Welcome to The Week in Crypto – Mar 18th 2018
Not a pretty week for the cryptocurrency markets this week (deja vu anyone?) to be honest, they can keep throwing as much bad news as they want at this sector – but it won’t go away (as much as the banks would like it to just pack up and go home!).
Overall, the cryptocurrency market lost a staggering 27% of its value, moving down $393 billion to $285 billion.
Bitcoin: Hit with several pieces of bad news this week, Bitcoin took a fall several times and the bears are still currently in control of the price – it fell from $9,698 to $7,530 (-22.36%)
Ethereum: Mirrored Bitcoin again, but hasn’t recovered as well just yet – a drop from $733 to $490 (-33.15%)
Ripple: Again mirroring Bitcoin as the bearish market sentiment takes hold a drop from $0.84 to $0.58 (-24.7%)
Bitcoin Cash: BCH managed to stem losses compared to Ethereum, but still fell $1,154 to $869 (-24.69%)
Litecoin: Like Bitcoin Cash, Litecoin also managed to stem losses as heavy as others – still a fall from $191 to $142 (-25.65%)
- Total cryptocurrencies: 1,564
- Market cap: $285,133,980,195
- BTC dominance: 44.7%
Top 20 cryptocurrencies as by market cap:
Market cap changes by coin for the last week:
Okay, by now if you are new to this you must be thinking that this all-out attack on crypto is going to finish it off? Well, who knows when the bad news will stop – but amongst Twitter, the web and everywhere else – the bad news is supposedly orchestrated by the big guys (read: JP Morgan, Goldman Sachs, etc) wanting to get in cheap – you can’t run a good hedge fund if you aren’t in at both ends!
A lot of the sells appear to be weak hands that got into the cryptocurrency markets in December 2017, back then Bitcoin was nearing its ATH (all time high) of just under $20k (a mere 62.5% more than today’s price!)
So, without further ado – let us roll out the bad news that made the markets tumble this week:
World leaders to discuss cryptocurrency crackdown at this week’s G20 summit. Google has taken Facebook’s lead and is planning to ban not just ICO advertising but all cryptocurrency adverts (including regulated exchanges, such as Coinbase). The IMF urged regulators around the world to crack down on cryptocurrencies – why? The same old reasons – money laundering and financing terrorism (uhuh) – Additionally, US Congress had a session about cryptocurrencies and ICOs in general.
An app in Apple’s iOS Appstore mined Monero on users phones by default (but has now been removed), Plattsburgh, NY has voted to ban new cryptocurrency mining operations (because of energy reasons) and Bitcoin miners in the state of New York can now be charged more for their electricity by the power companies.
Meanwhile, Coinbase rolled out news about their Index Fund, a small-time crypto tracker (although you can just do it yourself to save the fees), Wall Street researchers are still saying Bitcoin is set for massive new highs (TL;DR $91k by March 2020). Mind you, mining a Bitcoin costs pretty much the same as buying one these days, so let us hope the bull run appears soon (though, CNBC are still harping on about The Bubble)
Finally, we finish with an open letter to the beloved banks around the world.
BREAKING NEWS: The G20 Summit has just announced that they aren’t going to regulate cryptocurrencies anytime soon – the result? Most coins have just gained around 5-10% of their market cap in the last hour!
Finally, the Bitcoin mining difficulty increased again this week!
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We’ll be back next week with another update on Sunday, 25th March!