This was a busy week in the world of cryptocurrencies. Here are some updates, both local and international.
Bitcoin value rises
The world’s most famous virtual money has been on a bit of a tear.
Tonight (Vancouver time), one Bitcoin punctured through the $13,000 mark in Canadian currency, according to Morningstar.
Back on Monday (July 20), it fell to $12,403 for one Bitcoin. While it’s not a world-beating gain, it does account for a five percent increase in a week. Not bad for something that billionaire Warren Buffett insists has no value.
Court rules in favour of Bitcoin
Bitcoin’s most recent rise came after Coindesk reported that a U.S. judge had ruled that Bitcoin is a “form of money”.
Judge Beryl Howell issued the ruling in the U.S. District Court for the District of Columbia in a case involving Larry Dean Harmon.
He faced three counts in connection of his operation of Helix as an underground tumbler for Bitcoin on the Darknet.
Judge Howell denied Harmon’s motion to dismiss two counts, as well as his motion for the release of 160 Bitcoins seized by the government. They’re currently worth more than $2 million.
She also declared that Helix meets the definition of an “unlicensed money transmitting business”.