical glitches and concerns over scalability, likely in part due to the continued uncertainty in the Greece crisis. Bitcoin closed the week at $292, rising by 14.5%- its best week in months.

Litecoin finished the week higher by only 6.3%, giving up almost all of its gains after more than doubling to $8.63. Trading turned violent when it reversed sharply lower, giving up 58% in roughly 24 hours. The drop may have represented the pin that pricked litecoin’s bubble, which had grown exceedingly inflated and raised suspicions of price manipulation.

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