At the start of the week, cryptocurrencies gave up the strong gains made during the previous week, as markets waited for news from a rumored regulatory hearing on Ethereum. But the hearing never happened, and market sentiment recovered gradually, but weakened again mainly due to the FUD.
Bitcoin was lower by more than 7 percent, Friday morning, and was expected to break below $8,600. Some traders blamed the weakness on whale dumps. Despite upbeat predictions for Bitcoin, market sentiment was hurt by news that authorities raided South Korea’s biggest crypto exchange over suspected fraud. The Bitcoin price is expected to recover after the Blockchain Week New York that begins on Friday.
Here is a collection of the main stories from the world of cryptocurrency and blockchain this week, thus far.
South Korea’s Upbit Raided, Fundstrat Predicts New High For Bitcoin
Cryptocurrencies shrugged off upbeat predictions for Bitcoin and Ethereum Friday on apparent sales by whales and as news emerged that South Korea’s biggest crypto exchange Upbit was raided by authorities over suspected fraud. This is the second crackdown on domestic crypto exchanges by South Korean financial regulatory agencies since March. Bitcoin went below $8,600 and the trend may remain lower. The Federal Reserve Bank of San Francisco said this week that the launch of Bitcoin futures trading was the cause of the fall in price of Bitcoin from the peak of nearly $20,000 in December 2017. Elsewhere, Fundstrat, the research firm co-founded by the prominent Bitcoin bull Tom Lee, predicted that the top crypto is set for a massive surge to as high as $64,000 by next year, thanks to the improvement in cryptocurrency mining economics. Financial news provider Bloomberg has joined with Michael Novogratz’s crypto merchant bank Galaxy Digital Capital Management LP to launch the Bloomberg Galaxy Crypto Index or BGCI to track ten major cryptocurrencies.
Gary Cohn Sees A Global Crypto; Buffett, Munger & Gates Slam Bitcoin Again
Gary Cohn, former Goldman Sachs President and former chief economic adviser to the US President Donald Trump, expects the emergence of a global cryptocurrency in the future, but he said it will not be Bitcoin. Billionaire investor and Berkshire Hathaway CEO Warren Buffett, his confidant Charlie Munger and Microsoft co-founder Bill Gates damped the recent rally in cryptocurrencies with their renewed criticism of the top cryptocurrency.
ICE Working On Bitcoin Trading Platform; Nasdaq CEO Says Crypto ‘Right Next Step’
Intercontinental Exchange, or ICE, the parent of the New York Stock Exchange, is developing an online Bitcoin trading platform for block trades, the New York Times newspaper reported, in further signs of mainstream financial world warming up to the wild sphere of cryptocurrencies. And Adena Friedman, Nasdaq CEO, told CNN’s Poppy Harlow in the Boss Files series that cryptocurrencies and blockchain technology hold lot of promise for the future of the finance, though it remains to be seen which all digital currencies will survive the last mile.
Winklevoss Twins Awarded Patent For Settling ETPs; Lawsuit Against Bitcoin.com Scrapped
Internet entrepreneur twins Cameron and Tyler Winklevoss have secured a patent for the process of executing transactions for cryptocurrency Exchange-Traded Products (ETPs). And a planned lawsuit by pro-Bitcoin community against Bitcoin.com, which supports Bitcoin Cash, has been abandoned, citing shortage of funds to proceed with the case.
S. Korea May Ease Crypto Regulations; Another Firm Files Petition Against India CB
Yoon Suk-heun, the new head of South Korean financial regulatory agency, has hinted that he will consider relaxing the country’s cryptocurrency regulations. Elsewhere, an Indian cryptocurrency trading company has filed a complaint challenging the central bank’s ban on the country’s commercial banks from providing services to investors in digital currencies. There was also news that blockchain developers, services providers, and companies dealing in cryptocurrency trading in India are reportedly migrating to crypto-friendly destinations or are seriously considering the option in the wake of increasingly hostile ecosystem in the country. In the US, a bill that would allow residents in Arizona to pay their taxes in cryptocurrency was passed by the state’s House of Representatives, but the amendments made by the House created uncertainty over its implementation.
Reddit May Reinstate Bitcoin Payment; Venezuela Hotel To Accept Petro
Reddit, the American social news aggregation and content discussion website, hopes to reinstate Bitcoin as a payment option soon for its premium service, and also consider having altcoins such as Ether and Litecoin as alternatives, Reddit Chief Technology Officer Chris Slowe said in an interview to the tech business news channel Cheddar. Venezuela’s landmark seven-star Hotel Humboldt in Caracas will receive payments for services in the country’s national cryptocurrency, Petro, President Nicolas Maduro announced.
Oracle To Offer Blockchain Products, Facebook Launches Special Unit
Oracle Corp., the second largest software company globally, will unveil its blockchain software starting this month, Bloomberg reported, quoting Thomas Kurian, Oracle president of product development. Social media giant Facebook announced the launch of a blockchain division, with a view to exploring the technology behind cryptocurrencies, including bitcoin. In Asia, A market survey in China conducted jointly by PwC and VeChain showed that logistics, government and medical industries stand to benefit most from resorting to blockchain technology. Elsewhere, major telecom companies including BT, Telefonica and Telstra, among others who are part of the ITW Global Leaders’ Forum (GLF) joined a Blockchain Settlement Trial that aims to reduce costs in the telecoms industry. And global diamond giant De Beers said it successfully tracked the journey of 100 high-value diamonds from mine to retail using blockchain technology.
Iceland’s Missing Bitcoin Mining Machines In China?
Iceland’s police suspect that 600 mining computers recently confiscated in China might be the ones stolen from the Nordic island country in what was dubbed as the “Big Bitcoin Heist.” And more than 300 websites running an outdated and vulnerable version of the Drupal content management system have been hacked with malicious software used to mine the cryptocurrency Monero.
Tutorial: Crypto Lexicon
The crypto terms discussed this week were – CHOYNA, DYOR, ADDY, YOLO and BTFD.
As of 10.27 am ET on Friday, Bitcoin was down 11.71 percent for the week at $8,582.19 and Ethereum was lower by 14.17 percent at $677.46 on Coinbase.
by Jyotsna V