More Whales, Bans, and an Optimistic Cookie Monster: This Week in Crypto

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Let’s go over what happened in crypto last week. 

Price Watch:

  • Bitcoin Price is down 1% this week after dropping around $1,000 last week. The drop comes in stark contrast to what some high-profile analysts had predicted. Investors have been waiting patiently to regain the all-important $10,000 support level.
  • Ethereum is up 5% this week after being down around 8% last week. The price rise comes as Ethereum regains some momentum. Steve Wozniak came out as a bull this week saying Ethereum could be “as influential as Apple”. The Enterprise Ethereum Alliance also launched a new platform with some important features aimed at developers.
  • The entire crypto market remained flat this week after falling almost 10% this week. The move comes despite strong performances from several Altcoins and strong expectations due to historic price performance during Consensus with the conference normally resulting in double or triple digit price increases.
  • Zcash Price up 50% on news of Gemini Listing: Zcash, the 21st-largest cryptocurrency with a market cap of more than $1.4 billion, jumped more than 50% this week, according to CoinMarketCap, pushed by the news that the Gemini exchange will list the cryptocurrency next week.

Bulls & Whales:

Bears:

  • Jack Ma Joins the Bitcoin Bashing Brigade: The Alibaba founder said during the World Smart Conference in Tianjin that bitcoin is a bubble. He remains positive on blockchain as a data privacy solution.
  • ‘Big Short’ Investor Bashes Bitcoin: Wall Street veteran Steve Eisman rose to fame by shorting the sub-prime mortgage market ahead of last decade’s financial crisis. He’s arguing that only use cases for cryptocurrency are speculative investing and money laundering.
  • Paypal Claims Bitcoin Price too Volatile for Merchants: The bitcoin price is too volatile to make it a useful payment tool for merchants, PayPal CFO John Rainey claimed in a recent interview. He joins a long line of Paypal executives who have bashed cryptocurrencies.

Crackdowns:

  • Indian Cryptocurrency Exchanges Fighting BackFollowing the Reserve Bank of India’s blanket ban on purchasing cryptocurrencies last month, the exchanges are fighting back. While some are outright ignoring the banks statements, others are moving from Crypto-Fiat to Crypto-Crypto trades.
  • Kazakhstan President wants U.N. to Issue Crypto RulesThe president of Kazakhstan, Nursultan Nazarbayev, is urging the global community to work together to draft common rules regarding the use of cryptocurrencies.
  • Bing Bans Crypto AdsSearch engine Bing has joined social media giants Google, Twitter, and Facebook in banning cryptocurrency advertising, citing the need to protect users from scams.

Featured Image from Shutterstock

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May 20, 2018 at 01:38PM

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