Make sure you check out our previous edition here, now let’s go over what happened in crypto this week. Also, make sure you subscribe for this weeks edition of The Bitcoin Podcast by CCN on iTunes or wherever you get your podcasts.
- Bitcoin fell nearly 8% this week after jumping above $6,800 early this week. The market seemed to stabilize early this week but failed to hit the critical $7,000 support line. They later dipped below the $6,600 level. The fall continued with a quick drop below the $6,350 level. The price finally dropped to $6,150 on Thursday night and has stayed around that level. Nonetheless, analysts & executives remain optimistic citing technical analysis, increased transaction speeds (courtesy of the Lightning Network), and institutional money flowing into the space. Even so, low volume and a lack of retail interest continue to plague the space.
- Ethereum fell 10% this week to $434 closely following bitcoin’s movements. The price movement follows another hack of MyEtherWallet. Also happening this week was Vitalik’s comments about “centralized exchanges” burning “in hell”, and Ethereum Co-Founder (and Consensys founder) Joseph Lubin stating that Ethereum had entered “phase 2” of its development.
- The entire coin market cap fell 8% this week as the bearish cycle continues. For several weeks now market capitalization has been around the $270 billion dropping above or below by around $30 billion. Tezos has taken the biggest drop among the billion dollar coins losing nearly 78% of its value since it raised $232 million last year.
- Coinbase ‘Exploring’ Support for 5 New Currencies – Coinbase announced in a blog post last night that it was exploring the addition of ADA, BAT, XLM, ZEC, and ZRX. The prices of all 5 assets shot up on the news. BAT and ZRX increased the most, going up by 25% and 15% respectively.
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