Bitcoin is down 2% to $6,333 this week after hitting $6,700 last week. The price varied minimally this week as compared to last weeks dramatic price movements. This included rapid oscillations between $6,300 and $6,400 and the price hiting $6,600 level and the $6,200 level within days of each other. This week saw much less variability.
Ethereum is down 10% this week reversing the 10% gain made last week. The gains of last week may be an anomaly with preceding week having a drop of 31% last week, 5% the week before and drops of 11% and 24% in the preceding weeks with single and double-digit drops going back months. The recent drops have continued to be blamed on ICO sell offs. Further contributing to the price drops this week was the fact that UTRUST has partnered with the Ethereum Classic dev team in order to integrate ETC.
The Coin Market Capitalization was Flat last week owing to minimal changes by Bitcoin and with the losses of Ethereum being made up for by surging Stellar prices.
Brazil’s Biggest Brokerage Plans to Legally Processes Bitcoin Trades – Grupo XP, the largest independent brokerage in Brazil, has publicly released its plans to launch a Bitcoin and Ethereum trading platform by the end of 2018. The move comes after an investigation by the government of Brazil and its antitrust watchdog have launched a formal investigation into banks and major financial institutions in the country after receiving complaints that crypto exchanges received subpar financial services from local banks.
Gemini Eyes UK Expansion – The Financial Times reports that Gemini has hired advisors regarding a move into Britain and may soon submit an application to the U.K. Financial Conduct Authority (FCA) for regulatory authorization to open an exchange in the country under the agency’s e-money licensing program. The move comes after a recent announcement of the Gemini dollar could mark a swipe at Coinbase, as the exchange e received such an e-money license from the FCA, authorizing it to provide payment and electronic money services to customers in the U.K. and 23 other European Union countries.
Crypto Giant Circle Lists EOS, Stellar, 0x and Qtum – Circle has announced in a blog post the addition of four new digital assets to the Circle Invest platform, bringing the total number of listed cryptocurrencies on the platform to 11. According to Circle’s blog post, the four crypto assets were chosen for listing based on their suitability, which was determined by the Circle Asset Framework. Since releasing Circle Invest in March, the platform has aggressively courted increased market share, listing Zcash and Monero in May.
$230 Million: Mt. Gox Trustee Confirms Past Bitcoin Sell-Off – According to a document published on the Mt. Gox website, Nobuaki Kobayashi, the exchange operator’s trustee, sold approximately 24,658 BTC and 25,331 BCH between the last creditor’s meeting on March 7 and the June 22 court ruling allowing the estate to exit bankruptcy and enter civil rehabilitation. Some have questioned wether this sell off has caused the bear market.
Google Unbans Crypto Ads – Google, the $828 billion search engine behemoth, has unbanned crypto-related ads, allowing regulated companies to utilize its platform to advertise their products.
Bitmain Rival Ebang Launches New Line of Uber-Efficient Bitcoin Miners – China-based Ebang Communication, one of the world’s largest manufacturers of application-specific integrated circuit (ASIC) chips for bitcoin miners, has unveiled the next generation of its flagship product line, complete with an upgraded chip that makes significant strides in energy efficiency.
Andreessen Horowitz Invests $15 Million in MakerDAO’s Asset-Backed Stablecoin – The American venture capital firm, which has invested in crypto startups like CryptoKitties and OpenBazaar in the past, purchased 6 percent of the total supply of MKR tokens through its $300 million crypto fund, a16z. The fund committed a total of $15 million to the MakerDAO project and marked their investment as a “strategic purchase.” Holding MKR tokens will offer a16z the rights to govern MakerDAO and the Dai Credit System as it becomes the first decentralized autonomous stablecoin organization.
Cryptojacking Surged by 86% in the Second Quarter of 2018: McAfee Labs – According to McAfee Labs, cryptocurrency mining malware attacks increased by 86% in the second quarter of this year. While the primary target of cryptocurrency mining malware has remained personal computers, cryptojackers have increasingly turned their attention to devices such as smartphones and other gadgets possessing an internet connection.
These are a few pieces that were particularly popular this week.