The expansion in the overall cryptocurrency market value finally took a break after a long bull run. The overall market cap dropped from $819 billion to $721 billion during the week.
Part of the reason is that in the beginning of the week, CoinMarketCap decided to remove the Korean markets when calculating the weighted average price of a coin. That move caused an illusion of a correction and has actually caused a minor selloff.
Bitcoin and Ether were going in two opposite direction the past week. Bitcoin dropped by 15% to $13,700. Ether broke $1,400 and reached all time high briefly before ending the week at $1,350.
In the middle of the week, CNBC published about the Korean government banning cryptocurrency trading. It was quickly found out that it was fake news and there were no new development. The market recovered quickly but is showing some weakness at the end of the week.
Jamie Dimon: "I Regret Calling Bitcoin A Fraud": https://www.zerohedge.com/news/2018-01-09/jamie-dimon-i-regret-calling-bitcoin-fraud
Goldman Sachs Caves: Bitcoin Is Money: https://www.forbes.com/sites/kenrapoza/2018/01/10/goldman-sachs-caves-bitcoin-is-money/
Mike Novogratz Wants to Build the Goldman of Crypto and List It in Canada: https://www.bloomberg.com/news/articles/2018-01-09/novogratz-starts-merchant-bank-envisioning-goldman-of-crypto
Kodak Stock Price Up 89% After Announcing ICO: https://techcrunch.com/2018/01/10/kodak-stock-price-up-89-after-announcing-ico/
Chat app Line is reportedly considering its own cryptocurrency: https://techcrunch.com/2018/01/09/line-cryptocurrency/
Korea's Crypto Crackdown Talk Draws Backlash from Users and Politicians: https://www.coindesk.com/crypto-crackdown-talk-draws-ire-supporters-politicians-south-korea/
Korean Regulators Launch Investigations of Bithumb and Coinone Crypto Exchanges: https://news.bitcoin.com/korean-regulators-launch-investigations-bithumb-coinone-crypto-exchanges/
China is Reportedly Moving to Clamp Down on Bitcoin Miners: https://techcrunch.com/2018/01/08/china-is-reportedly-moving-to-clampdown-on-bitcoin-miners/
Big Chinese Bitcoin Miners Are Turning to Canada: https://news.bitcoin.com/big-chinese-bitcoin-miners-are-turning-to-canada/
Articles From Crush Crypto
Crusher of the Month – aelf: https://crushcrypto.com/aelf-crusher-jan-18/
Crush Crypto Six-Month Update: https://crushcrypto.com/six-month-update/
Ink Protocol ICO Review: https://crushcrypto.com/ink-protocol-ico-review/
Zeepin ICO Review: https://crushcrypto.com/zeepin-ico-review/
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.