The market was generally soft throughout the week but edged up towards the end. Bitcoin rose 2.5% to around $11,600 while Ether rose 10% to $1,140 to finish the week. In terms of the entire cryptocurrency network value, it remained unchanged at $590 billion.
There was some market overhang in the beginning of the week from the correction in the previous week.
The Coincheck hack also drove the market lower but the market quickly shrugged it off after it was announced that (1) Coincheck will refund the affected accounts, and (2) the NEM that was hacked is being tracked so the hacker will have a hard time moving it around.
Meanwhile, the fundamental of cryptocurrency in general is getting brighter by the day.
Starbucks Chairman Howard Schultz expressed optimism towards cryptocurrency. Robinhood, the US startup that offers commission-free stock trading, announced that it will add cryptocurrency (Bitcoin and Ether) trading in selected states. The waitlist quickly ballooned to 900,000 people three days after the announcement.
This shows that people are very eager to enter in the cryptocurrency market. Once one established company shows success, it would create a lot of pressure for its competitors to follow, because otherwise, those competitors will be missing the boat. All it takes is one company to get the snowball rolling.
Robinhood add BTC/ETH trading in 5 states in February: https://crypto.robinhood.com/
South Korea Reveals Deadline for Anonymous Crypto Trading Halt: https://www.coindesk.com/south-korea-announces-deadline-for-halt-of-anonymous-crypto-trading/
All Major Korean Cryptocurrency Exchanges Fail Privacy Tests – 30 Days to Improve: https://news.bitcoin.com/korean-cryptocurrency-exchanges-privacy-tests/
Coinbase Overshoots 2017 Revenue Goal By 66% Making $1 Bln, Rejects Further VC Funding: https://cointelegraph.com/news/coinbase-overshoots-2017-revenue-goal-by-66-making-1-bln-rejects-further-vc-funding
Stripe is ending support for bitcoin payments on April 23: https://techcrunch.com/2018/01/23/stripe-is-ending-support-for-bitcoin-payments-on-april-23/
Starbucks' Howard Schultz: A 'trusted' digital currency is coming, but it won't be bitcoin: https://www.cnbc.com/2018/01/26/starbucks-schultz-a-digital-currency-is-coming-but-wont-be-bitcoin.html
50 Cent forgot he had a stash of Bitcoin now worth $8m: http://www.bbc.com/news/business-42820246
Japanese cryptocurrency exchange loses more than $500 million to hackers: https://www.cnbc.com/2018/01/26/japanese-cryptocurrency-exchange-loses-more-than-500-million-to-hackers.html
$530 Mln in XEM Stolen From Coincheck Can Be Traced, NEM Team Confirms: https://cointelegraph.com/news/530-million-in-xem-stolen-from-coincheck-can-be-traced-nem-team-confirms
Coincheck To Refund All Customers Affected By Hack: https://cointelegraph.com/news/coincheck-to-refund-all-customers-affected-by-hack-faced-by-community-support
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.