WEEKLY CRYPTO NEWS RECAP
A week in a nutshell, June 10-17, 2018
PRICES NOT LOOKING GOOD
What a week for digital currencies! Tens of billions lost in market cap, prices have continued to plunge throughout the week. Bitcoin seemed to be doomed to hit $6,000 but has managed to stay above that after all, moving around $6,500 at the time of writing this article.
Not at all surprisingly, most of the other major digital currencies followed the downward trend of Bitcoin. And though many of them are closing the week with mild recoveries from the falls, the relative gains are not significant enough to give rise to optimism.
ETHEREUM CLASSIC’S DAY
Coinbase, one of the world’s largest crypto exchanges, announced on 12th June that it would add Ethereum Classic (ETC) to its range of coins. ETC’s instant response was a 20% increase in value.
“We are pleased to announce our intention to add support for Ethereum Classic (ETC) to Coinbase in the coming months. We are announcing this both internally and to the public consistent with our process for adding new assets,” appeared in Coinbase’s blog post.
On the same day, Binance announced two new trading pairs, BNB-ETC and USDT-ETC, so since Tuesday users have been able to trade Ethereum Classic on a Binance Coin basis and USD Tether basis, too. ETC has been available on Binance for 8 months but in other trading pairs only.
SECURITY OR NOT?
High-ranking officials of the U.S. Securities and Exchange Commission (SEC) announced on Thursday that Ethereum would not be considered a security. The news was positively received by many ether enthusiasts. In the hours following the announcement, Ethereum spiked in value, jumping about 10%. But it proved to be a temporary recovery since by Friday morning, ETH was back where it had been a day earlier.
ACCUSATIONS OF MANIPULATION
Was the year-end rally of Bitcoin the result of a large-scale manipulation? Studies, researches, analyses are popping up with this question in focus. The hypnotic success that Bitcoin demonstrated as the end of the year was approaching convinced masses around the world that this was still only the beginning and it would be a shame to miss out on it, but since then more and more disillusioned and desperate Bitcoin hodlers have been wondering whether they, and millions more, were manipulated into buying Bitcoin so that a few big players might harvest the profit they were hoping for.
Also various factors are leading analysts to suggest that a shift is taking place, namely that instead of the HODL strategy that so many Bitcoin and crypto-currency investors adopted right from beginning, a new kind of attitude is taking over: a short term, quick money approach that to a great extent involves trading on the news. However, it’s important to note that other analysts still insist that it’s best to hold our investment – especially now.
That has been Coinvasion’s recap of this week’s news from the crypto space.
We hope we return with better news next week.