THIS WEEK IN CRYPTOCURRENCY
Not a great week for altcoins
It’s been a hard week for cryptocurrency altcoins, ‘aint it? The overall cryptocurrency market cap on January 17th was $502bln and as of February 22nd is $427bln. A 15% drop is merely a bump in the road, right? If I had a mound of fiat I would most certainly #BTFD (alas I do not). Not surprisingly there were lots of regulatory news from around the world this week. It seems governments are getting wise (slowly) to the growing and disruptive blockchain tech.
Bitcoin on the other hand is all about putting those bears back on their leash. The all mighty BTC is continuing its upward trend albeit starting to run into some resistance. Bitcoin is currently trying to find support at $11,000.
Ehtereum has seen some steady sideways movement this week which could indicate further consolidation. Also in ETH news wunderboy Vitalik Buterin has made the bold claim that crytocurrencies “could drop to near-zero at any time”. Thanks for that nugget of wisdom, buddy. With a price of $807, ETH is down 16% from last week.
Litecoin and Charlie Lee are in a penthouse somewhere sipping that sweet, sweet champagne after LTC rallied to $250. That was increase of nearly 57% since February 13th. And one more thing, what’s up with Litecoin Cash? Charlie Lee is saying “Any forks that you hear about is a scam trying to confuse you to think it’s related to Litecoin”. Do we have something similar to the drama between BTC and BCH brewing here?
What’s new at Crypto is Coming
What do Coindesk, Digital Currency Group, and Second Market all have in common? They’re all owned by Barry Silbert, the early investor worth about half a billion dollars who’s been cheering on Bitcoin and crypto for years. Read more about this early bitcoin and blockchain pioneer and advocate here.
Bryan decided to check out one of the newer cryptocurrency exchanges that has been getting a lot of press. Kucoin, based in Hong Kong, has made somewhat of a splash in the crypto world with it’s profit sharing token Kucoin Shares (KCS) and it’s friendly user interface and experience. We wrote an extensive review of the exchange which we hope will provide you with a good view of the exchange before you decide to register.
Continuing with exchanges Connor goes into depth about what a Decentralized exchange is. Decentralized blockchain technology heralds a changing of the status quo. A leveling of the playing field in which financial power is placed in the hands of the individual instead of centralized banks and corporate entities (can you tell which side we’re on yet?). We have decentralized currency, what about exchanges? In this piece we talk about this new tech and some of the startups trying to capture the space.
To round things up we decided to focus on an altcoin called Wanchain. There’s been a great deal of hype about this project because of it’s ambitious goal: to solve the problem of exchange-hopping in order to transfer and exchange from one cryptocurrency to another. How would they do this, you ask? With decentralized exchanges of course. Check out our Wanchain Beginner’s Guide and be in the know.
Cryptocurrency news from around the globe
In other news Ripple seems to have the announcement game on lock down. Twitter was alight with news that Ripple has signed on five new banks. Banks, remittence providers, you name it, they all want in on RippleNet. It’s also clear that emerging markets will benefit most from blockchain tech.
It wouldn’t be an interesting week if we didn’t have a new and questionable ICO making waves. Venezuela opened up their Petro ICO and raked in a tidy $725m. Who needs a functioning economy, a fungible currency, or a legitimate government if you can just swindle people with an ICO.
Remember, not too long ago, when news about the Korea bitcoin ban sent markets crashing? Ya that was #FUD. We knew it, but those weak hands didn’t. Anywho, turns out Korea’s “financial regulator said Tuesday the government will support “normal transactions” of cryptocurrencies, about three weeks after it banned their trading through anonymous bank accounts”. Funny how the world works, huh?
Sticking to Korea, beacause you know that’s where are the juicy cryptocurrency news comes from, an official who guided South Korea’s regulatory clampdown on cryptocurrencies was found dead. Not much more one can add to that.
And finally Switzerland decided it was the right time to publish ICO regulations and crypto-token classifications. Well on ya Switzerland. I wonder if the Petro would have past your litmus test?
Thanks for joining us this week! Good luck on your journeys through Crypteros. May the seven guide you.
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