Welcome to This Week in Crypto – Jan 28th 2018
This week, the second Bitcoin Futures set of contracts at CME closed – finally allowing Bitcoin to breathe again and a minor-rally to start. This helped move the entire cryptocurrency market cap from $544 billion to $590 billion, a good sign after declining two consecutive weeks.
Bitcoin: Despite a further drop earlier this week, a late rally brought it up $11,306 to $11,743 (+3.86%)
Ethereum: Has regained its early-January rally with a move from $1,022 to $1,238 (+21.13%)
Ripple: Larger sellers are now exhausted, with only a small move down from $1.34 to $1.27 (-5.22%)
Bitcoin Cash: Managed to stall the previous sell-offs too with a small move down $1734 to $1720 (-0.92%)
Cardano: Regained from some of the heavy sells last week with a jump from $0.59 to $0.66 (+11.86%)
- Total cryptocurrencies: 1,494
- Market cap: $590,012,333,010
- BTC dominance: 33.5%
Top 20 cryptocurrencies as by market cap:
Market cap changes by coin for the last week:
The largest cryptocurrency hack EVER happened in Japan. The Coincheck exchange lost $530 million dollars of cryptocurrency NEM that was stored in a hot-wallet (instead of offline) – The exchange is refunding all their users in Yen. The team behind NEM refused a hard-fork to kill the funds due to the fact it was Coincheck’s security at fault and not their blockchain, however – they have tagged all stolen funds, so they can’t be deposited or sold at any exchanges now.
Cryptocurrency trading is going to get easier for Wall Street in March, as the company that develops one of the most popular platforms for trading stocks is going to add Coinbase to its software. Nasdaq are looking at offering Bitcoin futures shortly too.
Meanwhile, even YouTube has fallen foul of cryptojacking! It recently ran ads containing code that secretly mined cryptocurrencies on viewers’ computers.
Forbes has a piece on what drives the price of Bitcoin and what exactly is a HODLER? Ex-Apple, Steve Wozniak talks about why Bitcoin is better than gold and Bitcoin Magazine talk about why the Weiss Ratings are so comedy.
The Bitcoin mining difficulty also changed this week, miners will have to work 16.84% harder to reap the same amount of Bitcoin as before.
- Bitstamp exchange review [4.4/5.0]
And, a guide on What is an ICO?
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We’ll be back next week with another update on Sunday, 4th February!