Bitcoin This Week: A Crypto Ban is Overturned in St. Petersburg, And a “Bitcoin Heist” Hits Iceland

The SEC is back in the news again this week, issuing a wave of subpoenas to cryptocurrency firms. On top of that 600 mining rigs have been stolen in Iceland in a heist people are dubbing the “Big Bitcoin Heist”. All that and more in the latest Bitcoin This Week, read below for more detail.

St.Petersburg Authorities Reject Ban on Crypto Websites

Last May, the owners of over 40 websites were banned by a regional court in St. Petersburg for propagating information about Bitcoin and other various cryptocurrencies. However, they were fortunate enough to have the ruling overturned this week. That being said, it will still return to another judicial hearing. At the moment, it is looking more and more likely that the case will be referred to the Moscow Supreme Court.

Collective Action Against Coinbase for Insider Trading

Coinbase has been the center of many rumors for quite some time, around the time of release for Bitcoin cash huge allegations were pointed towards Coinbase with the phrase “insider trading” being a buzz word thrown around a lot. The CEO of Coinbase, Brian Armstrong, released a statement shortly afterward this incident trying to clear things up. He expressed his zero-tolerance policy on any kind of insider trading, stating that if they were to find out such trading had taken place within the company he would “not hesitate to terminate the employee immediately and take appropriate legal action.”

Europe Moves on Bitcoin Legislation?

It has been quite an eventful week for cryptocurrencies in Europe. First of all, Germany legislated that it would be giving cryptocurrency the respect it deserves, treating it and other cryptocurrencies as legal tender. This move will make things a bit easier from a taxation point of view, avoiding the nightmare that every Bitcoin purchase could be labeled as a taxable affair.

In the same week, a lot of cryptocurrency investments have been catching the eye of the tax authorities of Belgium. There have been several investigations opened by the Belgian Tax Authorities into cases where Belgian citizens have traded on foreign exchanges.

Icelandic Big Bitcoin Heist

Over 600 mining rigs have been stolen in the Reykjanes peninsula after a series of burglaries and theft, this is being dubbed by the Icelandic press as the “Big Bitcoin Heist”. Authorities are speculating that the rigs will not be sold on by the thieves in any sort of black market, but rather will be used for their purpose: cryptocurrency mining. This would yield much larger profits than selling the rigs for parts. However, perhaps the thieves should have done a bit more thinking regarding the theft of the rigs, it’s certainly hard to imagine where 600 mining rigs could appear suddenly without drawing any attention.

Bitcoin Weekly Price Round-Up

It was reported in the last week that the transactional volume of Bitcoin has decreased significantly to a new 2 year low, this just goes to show that nowadays it is more and more being used as a store of value as opposed to being used as a day to day currency. On top of that, Bitcoin’s dominance has grown to 40%. Many people believe that due to its current dominance, albeit weakened by its price at the moment, there is a draining effect on the altcoin market as people reinvest in Bitcoin.

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Written by frances

Lawyer, Believer, Idea Agent, Database Wrangler, Human Casserole. I want to see your peacock.

One Comment

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  1. "I hate my government and my fiat currency like how bitcoin always tell me to. But i need my government's help now bc Coinbase is cheating." How very sad and the government will actually help too.

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