Bitcoin had a decent run this week, reaching as high as $11,958.50 on Tuesday, Feb. 20. Its low came on Thursday, Feb. 22, at $9,939.09, according to historical data from Coinmarketcap. On Friday, bitcoin traded higher, albeit narrowly.
Most exchanges listed bitcoin hovering close to $10,200 on Friday afternoon, up about 2% for the day. Nearly all of the top 100 cryptocurrencies by market cap joined bitcoin and traded in the green Friday. As Wall Street heads out for the weekend, these are the bitcoin stories you need to know Friday.
One of the biggest hurdles to normalizing bitcoin is getting a clearer price definition for daily moves. Friday action was illustrative of that struggle. On Coindesk's Bitcoin Price Index in early trading Friday, bitcoin fell to $9,592 for its lowest level in a week. But at the same time on Coinmarketcap, bitcoin was higher by about $200. This is what the market refers to as the "Kimchi Premium" - Coinmarketcap includes price quotes from Asian exchanges, where bitcoin was trading as high as $11,000 Friday. The discrepancies make it hard to keep track of any real price movements.
Georgia Considers Bitcoin
Georgia has become the latest state to consider accepting bitcoin as payment for tax obligations, according to public records in the state. A measure put forth by Senators Michael Williams and Joshua McKoon would have the Georgia Department of Revenue update its rules in order to accept bitcoin and other undetermined cryptocurrencies for tax bill payment. The state of Arizona has also weighed similar legislature with meaningful support from lawmakers.
Japan Reports on Crypto Crime
Japan's National Police Agency received 669 reports of suspected money laundering from cryptocurrency exchanges in the country from April to December of 2017, according to a report in the Nikkei Asian Review. In April, Japan passed a law that recognized bitcoin as a legal payment method and started requiring licenses for crypto exchanges. Japan has 16 exchanges at present that have yet to be fully approved by regulators in the country.
Austria is reportedly planning to soon regulate cryptocurrencies using framework derived from current regulation of gold, according to Bloomberg. The government is said to be most concerned with the use of crypto assets for money laundering schemes. "Cryptocurrencies are significantly gaining importance in the fight against money laundering and terrorism financing," finance minister Hartwig Loeger told Bloomberg. "We need more trust and security."
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