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Weekly Crypto Update

Since the crackdown in China few weeks ago, mining has become easier and more profitable.

Because the pool of miners competing to create tokens has shrunken, the level of difficulty to mine bitcoin has plunged by 30%, this is the largest drop in the network’s history. As a result it has made it easier and more profitable for the miners who have remained online.

Bitcoin supply on exchanges hits 6 months low.

The amount of bitcoin held on exchanges has declined to a six month low, as the price of bitcoin has seen a 47% percent decline on its previous all time high. The supply held on exchanges has been declining since May. Low supply on exchanges shows a bullish sign as it indicates that there is less risk of a major sell off. When BTC is removed from exchanges it generally means that people are holding rather than selling.

Mircea Popescu a controversial figure in the crypto world passed away last month, leaving one of the single biggest bitcoin fortunes.

He drowned off the coast of Costa Rica during a morning swim. His estimated BTC holdings at the time of his death was estimated at close to 1 billon USD.

What is unclear is how Popescu stored his crypto was it in a cold wallet, unconnected by computers, that only he holds the private key to, or was it held with a third-party.

Some speculate that he had a private key and that no one has access to it, which would mean that his fortune, is lost on the blockchain forever.

After raising US$ 200 million from Softbank Latin America Fund, Brazilian cryptocurrency exchange Mercado Bitcoin

became the country's latest unicorn, the name given to technology companies worth more than US$ 1 billion. With a US$ 2.1 billion valuation, the company is also the first crypto unicorn in Brazil.

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