Image of the week, 30 of July – 5 of August: Business Insider, Queensland Government, Dailyhodl and others

We're presenting "the image of the week". Bitnewstoday.com chose the most important news about the digital economy and virtual currencies. Only the most valuable stories from only the trusted sources. Each and every event from this list will change the world of the digital economy either way. The most important stories of this week in the most indicative quotes below!

Monday, 30 of July

1. COME AND GET IT! (Reuters)

CLS, IBM and banks trial blockchain app store

CLS, IBM and nine financial institutions, among which Barclays Plc and Citigroup Inc, are testing a platform called LedgerConnect to access blockchain-based applications. The main goal is to make it easier and cheaper for financial firms to use blockchain-based software, so the platform is similar to usual app store. CLS and IBM hope that LedgerConnect can help speed up adoption by making blockchain-based software for financial firms more readily available, they said.

Tuesday, 31 of July

2. TAX COLLECTOR’S GREED (Forbes)

Australia's Tax Office Sees The Value in Crypto

One area that still seems like subject to a degree of ambiguity is the tax treatment of cryptocurrency earnings. Given the sizeable profits realized by some early investors, regulatory bodies have been required to adapt their policies quickly.

New policies overall clearly show the government's recognition of the potential growth and rising importance of cryptocurrencies. They signal Australia's intent to be at the forefront of understanding this burgeoning industry.

3. THE SOUNDS OF BLOCKCHAIN (Business Insider)

eMusic seeks to raise $70 million for DLT network

U.S.-Israeli digital music store eMusic said on Tuesday it plans to raise $70 million to build a blockchain-based music distribution and royalty management platform to ensure artists and service providers get a fair share of revenues.

The blockchain platform will allow artists to publish and distribute music and manage rights and royalties.

Wednesday, 1 of August

4. BITCOIN GOING DOWN (Bloomberg)

Cryptocurrency use in commerce Keeps Falling even as volatility eases

After peaking at $411 million in September, the amount of money the largest 17 crypto merchant-processing services received in the best-known cryptocurrency has been on a steady decline.

While the amount merchant services such as BitPay, Coinify and GoCoin received increased slightly in June to $69 million, it was still a far cry from the $270 million received a year ago.

5. HAPPY BIRTHDAY TO YOU! (Bitcoin.com)

Bitcoin cash celebrates it’s first anniversary

Bitcoin Cash took the travel industry by storm making it their preferred currency. Creators of the crypto are confident that it is just a matter of time until larger players in the travel industry adopt Bitcoin Cash as a universal payment option.

“No more cash transfers or cash are needed when you go out to dinner or coffee with a friend. With Bitcoin Cash, friends and family are instantly reimbursed with virtually no fees. It is simple to do – just scan a QR code”- said Bitcoin Cash spokeperson.

Thursday, 2 of August

6. FIRST COME, FIRST SERVED (News Bitcoin)

Korean biggest crypto exchange suspends opening new virtual accounts

Bithumb has suspended issuing new virtual accounts to crypto traders starting on August 1 after failing to renew the contract with its bank. These accounts are part of the real-name system enforced by the Korean government earlier this year. Only three exchanges in the country are now reportedly able to open new virtual accounts for their customers.

The bank has given Bithumb a one-month grace period. During this time, it will continue to provide deposit and withdrawal services for existing accounts.

7. CRYPTO-STRALLIA! (Queensland Government)

Ozzies being pro-crypto again

Australian government once again supports local crypto payment startups. According to officials, this will support the growth of tourism across the country.

This start-up is going to attract more tourists into the central Queensland by selling tours through the internet with crypto as a viable way to pay. This is one of  70 companies that received government grant in 8.3 mln USD.

“Tourism is one of Queensland’s most important industries. TravelbyBit has devised a clever way to make it easier for visitors to our state to pay for their purchases with a growing number of local businesses accepting cryptocurrency payments”, said Innovation Minister Kate Jones.

Friday, 3 of August

8. BITCOIN FUTURES AND MASSIVE LOSING (Bloomberg)

A Massive Losing Bet on crypto futures got Investors Buzzing

The more than $400 million long position in Bitcoin futures was amassed on OKEx, a Hong Kong-based exchange that’s ranked No. 4 on list of the biggest crypto platforms.

While OKEx has moved to liquidate the position, it has so far been unable to cover the trader’s shortfall amid a down market for Bitcoin this week.

If the shortfall still exists at the 4 p.m. settlement time in Hong Kong on Friday and exceeds the size of the exchange’s insurance fund, futures traders who have unrealized profits on OKEx may be forced to absorb the losses.

9. Holding the line (CNBC)

If bitcoin doesn’t hold this key level, a "collapse" could be imminent

Bitcoin investors may need to brace themselves for an even bigger drop in the cryptocurrency.

In the last week, bitcoin has fallen about 9 percent and returned to the mid-$7,000s. On Thursday, the cryptocurrency was trading at around $7,500, which, according to Robert Sluymer, head of technical strategy at Fundstrat, is a key level that needs to be held.

Sluymer refers specifically to an intraday chart of bitcoin, which shows the cryptocurrency has returned to a key support level it hit in June and again in mid-July. Not only that, but Sluymer also points out that the relative strength index (RSI) of bitcoin indicates it is now "very oversold," which may prove to be a buying opportunity for the cryptocurrency, but investors need to be careful.

"I think it's vulnerable to a collapse into that $6,000 range."- said Sluymer to CNBC.

Saturday, 4 of August

Bitcoin prices fell below the $7,000 level that Saturday, reaching their lowest since mid-July.

The digital currency's price declined to as little as $6,933.09, according to the CoinDesk Bitcoin Price Index (BPI).

At this point, it was down roughly 6.5% for the day, additional BPI figures show.

11. Tron expect Bitcoin? (Dailyhodl)

Crypto Trends Update

Tron is cementing its status as one of the most popular cryptocurrencies on social media.

New analysis from Cointrendz finds Tron ahead of Bitcoin as the most talked about coin on all of Twitter. Ethereum is after Bitcoin, followed closely by XRP.

Sunday, 5 of August

12. Say “NO” to falsification (Dailyhodl)

China use Blockchain Solutions to Protect Vaccines

VeChain and its partner DNV GL, a risk management and quality assurance company that provides certification services for big pharma companies and hospitals in Shanghai, will present blockchain solutions to improve medical standards and security in China.

VeChain, a blockchain platform that focuses on supply chain management and traceability through smart contracts, has partnered with the Chinese government to advance medical standards. VeChain’s vaccine traceability solution is designed to create a traceable and trackable system that can eliminate pharmaceutical fraud and fake medicine.

13. Time to invest (Businessinsider)

$100,000 for rare 'Magic: The Gathering' cards

People are paying close to $100,000 for rare 'Magic: The Gathering' cards that they compare to early bitcoin investments and predict will one day be worth millions

Some entrepreneurs estimates that value of some rare cards will compound many times over in the coming years. By 2038, he predicts, it will be worth a minimum of $1 million.