Welcome to This Week in Crypto – Jan 14th 2018
This week wasn’t a pretty week after our first week of rallying, with most coins dropping overall. The market cap dropped from last week’s all-time high of $835 billion down to $695 billion. Mainly on the (false) news of South Korea banning cryptocurrency trading.
Bitcoin: A depressing week, down from last week’s $16,275 to $13,518 (-16.94%)
Ethereum: Claimed back it’s number 2 spot with a further rally from $1,002 to $1,328 (+32.5%)
Ripple: Slipped down to number 3 with a huge sell-off this week down from $2.63 to $1.84 (-30%)
Bitcoin Cash: “BCASH” didn’t quite escape the sell-off either, down from $2580 to $2535 (-1.74%)
Cardano: Took a big hit like Ripple and was down from $1.01 to $0.76 (-24.75%)
- Total cryptocurrencies: 1,433
- Market cap: $695,155,797,175
- BTC dominance: 32.7%
Top 20 cryptocurrencies as by market cap:
Market cap changes by coin for the last week:
Cryptocurrency exchanges are struggling to take on new users, with some of the top exchanges actually suspending new user registrations temporarily – this is leading to users selling their accounts to others! Binance, the world’s largest cryptocurrency exchange (which was only in ICO mode 6 months ago!) announced record-breaking numbers of users registering – at one point, 240,000 new accounts in ONE HOUR.
Microsoft has announced it is accepting Bitcoin payments again after recently stopping them (after only starting them again a year ago). A glitch in the code used for Bitcoin merchant payments by Amazon-rival Overstock led to users being able to purchase goods with Bitcoin Cash instead of Bitcoin (a hefty 76% discount if you found that bug!)
Google News struggles to keep up with cryptocurrency news, Long Island
Ice Tea Blockchain company completes ‘pivot’ and Kodak (yes, Kodak) is hopping on the blockchain too, who’s next, is Blockbuster coming back?
Goldman Sachs is the first of the big investment banks to cave to cryptocurrencies , (a week after JP Morgan’s Jamie Dimon regretted calling Bitcoin a “fraud”). Talking of investment banks, ex-hedge fund manager Mike Novogratz returns with the news he is going to setup a Cryptocurrency Merchant Bank of his own.
Meanwhile, the largest exchanges were on and offline all week as they scrambled to secure their massive crypto wallets against the new Meltdown and Spectre bugs currently haunting pretty much every CPU on the planet.
BitConnectX launched their ICO and casually increased the opening price of an already pricey $5 per token to an eye-watering $50 per token – did it make a difference? No – the first batch of 240,000 tokens sold out within 35 minutes of opening – this should be an interesting ICO to watch. Another mega-ICO coming up soon will be Telegram’s.
TenX, the payment coin did a talk at Amazon AWS on how they raised 80 million dollars in just 7 minutes. Slushpool posted a good read about the Bitcoin / Bitcoin Cash tug of hashpower war and are you one of the new Bitcoin millionaires yet? Well, don’t invest in SpaceKim if you want to be one.
Last but not least, on Saturday morning the Bitcoin difficulty changed:
Don’t forget to follow us on our social media channels:
We’ll be back next week with another update on Sunday, 21st January!