Ethereum is down 31% this week, putting it at a 12-month low. Ethereum suffered some hard losses even as Bitcoin was rising early this week. The coin then dropped with Bitcoin and is now sitting just below the $200 support level. Many are still blaming these drops on ICO sell offs. Vitalik has said that the days of 100x growth are gone.
The entire coin market cap is down 17% this week following drops across the board. Most of the price drops occurred very early in the week as Ethereum, Ripple, Bitcoin Cash, Litecoin, and EOS fell between 1 and 4% as Bitcoin increased, but then declined much faster as Bitcoin turned south. Also occurring early in the week were WanChain, Digibyte, and Aion surging by as much as 30%. These surges helped keep losses to only $200 million, even as the coin market cap fell below the $200 billion mark.
South Africa Central Bank Wins Award for Blockchain – Central Banking, a global central banking forum, has bestowed its FinTech & RegTech Award for Best Distributed Ledger Initiative to South Africa’s central bank for its successful Project Khokha, which successfully used an Ethereum blockchain platform to process interbank payments and settlements. The South African Reserve Bank designed and executed Project Khokha in under three months to test the proficiency, resilience, confidentiality, finality, and scalability of a DLT solution for processing transactions under realistic conditions on a wholesale payment system.
Ripple General Counsel to Leave Firm – Brynly Llyr, the general counsel at crypto giant Ripple, who joined the San Francisco-based blockchain company in Nov. 2016, has left the firm. Llyr’s departure comes as Ripple prepares to defend itself against a variety of class-action lawsuits alleging that the XRP cryptocurrency — whose majority owner is Ripple — should be regulated as a security and that the firm’s distribution of XRP (which is often colloquially referred to as “ripple”) constitutes an illegal securities offering.
Filecoin Prepares to Launch – Filecoin, a decentralized storage network that turns cloud storage into an algorithmic market monetized through cryptocurrency, has announced that it will go public within the coming months. Filecoin raised an outstanding $257 million dollars and has since been involved in developing the project whose market will run on a blockchain.