Let’s Talk Cryptocurrencies is BullMarketz weekly update of everything that’s happened on the cryptocurrency market in the past week. We cover all the ups and downs and provide you with all the information you need to make well-informed decisions about your investments in digital currencies. This summary is not excluded to the major currencies such as Bitcoin and Ethereum but includes all digital currencies.
Find the best trading platform. You capital is at risk when trading. Be careful.It’s been a rough week on the market with large sell-offs and all around struggles. Bitcoin has hit a new monthly low, Ethereum is experiencing similar issues, and on Monday the top 36 cryptocurrencies on the market were all trading in the red. With that said, there have also been quite a few interesting developments in the industry involving regulation, new tools and services, national cryptocurrencies, and a huge A-list celebrity donation. As always, we’ll walk you through this week’s most important events.
On Thursday of last week, Ashton Kutcher and his business partner donated $4 million in XRP to the Ellen Degeneres Wildlife Fund. The donation was done live on the Ellen Degeneres Show, and it caused XRP to gain 2 percent in less than 24 hours. Ashton Kutcher has had an interest in cryptocurrencies for quite some time and has been involved in Ripple on several occasions.
Norway is eyeing a digital cryptocurrency as a means to defeat their lack of cash use. In a newly published report, the central bank of Norway discusses the pros and cons of having a national cryptocurrency. All in all, the bank seems positive about the idea. Although, they did state that they have no plans on implementing a digital currency yet since the market is too young and immature. The interest in national digital currencies is growing in Scandinavia, and BullMarketz.com reported on the Swedish governments work with a currency called e-krona which will help the country battle its extreme lack of cash use.
Revolut App has added XRP and Bitcoin Cash to its selection of available cryptocurrencies. The decision was made after a long debate with users, and officials have stated that they’re open to adding more assets if “users make enough noise.”
The Department of Justice (DoJ) has initiated an investigation into Bitcoin and Ethereum price manipulation. The actual investigation is run by the Commodity Futures Trading Commission (CFTC) and is focusing on alleged spoofing. Spoofing is a term that is used to describe when investors create large orders and cancel them last minute in order to manipulate market prices. Spoofing has been an issue on the cryptocurrency market in the past.
Justin Sun, the founder of Tron, is acquiring BitTorrent Inc. According to sources, BitTorrent – which changed its name to Rainberry last year – will be used on the Tron Mainnet that is being launched later this week. The idea behind the Mainnet is to create a decentralized internet where torrents will play an important role.
Coinbase has announced that they are rebranding their GDAX trading exchange to Coinbase Pro in order to create a more user-friendly service. In a statement, the company explained that they have acquired the platform Paradex and that many of the features from Paradex will be included in Coinbase Pro. For example, users will be able to trade hundreds of cryptocurrencies directly from their wallets.
The South African government has started an investigation against an alleged cryptocurrency Ponzi scheme called BTC Global. According to government officials, as many as 28,000 people may have been ripped off by the scheme. BTC Global is denying the charges.
For more day trading news and investment advice, we recommend that you check out our weekly trading segment called Let’s Talk Business where we cover the latest developments in all major markets.
Find the best trading platform. You capital is at risk when trading. Be careful.