Welcome to This Week in Crypto – Jan 21st 2018
Another difficult week for cryptocurrencies. The sell-offs continued with Bitcoin at one point dropping to a low of $9,200. Several reasons are to blame this week, including the Bitcoin futures exchanges. Some believe that Wall Street are driving down the price of cryptocurrencies with the futures in order to pick up cryptocurrencies cheaper for themselves – time will tell. The market cap dropped for a second week in a row from $695 billion to $544 billion.
Bitcoin: Down again from last week’s $13,518 to $11,306 (-16.36%)
Ethereum: Still in at number 2 spot but with a drop from $1,328 to $1,022 (-23.04%)
Ripple: Another hard week for this centralised coin – down from $1.84 to $1.34 (-27.1%)
Bitcoin Cash: “BCASH” coming back down to earth finally, down from $2535 to $1734 (-31.6%)
Cardano: Also unable to avoid the market sell-off with another big drop from $0.76 to $0.59 (-22.37%)
- Total cryptocurrencies: 1,465
- Market cap: $544,234,581,268
- BTC dominance: 34.9%
Top 20 cryptocurrencies as by market cap:
Market cap changes by coin for the last week:
Some of the bigger news in the cryptocurrency world this week include the closing of Bitconnect’s lending platform, followed by the blame game of when users don’t do their own research – we certainly don’t recommend getting a tattoo of your favourite cryptocurrency anytime soon.
The sell-off of Bitcoin and altcoins continued with some blaming the moon or the Chinese New Year, Wall Street pushing down the price with the Bitcoin Futures (Cboe has closed first, CME is due this week) – Wall Street continues to get serious by announcing they’ll have a proper crypto data feed for hedge funds. Meanwhile, VISA continues its stance against cryptocurrencies.
Bitcoin consumes too much energy, or does it? Not according to Credit Suisse, but in Russia, you just buy your own power station for crypto mining. In hardware news, French cryptocurrency storage firm Ledger raised $75 million for more hardware wallet developing.
Fake news is everywhere – crypto is no different, watch out for the scammers. We’ll get the bad news over with quickly – Blackwallet had a wallet hack, don’t boast about your massive crypto-wealth (especially in Russia) and please, please be careful trusting anyone!
Finishing with some good news finally – the cryptocurrency Basic Attention Token is giving away $1 million of their tokens for you to support your favourite sites and content creators (hint hint!)
The Atlantic has a piece on Bitcoin being in a bubble (insert eye-rolling emoji here). The Merkle have a great story about Gaming Coins and finally, Wired talk about the Lightning Network and how it may make Bitcoin faster and cheaper (fees!). Bitcoin Magazine also talks about the trends to look for in 2018.
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We’ll be back next week with another update on Sunday, 28th January!