Weekend Roundup: Price of BIT Surges, BitFinance Integrates Accelerator Program, Blocknet to Add Ethereum

Shares Of Bitcoin Investment Trust Surge After Much Anticipated Debut

Grayscale Investment’s Bitcoin Investment Trust (BIT) began trading in May with the ticker GBTC. Over the last few days, the price of BIT surged, and at one point traded at US$133.70 per share.

"A share of GBTC is equivalent to approximately one tenth of a bitcoin. As of today, GBTC on major exchanges is traded at US$49 per share, which means that bitcoins in the Bitcoin Investment Trust are being sold at $490 per BTC."

SpectroCoin Integrates Bitcoin Payments At Lukoil Gas Stations

SpectroCoin has integrated with mobile payment network Worapay, to allow users in Latvia, Lithuania and Estonia to pay with bitcoins at Lukoil gas stations.

"SpectroCoin.com is proud to announce that we have integrated WoraPay network into our Android, iOS and Windows Phone mobile wallets. So from now you can pay with Bitcoins in Latvia, Lithuania and Estonia."

Blocknet Adding Ethereum to Suite of Supported Currencies

Blocknet will be adding Ethereum onto its inter-blockchain network. Ethereum will bring its decentralized apps and smart contract features to the inter-blockchain network, along with its cryptocurrency, Ether.

According to a joint statement:

"The integration of Ethereum's VM into the XBridge potentially enables an entire new industry standard for cross-chain technology."

BitFinance of Zimbabwe Becomes Savannah Fund’s First Bitcoin-Related Investment

BitFinance, a bitcoin exchange in Zimbabwe, is one of four startups selected from a list of over 150 applications to integrate the Savannah Fund accelerator program.

According to Mbwana Alliy, a managing partner of the fund:

"BitFinance interests us because it seeks to solve real issues people are facing. For instance, in Zimbabwe consumers have to deal with up to 13 legal tenders, which bring the challenge of changing from one to another."

Uber in India: Bitcoin ‘Makes Sense’ For Future of Urban Transport

Uber has recently launched a pilot program providing a cash payment option for rides in India.

With payments being in murky waters at the moment, the members of the Bitcoin India Alliance shared their views on the benefits of using bitcoin as an equally effective alternative.

According to Vishal Gupta of the SearchCoin network:

"It would take away the headache of converting currency at expensive rates which airport counters offer. This can save both time and money for frequent travellers."

Elsewhere

The US House of Representatives has passed a bill aiming to end the bulk collection of data by the NSA, called the USA Freedom Act, reported the Telegraph.

Bitcoin wallet service and security firm Xapo, has moved its corporate headquarters from Palo Alto, California, to Switzerland in hope to better protect customers’ privacy.

Stock exchange operator NASDAQ is experimenting with blockchain technology to see if it could be used for the trading of shares of private companies, reported the Wall Street Journal.

Former Circle board member, Iftikar Ahmed, is being sued by the US Securities and Exchange Commission over alleged investment fraud.

New Bitcoin ATMs

Bitnational has rolled out a bitcoin ATM network in Canada at Waves Coffee Houses. According to Coin ATM Radar, the company has set up six two-way BitAccess ATMs in Vancouver and Calgary.

The three locations in Vancouver are:

1095 W Broadway; 93 Lonsdale Ave; 2588 Main St.

The locations in Calgary are:

30 Springborough Blvd SW #160; 5809 Macleod Trail SW; 17 Ave SW.

The machines charge 3% for buy orders, and 6% for sell orders.

On Thursday, a new Skyhook one-way bitcoin ATM was installed at CSD Computers, 2155 Leanne Boulevard, in Mississauga, Ontario. Operated by ToBitcoin, the bitcoin ATM charges 5% per transaction and is limited to CA$3,500.

Market Activity

Despite a series of good news — notably of itBit being fully regulated, Goldman Sachs investing in Circle, and GBTC starting to trade — the bitcoin price has been reluctant to respond in concordance and continues to fade to lower levels.

Earlier this week, George Samman wrote in CT’s price analysis:

"The primary downtrend continues.  While prices have moved higher, it appears to be the top of the range and most indicators are confirming this. Momentum and volume have not followed price higher. [...] A retest of the ~US$210 area looks like a real possibility."

This week, the bitcoin price oscillated between 236 and 244 USD/BTC, with an overall decline of 2%, according to Blockchain.info data.