Venezuela tops US volume on LocalBitcoins – February 6

Current Bitcoin Price: $3387 (as of 11:00 AM PST)

The market has budged more than one percent today, but not in the direction you’d have hoped if you’re long cryptocurrency. With a 1.3% fall in total market capitalization, there is some sign of activity today; Bitcoin and XRP are both down by 1.5% or so, while Ethereum is down more than 2%.

Bigger movers are Stellar (down more than 4%), Binance Coin (up an impressive 13% to continue its vertical trend), and Bitcoin SV (which has shot up more than 5.5% in a very brief period today).

Top Bitcoin & Crypto News Stories for 6th February 2018

Venezuela tops US volume on LocalBitcoins

Venezuela, a country in both political and economical turmoil, has a gross domestic product of over $300 billion. That’s more than 40 times smaller than the US’ some $15 trillion gross domestic product.

Despite this huge disparity in total economic capacity, cryptocurrency trading volume on LocalBitcoins — the online platform for manually finding buyers and sellers for cryptocurrency — in Venezuela managed to top that of the US. This shows the country is, relatively speaking, a very significant adopter of crypto!

Gemini accounts closed on GUSD deposit

Gemini is the cryptocurrency exchange of the Winklevoss twin, two Harvard-educated brothers worth almost a billion dollars from their cryptocurrency ventures and others. The exchange has a self-issued stablecoin, known as GUSD.

Reports from two over-the-counter traders suggest that Gemini has been closing the accounts of users depositing significant amounts of GUSD, in the hopes of redeeming it for regular dollars. Following a request from CoinDesk, Gemini has declined to comment on these claims.

Zcash fixes “infinite currency” vulnerability

Zcash is a privacy-oriented cryptocurrency which is actively developed by the Zerocoin Electric Coin Company, and last year its team made a very unsettling find.

They have just announced that last year, a vulnerability was found in the Zcash code which could have allowed hackers to mint infinite amounts of the currency. However, it was quickly fixed.