After failing to break $20,000 in the beginning of last week, Bitcoin dropped by 25% to around $14,500, at one point hitting as low as $11,000. Ether stayed flat at around $700 despite going up to as high as $860 and as low as $530 during the week.
Last week I pointed out that the market was being greedy, so it was good in a way to see that the market cooled down a bit. Big price spikes often lead to big corrections so I rather see prices appreciate slowly but steadily.
Bitcoin dropped as much as other major coins during this correction, which was surprising to me because Bitcoin is typically the safest cryptocurrency during a downturn. Perhaps this is due to its nemesis, Bitcoin Cash, gaining significant traction by being supported by Coinbase.
The market recovered very quickly after the correction, but it looks like we are not out of the woods yet. With people celebrating during the holiday season, there will probably be not much fiat deposit/withdrawal during the next week so we believe the volume will be lighter than normal.
The SEC's Crackdown on Cryptocurrencies is About to Get Serious, Former Chairman Says: https://www.cnbc.com/2017/12/21/sec-crackdown-on-cryptocurrencies-is-about-to-get-serious-ex-chairman.html
Coinbase Adds Bitcoin Cash: https://support.coinbase.com/customer/portal/articles/2911542-bitcoin-cash-faq
Litecoin founder Charlie Lee has sold all of his LTC: https://techcrunch.com/2017/12/20/litecoin-charlie-lee-conflict-of-interest/
Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk: https://www.bloomberg.com/news/articles/2017-12-21/goldman-is-said-to-be-building-a-cryptocurrency-trading-desk
EtherDelta Suspends Trading After Alleged DNS Attack: https://hacked.com/crypto-exchange-etherdelta-suspends-trading-alleged-dns-attack/
Mike Novogratz is Putting Plans to Launch a Crypto Hedge Fund on Hold: http://www.businessinsider.com/mike-novogratz-is-reportedly-putting-plan-to-launch-crypto-hedge-fund-on-hold-2017-12
Belarus Legalizes Cryptocurrencies and ICOs – Tax-Free for Five Years: https://www.reuters.com/article/us-belarus-cryptocurrency/belarus-adopts-crypto-currency-law-to-woo-foreign-investors-idUSKBN1EG0XO
South Korean Cryptocurrency Exchanges to Implement Self-Regulation: https://news.bitcoin.com/south-korean-cryptocurrency-exchanges-self-regulation/
India’s Crypto Crackdown: Wealthy Bitcoiners Targeted, Start: https://news.bitcoin.com/indias-crypto-crackdown-wealthy-bitcoiners-targeted-start-ups-scrutinized/
Two Weeks After Losing $60 Million in Bitcoin, Nicehash Is Back: https://news.bitcoin.com/two-weeks-after-losing-60-million-in-bitcoin-nicehash-are-back/
Articles From Crush Crypto
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.