The Market Giveth and the Market Taketh Away
The cryptocurrency market had a serious identity crisis this week. After falling nearly 17 percent at the start of the week, it started to show signs of recovery leading into the weekend. However, in just the last few hours, the crypto market decided to fall again, this time around seven percent. That leaves us with a total decline of around 6.66% over the week and a market cap of $130.4B.
Our top coins didn’t fare so well either:
The Bitcoin price dropped 6.79% this week and now hovers just above $4,000.
XRP continues to keep the number two spot but fell the largest amount this week – 11.71%. It currently sits at Around $0.36
Ethereum slumped 7.42% since last week, now at a $113.46 price tag.
Ohio Taxes Become Crypto-Friendly: Ohio Treasurer Josh Mandel announced this week that the state is now accepting cryptocurrency for business-related taxes. The new initiative is meant to paint Ohio as a cryptocurrency advocate as well as provide business owners an alternative, and in certain instances cheaper, way to pay their taxes.
The state has teamed up with BitPay to provide this service. Although businesses are paying taxes in Bitcoin through OhioCrypto, the Treasury office is adamant that they’re immediately converting those payments to U.S. dollars. Looks like someone hasn’t taught them the value of hodling just yet.
Nasdaq Announces Bitcoin Futures Support: We’re in one of the worst bear markets in Bitcoin’s history, but Nasdaq don’t care. According to a Bloomberg report, Nasdaq, Inc. is still moving full steam ahead to launch their Bitcoin futures in the first quarter of 2019.
Separating itself from the competition, CME and Cboe, Nasdaq plans to base the futures off the price on several spot exchanges put together by Van Eck Associates Corp. To put this into perspective, CME looks at four markets while Cboe just uses one.
Overstock CEO Says ‘Bye’ to Retail: And ‘hello’ to blockchain. Patrick Byrne, Overstock’s founder and CEO, is no stranger to the blockchain industry. His e-commerce platform was one of the first to accept cryptocurrency payments and he’s been involved with several blockchain projects including Ravencoin and tZero.
Now, it looks as if he’s betting the house on the technology. Over the next few months, Overstock will be selling its retail business to make room for Medici Ventures, a subsidiary focusing on blockchain startups. News of the sell-off and shift in focus preceded a 26 percent jump in the stock price.
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HashFlare Review | Cloud Mining Takes Another Reputation Hit: Dun dun dun. Another (cloud mining) one bites the dust.
Virtual Coin | The History of Bitcoin’s Predecessors: Bitcoin wasn’t the first digital coin on the block. Here are a few of the others that paved the way.
ShapeShift CEO Erik Voorhees Says You Can’t Change the World in a Smooth, Predictable Curve: Crypto all-star Voorhees spoke with us about regulations and the future of the ShapeShift exchange.
The Obelisk Miner SC1: Do Open-Source ASICs Have a Future?: Open-source ASICs – good on paper. In actuality, it remains to be seen.
How USI Tech Pulled off One of the Largest Crypto Scams: You would’ve thought that investors would’ve learned their lesson from Bitconnect.
Elixxir CEO David Chaum: “Blockchains Lack the Ability for Privacy at Scale”: Cryptocurrency roots? Check. Multi-faceted inventor? Check. Badass beard? Check and check.
11 Bitcoin Memes to Cheer You Up on a Bad Bear Day: The market’s down, but these memes will cheer you up.
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How to Buy Bitcoin with Cash: Sometimes you just want to keep it simple and spend the Benjamins.
0chain Team Talks AWS Partnership and Decentralized Enterprise Blockchains: We sat down with the 0chain to learn more about the enterprise blockchain protocol.
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How to Mine Ethereum on a Mac | What You Need to Know: You may not make much money, but you’ll at least learn a thing or two.
BitInstant Exchange: Lessons Learned from the Shut Down: BitInstant was once the go-to exchange for crypto. Learn about its fall from grace.
Bitcoin and Your 401k: Two Different Pathways: Start saving now and you’ll hopefully be sitting on a nice nest egg later in life.
Herding in the Most Volatile Market in Decades: Taking advantage of the herd mentality isn’t just for sheep farmers anymore.
The UAE Starts Plans for DLT: On Wednesday, Abu Dhabi hosted the Second UAE Government Annual Meetings. And, you guessed it, blockchain was on the agenda. The AI and Blockchain Joint Working Group discussed ways to get more foreign investment, foster entrepreneurship, and create the appropriate infrastructure for the two industries.
Other notable announcements included the launch of the AI and Blockchain Guide initiative and the creation of the National Programme for AI and Blockchain Capacity. The most notable takeaway, however, is the goal to have 50 percent of government transactions on a blockchain platform by 2021.
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