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What happened to crypto this week?

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  • Bitcoin is up 16% this week at $ 9,000. This comes as part of an increase over the entire cryptocurrency market. This is also probably the result of higher trading volumes. Thomas Lee of Fundstrat made a Bitcoin price forecast of $ 91,000 by March 28, 2020. Morgan Stanley compared Bitcoin to the dotcom crash.
  • Ethereum is up 4% this week at $ 539. As usual, he is lagging bitcoin in his recovery. With the exception of a sudden accident of Bitcoin, many analysts expect a strong week.
  • The entire crypto market is up 10% this week. Although the market was mostly lateral, it seems to have ended strong.

Regulation:

  • More Banner Ads: Twitter announced this week that it banned crypto-currency ads with few exceptions. This comes on the heels of a similar ban from Google last week. The competitor Facebook banned ads in January.
  • No Petro: Trump signed a decree forbidding US residents this week to engage in transactions related to Venezuela’s “Petro”. It is ambiguous for the moment how this will be applied. Petro faced many obstacles after raising $ 5 billion. It was declared illegal by the Venezuelan Congress despite the support of the president. He has also been linked to Russia, which some regard as a reason for Trump’s ban.
  • The G20 calls for the publication of a report on cryptocurrences by July. Cryptocurrencies have had mixed reactions from the G20 countries. Some countries, like Brazil, have already announced that they will not regulate cryptocurrencies. This has been a matter of great concern to governments seeking to prevent money laundering.
  • Hong Kong: Hong Kong has ordered the closure of the ICO Black Cell, highly anticipated. Despite repeated warnings, this was the first measure of effective enforcement in China. This follows local reports citing the many workarounds used by Chinese citizens and investors to participate in the cryptography markets.

Startups

  • The Carribean Goes Crypto: Overstock announced that it would invest $ 3 million in Barbados. Bitt is a blockchain-based payment service provider that supplies the Caribbean. The Caribbean is well known for having underdeveloped financial institutions and investors are hoping that Bitt can change that.
  • ICO Bunch Packs: Famous boxer and Filipino Senator Manny Pacquiao became the latest celebrity to promote an ICO that invests in the Singapore-based Global Crypto Offering Exchange (GCOX). The startup allows celebrities to create their own cryptocurrencies that fans can then use to pay for access to exclusive content related to celebrities.
  • VCs love CryptoKitties: CryptoKitties, a very popular Ethereum app, raised $ 12 million in a round table run by capital companies Andreks Horowitz and Union Square Ventures (USV). ]

Image from Shutterstock to photo

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