Crypto Weekly: Amazon outage impacts Binance, Bhutan mines 'green'
STORY: From seized crypto in China.
To 'green' mining in Bhutan.
:: Crypto Weekly
This is Crypto Weekly.
:: China's seized crypto
China's growing pile of cryptocurrencies seized from illegal transactions is prompting local governments to find ways of disposing the hoard.
And is spurring calls from courts and the financial industry for better regulation.
Lawyers say the lack of rules around how authorities should handle seized bitcoin and other tokens has spawned inconsistent approaches.
And some fear this could embolden lawbreakers and foster corruption.
Crypto trading is banned on the mainland.
:: Crypto investors 'sidelined'
Outflows from Bitcoin ETFs in the U.S. surged last week as trade war concerns gripped the market.
According to data from SoSoValue - the 12 Bitcoin ETFs saw outflows of over $700 million - a more than 300% increase from the week before.
Peter Chung from Presto Research told Reuters that this wasn't a surprise.
:: Peter Chung, Head of Research, Presto Research
"I think similar to what we are seeing in the traditional finance market, there is generally a risk of trade happening in the crypto space as well. For the time being unless we get some more clarity on how the growth outlook is going to look like in the midst of all these tariff negotiations, I think people will generally stay sidelined on investment in risk-on-assets that includes crypto ETFs as well."
:: Amazon's outage
Crypto exchange Binance said it briefly stopped allowing users to withdraw from the platform on Tuesday.
It was due to an issue involving an Amazon Web Services data center.
A spokesperson for Binance said withdrawals were suspended for around 23 minutes.
:: Bhutan turns to 'green' crypto
The Himalayan nation of Bhutan is exploring ways to mine and leverage green cryptocurrencies using hydropower.
Its sovereign wealth fund says it could boost its economy and create jobs to reduce brain drain.
Green cryptocurrencies are mined using clean energy resources such as wind, hydro or solar power.
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