THE WEEK IN CRYPTOCURRENCY
Serenity Now. Serenity Now.
These newsletters, when it comes to the price analysis, seem to get more dire with each week. I don’t mean to be a sourpuss and I am generally a raging bull when it comes to blockchain but it’s hard not to frown when prices keep falling. With that being said while the big three are struggling to keep up, a few alts (read: Not yours) remained somewhat stable. When Bitcoin struggles, altcoins struggle too.
We don’t generally share Coin Market Cap images but to better illustrate the carnage in the crypto markets it’s suits it’s purpose for today. The 7day price graph says it all: Don’t look down.
Now you understand the “Fire and Brimstone” title? The overall cryptocurrency marketcap fell a brutal 19% in the past week dropping our total marketcap to $263bln. There was no news in the past week that could bounce the markets, not even the news of the SP500 and Nasdaq struggling. To be honest for the people that joined crypto in December/January this is the proverbial kick in the balls. For old timers this is just another bump in the road, and a much needed one.
Never forget the below image. It’s a useful guide to help understand emotions. Many people believe we’re at the “Anger” stage of this cycle. We all certainly hope so.
Bitcoin is struggling. Period. I will not provide you with bullish or bearish bullsh*t but just the facts. Week to week Bitcoin has dropped another 15% from $8345 to $7096 as of this post.If you look at the Bitcoin charts it’s doing some crazy acrobatics. Just yesterday in 24 hours the price collapsed 8% then quickly recovered it before April 1st ended. Needless to say day trading this volatility can be extremely risky, if not rewarding. Stay safe!
Ehtereum: For months a $500 Ethereum was the dream of the online cryptoverse. Well, here we are internets. Ethereum is now trading at $391 the same price it was at on Nov. 23rd. If ANYONE tells me to #BTFD again I may lose it. Syrenity Now. Serenity Now. Not even the news of a hard cap on ETH by Wunderboy Vitalik Buterin could give ethereum the bounce it so deperately needs.
Litecoin: What you thought Charlie Lee’s baby wasn’t gonna struggle along with the rest? LTC dropped a fat 30% over the past seven days, only to recover a scant 5% today, April 2nd. I can still recall the emotional highs when LTC started breaking out in November of 2017 and we reached all time highs of $371. Now I understand when old people say “that felt like a lifetime ago”.
Now that all the depressing price updates are over let’s check out the most interesting news and insights from this week in the crypto space.
What’s new at Crypto is Coming
We we’re busy little badgers this week at Crypto is Coming. We started the week by launching our very first giveaway to celebrate 3 months of life on the internets. We are giving away one Trezor hardware wallet and Volumes 1 & 2 of Andreas Antonopoulos ‘The Internet of Money’. Sweet right?
With so many initial coin offerings (ICO) in 2017 the big question going into 2018 was “Which peojects will survive and show progrsss, which will not”. The OmiseGO platform, an offshoot of the well-established Omise e-commerce payment company based in Thailand, seems to be one of those projects with legs.
Binance has been making waves since its arrival in July 2017. It is now the largest cryptocurrency trading platform in the world, by volume. How did Binance get to this point so quickly? Is their user experience all it’s cracked up to be? And what about this Binance coin? Check out our review of Binance to find out more.
Did you know you can buy and develop parcels of virtual land with the MANA Token and create buildings and other infrastructure for you and other players to explore in virtual reality? Decentraland is making waves due to a recent plot of “land” being sold for $113,000. And you thought cryptokitties was weird.
Whether you are new to Bitcoin or not we are certain you have heard about the scaling debate. What is it and how does it affect Bitcoin? Check out our beginners guide to “Bitcoins Scaling Debate: A Beginners Guide”.
As you continue your journey down the crypto rabbit hole you will come to realize that twitter can be an excellent tool for learning about new and existing blockchain projects. You will also find out quickly Crypto Twitter is full of shitposters. Check out our guide on who you should follow on Twitter.
Cryptocurrency news from around the internets
Litepay and litecoin part ways. The unholy matrimony finally falls apart as LitePay reveals itself for what it actually was: A money grab. The CEO of LitePay has announced that he has ceased all operations and is preparing to sell the company.
Mailchimp, the ubiquitous mailing list service, recently started banning crypto related accounts. No official statements from Mailchimp yet, but many twitter users shone the light on the recent bans. Things have not gone down too well.
Altcoins speculation gone wild! Coinbase announced ERC20 support and the internet, collectively, went berserk. Rampant speculation about which ERC20 token “could” be added to Coinbase was varied and intense. Many people assumed: ZRX (Isn’t this direct competition?), XRP (LOL this isn’t ERC20, noobs), BAT (Interesting, but doubtfull), etc, etc, etc. What’s your choice?
There’s a great article on The Merkle related to the future success of cryptocurrency and it’s dependence on decentralization. You know that we here at Crypto is Coming are staunch advocates of decentralization. Tell me, which one of you uses a decentralized exchange? Do you believe in the decentralized ethos?
We shared a Monero hard fork article last week because it was a very clear guantlet slap to the Bitmain mining corporation. Since we here at Crypto is Coming LOVE when people throw down, we felt a deeper look into the ASIC vs. Fork bought was due.
China could very well be the thorn in Bitcoin and cryptocurrencies paw. China’s central bank recently announced another crackdown on cryptocurrencies all with the aim of protecting their national currency. Decentralization does this to countries, it frightens them.
“A coalition of cryptocurrency and blockchain organization won’t be taking big tech’s recent ban of crytpo-related ads sitting down.” Thank goodness, nobody likes bans and especially not us crypto lovers.
Reddit Disabled Bitcoin Payments this week after raising concerns about Coinbase’s ability to process them and an upcoming upgrades. It doesn’t seem final, but for now another storefront has to take down their “we accept Bitcoin” sign.
A $1trillion money manager just joined us cryptonaughts! Wellington Management Co. is the recent mainstream investor to have a look at crypto. The Boston based firm is considering including cryptocurrencies in someportfolios. Institutional money aint holding back.
That’s it for this weeks edition of the Raven’s Dispatch. Keep an eye here for future contests and giveaways. If you have any feedback email us at email@example.com
All the best,
The Crypto is Coming crew
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