The third quarter of 2013 proved to be one of significant transition for bitcoin. After the remarkable increase in bitcoin’s price and public notoriety earlier this year, the last three months have provided a much-needed regrouping period. New information about issues at existing exchanges became available and dozens more have or will soon come online. Security of the bitcoin network grew dramatically as ASICs increased the network speed exponentially, while a host of new entrepreneurs and investors continue to support the market with ever-increasing infrastructure. The result will be a more structurally sound ecosystem as bitcoin enters its next wave …

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Representatives from the Bitcoin Foundation spent the beginning of this week on Capital Hill representing the bitcoin community to federal policy makers and law enforcement. After meeting with nearly a dozen federal agencies on Monday, yesterday served as an opportunity to interface with legislators. The team met with congressional staff from the offices of five legislators across both the Senate and House of Representatives. With Congress currently in recess, the Foundation capitalized on a rare opportunity to speak at length with government officials, whose schedules are often lighter between sessions. The timing apparently worked to their advantage, as they were …

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The rate of global bitcoin adoption has slowed dramatically since peaking in April, but a number of standout locales are bucking the trend and seeing surges of enthusiasm. We noted China’s massive increase in adoption early last month, but a new outlier has since arisen: Argentina. Between June and July, the South American nation’s share of global bitcoin downloads more than doubled from just over 1% to nearly 3%. In fact, of the countries ranking in the top 50 most bitcoin client downloads in June, Argentina is the only one to increase its rate of download so far this month. …

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Today, Mt Gox announced they are suspending USD withdrawals for at least two weeks. This suspension was caused by a high volume of USD withdrawals from Mt. Gox’s bank accounts, with the company citing difficulty for their bank in processing transactions “smoothly.” This news comes one month after the announcement that the US Government seized their Dwolla bank accounts for failing to register as a Money Service Business (MSB). Two weeks ago OKPay, a long time partner of Mt. Gox wire transfers, suspended all operations with bitcoin customers. There will likely be two effects from this action: a temporary rise in …

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It’s no secret that bitcoin’s exchange rate has been inflated due to media attention, leading many to believe that there’s been a speculative bubble. While it’s impossible to tell what the true rate of a bitcoin should be, there is evidence that the increased attention has now subsided, yet bitcoin’s exchange rate continues to increase. Google Google trends uses an index to determine relative search volume for a specific term, with 100 being the peak. From early March until mid-April, we saw a nearly 10x increase in search volume. By the end of may, this large increase has nearly subsided …

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