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.
The cryptocurrency market has finally been blessed by a well-deserved break, and it seems like most traders are excited about the increasing prices and what’s to come. Bitcoin has finally crawled back above $10,000 and the rest of the market is slowly following suit. Cryptocurrency regulation is also still one of the hottest subjects as authorities from all over the world are scrambling to figure out how to handle the situation.
Bitcoin is once again trading for over $10,000 after having touched the bottom at $6,000 the other week. It has been a long couple of weeks with several major drops and lots of uncertainty, but now it finally seems like Bitcoin has recovered and is ready to initiate another upwards trend.
Litecoin has gained a good amount of ground in the past week due to several factors. The main reason behind Litecoin’s latest surge is that the launch date of the payment processor LitePay is coming closer. LitePay will be released on February 26.
IQ Option has launched Monero, or rather is about to launch Monero. The anonymous cryptocurrency has been integrated on IQ Option’s website and we believe that it will soon be available for trading on the platform.
The Commodity Futures Trading Commision (CFTC) has issued a warning and even a bounty to try and stop “pump-and-dumps.” The new project aims to stop traders from buying digital tokens based on social media tips or certain price jumps. The CFTC will also offer a 10 to 30 percent bounty for anyone helping to create a “successful enforcement action that leads to monetary sanctions for $1 million or more.”
JP Morgan CEO Jamie Dimon is warming up to Bitcoin and cryptocurrencies. Dimon has been a big criticizer of all digital currencies and has made several controversial statements regarding cryptocurrencies and the people that have invested in them. However, last week he did a full 180 claiming that cryptocurrencies are here to stay and that they offer great potential.
OneCoin and Bitconnect are the two largest Ponzi schemes in cryptocurrencies and now it seems like they might be connected. OneCoin is a confirmed scam with so-called developers tricking investors from all over the world that they have “the new Bitcoin.” BitConnect, on the other hand, is an alleged scam that collapsed a few weeks ago. According to newly released lawsuits, the two “cryptocurrencies” and the people behind them are closely connected.
Poland’s central bank has been paying social media influencers to spread FUD (Fear, Uncertainty, and Doubt) about cryptocurrencies. In total, the Polish central bank has spent 90,000 zloty to spread half-truths and fear about cryptocurrencies, urging Polish citizens not to invest in Bitcoin or any other digital currency.
Shark Tank investor Robert Herjavec says that cryptocurrencies “are here to stay” and that Bitcoin will most likely rise above the $20,000 high. Herjavec also admitted that he has not invested in any cryptocurrencies but that he really sees the potential and has a feeling they will be regulated and more accessible in the near future.
Croatia and Slovenia are moving closer to a self-regulatory system for cryptocurrencies. In Croatia, several cryptocurrency related businesses have come together in order to educate and spread awareness about the new market to the public.
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.