It was a volatile week for the world of Crypto with Bitcoin closing down -13.55% on increased regulatory risk in both China and Korea. We also had the first settlement date of the CBOE Bitcoin future, with BTC/USD hitting a low of $9,402 (-32%) around midday Eastern on Wednesday before rallying back to $11,902 within 5 hours of the closing auction. This auction is used to determine the final settlement value of the expiring futures contracts and the timing of the sell-off has some suggesting it was market manipulation. Despite the negative headlines this week we also had significant positive news in the community. The proposed off-chain scaling solution referred to as “lightning” was used on the bitcoin mainnet with the bitcoin transaction going through instantly and with virtually zero fees. While blockstream launched lightning charge which is intended to make it easier to develop applications on top of lightning. One of Japan’s largest banks announced they will be launching their own cryptocurrency exchange and possibly their own crypto token. During the sell-off this week we also saw the collapse of long-running Ponzi scheme Bitconnect. The volatility in bitcoin spilled over into the altcoin market with higher beta altcoins dropping more than 20% on the week. NEO was the exception, being the only top 10 coin to close in the green. This was driven largely by real capital inflows in anticipation of a pipeline of ICOs. Finally this week we have Ethereum, the world’s second largest cryptocurrency, facing serious scaling issues of its own.
I hope this summary was helpful. Please leave a comment with feedback and share any major news that I’ve missed. I apologise for not covering everything.
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