The Week in Bitcoin – Feb 13

This Week in Bitcoin 02.04.2020

The Week in Bitcoin

New Milestone: Bitcoin Network Reaches 500 Millionth Transaction

The Bitcoin network hit a new milestone last week, as of block 616,064 to be exact, reaching over half a billion transactions. That’s half a billion peer-to-peer transactions, without a bank or financial institution in the middle. Completely censorship resistant. And the growth in transactions continues to climb, doubling in amount since 2017. On-chain transactions have often been seen as a useful metric in gauging Bitcoin’s fundamental analysis, and this is a very positive metric at the moment.

40+ Banks In Germany File For Crypto Custody Solutions
Just this year, Germans regulators opened up to allow banks the ability to offer their clients new crypto custody solutions. This means they’ll soon be able to offer their clients bitcoin directly in their bank’s portfolio, just as easy as they’ve been able to do with stocks. At the moment, many banks are in the process of applying for these licenses from the German federal government. Once approved, Europe’s financial powerhouse will have access to the best performing asset of the last decade.

A New Look To This Bitcoin Rally?
A recent Forbes article suggests this price rally is setting up much different than that of 2017. Forbes cites an exchange deposit metric, claiming that there are far fewer bitcoiners sending their BTC to exchanges looking to cash out. If true, this implies that we’ll see far less sell pressure in the short term while in this price range.

The Bitcoin Halving Is Now Less Than 90 Days Away
The third Bitcoin halving is expected to occur in early May. Google searches for the event are climbing, showing that public interest is growing. Bitcoin is riding some serious momentum as of late.

Bitcoin Breaks Through $10k!
Remember, you can visit one of our 3,500+ Bitcoin ATM locations across the country and top up your Coinme wallet instantly. You can also reach out to our Private Client Services Team, who are happy to help you with any transaction over $5,000.

Thanks for reading!

-Your Coinme Private Client Team

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