THIS WEEK IN THE CRYPTO WORLD
The most important crypto headlines of the past 7 days
At the time of writing this article, according to Coinbase, Bitcoin’s value has grown 1% this week after a 20% it loss last week. The price was as low $6,566 this week before coming back to around $7,000 in the past few days. Bitcoin’s dominance hit its low point in January and since then it has been steadily climbing. At present it’s at 44.9%. Analysts’ overall attitude is optimistic: they are talking about the end of tax season in the US and increasing institutional adoption.
Ethereum is up 5.36% this week. The last few weeks produced double-digit drops from Ethereum’s high of almost $1,500. Ethereum has continued its trend of closely correlated movements with Bitcoin.
Bitcoin Cash announced that a hard fork would take place sometime in May 2018. The fork’s most important feature will be a quadrupling of the block size to 32MB.
The entire crypto market remained relatively flat this week, although it hit a high of $280 billion this week and spent a whole day around $250 billion.
EXCHANGES AND BANKS:
Coinbase announced it would support the withdrawal of Bitcoin Forks. In addition to Bitcoin Cash, the exchange is planning to add other forks such as Bitcoin Gold and Bitcoin Diamond. Coinbase underlined that these coins would not be tradable at this stage, however there is a potential possibility in the future.
South Korea’s second largest bank announced its cooperation with Ethereum-based banking and payments platform OmiseGo. It’s important to mention that at the same time Kookmin, Korea’s largest bank has repeatedly denied financial services to crypto-currency startups.
Robinhood’s commission-free crypto trading was launched this week. The service, in this first phase, is limited to four states and limited to Bitcoin and Ethereum, but Robinhood is planning expansion with a “gradual rollout”.
India’s central bank announced a ban on crypto-currency purchases this week. The bank earlier warned customers on the dangers of crypto-currencies. This ban is the first official enforced policy. The bank’s previous anti-crypto regulations had already resulted in a 90% decrease in Indian trading volume.
Japan considers trying crypto-currencies “important”. It may have a few different interpretations and implications but what’s most important is that the statement comes from one of the world’s largest economies. It may mean that Japan will introduce a digital currency in 2018.