Crypto Rewind week 17: Bitcoin price recovers, Belgians in trouble

The past week has been quite volatile again. The bitcoin (BTC) price recovered from a significant dip while our southern neighbors got into trouble. In this Crypto Rewind you can read the most important crypto news so that you can start the new week well prepared!

Bitcoin price rises after flash crash

It has been a week since bitcoin made a huge dip. The drop seemed to stem from false alarms. The bankrupt crypto exchange Mt. Gox and the US government are said to be dumping bitcoins, as evidenced by the fact that the wallets of these two parties were emptying. This turned out to be a false alarm.

Last weekend, BTC found support at $27,000. On Tuesday, the bitcoin price then started to rise again considerably to almost touch $ 30,000 a day later. All in all, bitcoin is up 8.5% from this week’s low at the time of writing! This makes the bitcoin price in euros 26,591 on Bitvavo.

42,000 Belgians in trouble because of Bit4You’s partner

We also saw a major development close to home; Belgian crypto platform Bit4You has suspended all deposits and withdrawals for its customers. Due to problems at an important partner, customers can no longer access their crypto.

To be precise, crypto lending platform CoinLoan from Estonia is to blame. It has lost its license because it would have gone bankrupt. To date, there is still no clarity on how to proceed. Bit4You has about 42,000 customers who reportedly have about 6.5 million euros tied up in the platform.

Anniversary of “disappearance” Bitcoin creator Satoshi

Finally, this week marked 12 years since Satoshi Nakamoto, the mysterious creator of Bitcoin, disappeared. On April 23, 2011, Satoshi wrote that he has “moved on to other things” and that Bitcoin is “in good hands.”

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His project has proved hugely successful since its launch in 2019. The current market cap of $567 billion is one proof of that.

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