Bitcoin price was seen stuck in consolidation and reached week’s high at $2900 the day before August 1st. Traders seem to be playing it safe ahead of the SegWit lock in. Over the weekend number of exchanges issued warnings to their users regarding deposits and withdrawals, and potential incompatibilities that may eventually arise.
The past week price was being controlled by the bulls in the market with the price seeing upside momentum. If the industry manages to emerge from the hard fork, Bitcoin price will likely break its record high. Also, weak support for BCC could mean more losses for the cryptocurrency market as a whole.
Top stories from the world of crypto
1. BTC-e pledges to return customers’ Bitcoin
A Bitcointalk account that has been long associated with the operators of BTC-e posted on the forum assuring all the funds will be returned to the users.
The statement read: “For all those who buried us, I will remind you that the service has always worked on trust and we are ready to answer for it. The funds will be returned to everyone!”
Interestingly, some users have stated that BTC-e.nz, the platform’s New Zealand portal, works from time to time and allows users to access their funds.
2. Indian Bitcoin exchanges will not accept Bitcoin Cash
India’s top three Bitcoin exchanges (Zebpay, Coinsecure and Unocoin) have announced that they won’t be supporting BCC. Furthermore, all three exchanges will be suspending their bitcoin services during the planned hard fork
3. Inflation in Venezuela continues to drive people towards Bitcoin
Venezuela has the highest inflation rate in the world right now. It doesn’t look like the central bank has any solution to this problem. It isn’t surprising to see Venezuelans finding refuge in Bitcoin and other cryptocurrencies. The country set a new weekly high on localbitcoins once again – exchanging nearly 11 million Bolivar.