Cryptocurrencies dropped again this week. Total market cap for cryptocurrencies now stands at $71 billion. I believe the peak was at around $115 billion, so the total cryptocurrency market shrank by 38% from all-time high. Perhaps investors are waiting for the uncertainty about Bitcoin to subside before putting money back in.
BTC price dropped below $2,000 as I am writing this article, or down 22% from last week. This is because there was supposed to be a release of Segwit2x but it was delayed, causing fear that the upgrade can be successfully implemented.
I think even BTC experts don’t really know what is going to happen with the development coming into August 1.
On one hand, there is a high hashing power signaling the support for Segwit2x, so on the surface, it looks like there will be a smooth transition. However, the civil war is far from being finished. I am not an expert but if you go to r/bitcoin and r/btc, the sentiment that you see is very different, if not completely opposite.
ETH price dropped $66 or 27% from last week. The news for Bitcoin definitely affected all cryptocurrencies as Bitcoin is the face of crypto. Combined with the waning enthusiasm in Ether as the “next Bitcoin”, the price of Ether is more volatile than Bitcoin.
Developments in the Cryptocurrency World
Dark Web drug marketplace AlphaBay was shut down: https://www.theregister.co.uk/2017/07/14/alphabay/
Thomson Reuters to launch a startup incubator building next-generation product including distributed ledgers. Thomson Reuters is a member of the Enterprise Ethereum Alliance: https://www.thomsonreuters.com/en/press-releases/2017/july/thomson-reuters-launches-startup-incubator.html
12 Of The Weirdest, Wackiest Coins by Laura Shin (did you know there’s a TrumpCoin?): https://www.forbes.com/sites/laurashin/2017/07/10/cryptos-in-wonderland-12-of-the-weirdest-wackiest-coins/#771032902a70
Bitcoin, Ether, Dash and Litecoin Now Sold at 1800+ Austrian Post Offices: https://news.bitcoin.com/bitcoin-ether-dash-and-litecoin-1800-austrian-post-offices/
Olaf Carlson, founder of Polychain Capital, a cryptocurrency hedge fund, will be on the cover story for the July 27 issue of Forbes: https://www.forbes.com/sites/laurashin/2017/07/10/the-emperors-new-coins-how-initial-coin-offerings-fueled-a-100-billion-crypto-bubble/#8666c406eceb
GDAX will temporarily half the deposit and withdrawal of Bitcoin at August 1 in preparation for the Bitcion UASF: https://blog.gdax.com/preparing-for-the-bitcoin-user-activated-soft-fork-86844d7012d0
Tezos’ ICO ended with a record-breaking fundraising of $232 million: http://www.coindesk.com/232-million-tezos-blockchain-record-setting-token-sale/