Make sure you check out the previous round-up here, now let’s go over what happened in crypto
this last week. We regret the delay with the weekend round-up but, as they say, better late than never.
- Bitcoin was up 15% for the second week in a row. The gains come after a slight gain 2 weeks ago. After going sideways at $8,400 early last week, the price rocketed to $9,400. Despite the price rise, bitcoin dominance fell slightly for the second week in a row. Some analysts have attributed the rapid price gains to extreme volume.
- Ethereum was up 30% last week for the second week in a row. The move comes as the currency sees increased volume from Robinhood’s crypto expansion. Other fundamental analysts have pointed to potential deregulation caused by Ethereum’s extreme decentralization as reasons for the price rise. Technical analysts continue to insist the price spike is purely the result of increased volume across the board
- The entire crypto market gained 40% last week following strong gains of 20% last week. Monero alone gained 12% ($1 billion) in a giant green candle. A bullish sentiment continues to return to the market.
Regulation & Enforcement:
- Bitmain’s U.S. invasion: Chinese bitcoin mining giant Bitmain received approval for a US bitcoin mining operation. The move comes after years of lobbying and is expected to result in a lease that will create 40 jobs.
- Bitcoin Drug Bust: An Australian woman was arrested last week for buying drugs over the dark web. The authorities have not specified whether or not the police used any tool such as Bitfury’s Crystal.
- Russia Banned Telegram in the wake of the companies nearly $2 million ICO 3 weeks ago. The company was banned after it failed to hand over encryption keys demanded by Russian authorities.
- Coinbase bought Earn.com for $120 million last week. The move was not unexpected and has been rumored for months. Earn.com’s current CEO will become the CTO of Coinbase. Some analysts have called transaction a “talent acquisition“.
- Pornhub to accept Verge: Pornhub announced it would accept XVG. A blog post from the popular site suggested the XVG was chosen for its anonymizing abilities.
- Cambridge Analytics was planning ICO: The company at the center of the Facebook data controversy had plans for a $30 million ICO. After being the subject of the much regulatory action, executive resignations, and several parliamentary testimonies, the company’s future remains uncertain.
Last modified: June 11, 2020 10:08 AM UTC