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Make sure to take a look at the last few weeks here, now let’s move on review what happened in crypto this week.
- Bitcoin is down 20% this week completely tracing the gains of the past week. Despite periodic gains this week, the market still ended the week down significantly from last week. This has been attributed to everything from child pornography to market manipulation, but the most compelling reason suggested up until now has been the futures markets. In any case bulls always recommend everyone on HODL. Bitcoin Cash is also down 30% this week despite the adoption of technology by BitPay.
- Ethereum is down 27% this week in another of a long series of price drops from its peak of nearly $ 1,500. This follows the trend we have seen in recent weeks of correlated movements between the two currencies. Some said this correlation was a sign of an immature market.
- The entire crypto market is down 20% this week completely tracing the 10% increase seen last week. These figures are similar to the 20% drop in prices seen two weeks ago. Despite all this, for some, a huge recovery is imminent.
Bans and Warnings:
- The National Bank of Kazakhstan may prohibit cryptocurrencies . This follows the trend of countries opposed to decentralized cryptocurrencies for fear of money laundering. The Russians were leading the charge when Putin announced at the beginning of this month that regulation would come in March and that it was planning to launch its own currency.
- Another warning from Nigeria was published this week on the use of cryptocurrencies. Nigeria has taken a firm stance once again warned against cryptocurrencies. Their points are not entirely unfounded with a history of Ponzi schemes involving crypto in the area.
- Denmark blocked trade this week citing concerns different from those of Nigeria. Denmark’s concerns centered on the lack of transparency regarding money laundering. They seem to have echoed the sentiments of the G20 summit last week and their concern is not unfounded.
- Prosecution for prohibitions were filed this week by the Russian Association of Cryptocurrency and Block-Finishing (RACIB) and other industry associations after cryptocurrency advertising bans by several major corporations. The group calls for collusion among advertisers and calls the movements a “special indignation to the crypto community”. The lawsuit was filed against Google, Twitter and Facebook. The move seems to aim more at deterrence to prevent other companies like MailChimp from continuing to follow suit.
- Money Laundering Judgments: In the United States, a drug dealer was arrested again for money laundering through the medium of currencies digital. This shows that the concerns raised repeatedly at the G20 summit were not unfounded. Although money laundering charges are not uncommon, it is one of the first cases to be charged under Arizona’s new law HB2417.
- Reddit Disabled Bitcoin Payments this week among the concerns around Coinbases ability to process payments. Coinbase has recently struggled and reorganized its trading platform. Although it is not likely to have a significant impact on both companies, Reddit was one of the first customers of Coinbase to process 1 million transactions per month in 2013!
- More Cryptojacking was reported using a vulnerability revealed in 2013. Although not being the first, or the largest encryption campaign, minors have succeeded with nearly 320 Monero ($ 63,000) up to now.
- The US Treasury again legitimized crypto this week when it published a post offering advice to government agencies seeking to use cryptocurrencies. The post recommends including skeptics in teams who are investigating the blockchain saying that a team with “only pro-blockchain people can be blinded by the hype and force a square peg into a round hole.” “. The note is one of the criticisms addressed to the CTFC president for discussing the blockchain, as critics say that in doing so, he could legitimize it.
- Ethereum Infighting was apparent this week as the community prepares to face the ASIC miners. ASIC mining has been a sensitive topic in the community, but this week a developer has opened a proposal to improve the Ethereum to discuss measures to end the this controversial practice. With the support of users, the community should act in the coming weeks.
Image from Shutterstock to photo
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