BitDigest - Bitcoin Weekly Digest - March 11, 2013



  • Bitcoin price ended the week at 46.98 USD, up 37%, rebounding strongly after prices fell sharply on Mar 7. BitData released a special report on March 6 with consolidated bitcoin trading volume across all exchanges and currencies. We concluded that there was a pickup in volume traded beginning in mid-January which pushed prices up from $12 to $25, but the volume increase since then has been more sporadic.
  • This week’s big news story was CoinLab’s announcement that they have become Mt.Gox’s partner in US and Canada and that Silicon Valley Bank will be involved. This is the first time a US bank under US regulations will become a counterparty to bitcoin transactions made by a trading venue. Although it’s unclear how the process will change, CoinLab will maintain AML and KYC regulations with the various regulatory bodies.
  • Bitcoin’s largest payment processor BitPay not only received another round of venture capital last week, but also announced an exciting integration with Fulfillment by Amazon. This allows any business with inventory in Amazon’s warehouse to sell products on their own website and ship them to the buyers’ addresses. BitPay is offering direct integration with Amazon which means when an order is paid through BitPay, it automatically notifies Amazon of the order so businesses no longer need to deal with Amazon integration themselves.
  • Data Focus: This week we analyze the changes in market share of the various trading venues excluding Mt.Gix. Virwox, BTC24 and BTCN showed the largest improvement, picking up volume from players like Intersango and Bitfloor. 

MARKET PRICE (Drag & Release to View Larger Image)

10 DAY PRICE: Mar 01, 2013 - Mar 11, 2013
This heatmap displays brighter colored (hotter) areas where trading volume is higher.
60 DAY PRICE: Jan 10, 2013 - Mar 11, 2013
* Click and Drag to View Larger Image


BITDATA FOCUS (Drag & Release to View Larger Image)

Trade Volume Market Share Excl. Mt.Gox (6 Months Ago)
Trade Volume Market Share Excl. Mt.Gox (Now)


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Bitcoin is a decentralized digital currency created by the pseudonymous entity Satoshi Nakamoto in 2009. Bitcoin uses peer-to-peer technology to regulate Bitcoin’s balances, transactions and issuance according to consensus in network software. Bitcoins are issued to various nodes that verify transactions through computing power. It is established that there will be a limited and scheduled release of no more than 21 million Bitcoins, which will be fully issued by the year 2140. Bitcoin is currently the most widely used alternative currency with a total market cap at over 140 million USD (12/20/2012).

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