Sharding, True USD Launches and More Custody Players: This Week in Crypto

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Make sure you check out our previous edition here, now let’s go over what happened in crypto this week. Also, make sure you subscribe for this week’s edition of The CCN.com Podcast on iTunesTuneInStitcherGoogle Play MusicSpotifySoundcloudYouTube or wherever you get your podcasts.

Price Watch:

  • Bitcoin is up 5.46% this week to $6,500 after a somewhat tumultuous week. On Monday, we reported that despite Bitcoin’s price being at $6,300, the market was heading for a 2018 low. The price continued to appreciate slowly and oscillated between $6,300 and $6,400 on Tuesday, September 11th before declining to $6,200 later in the day. Over the next two days, the market managed to re-approach the $6,500 level and continued to approach $6,600 through Tuesday. Analysts consider these weeks move to have found stability at the $6,500 level.
  • Ethereum is up 16% this week to $222 after a hard 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 been blamed on ICO sell offs. Vitalik has said that the days of 1000x growth are gone. A statement he clarified this week as something that pertained to the market capitalization. This week marked a turn around as Ethereum surged 9% on Thursday and it was said that last weeks prices at least represented ‘a’ bottom. In the same day, Ethereum had appreciated nearly 23% from its intraday low. The price continued to increase into the next day hitting $220 leaving the market cap over $200 billion again.
  • The entire coin market cap is up 6% this week following bitcoins price increase and double digit gains by Ethereum and Monero. The state of affairs has led Galaxy Digital founder Mike Novogratz to declare that the market has bottomed out. Not everyone is so optimistic about alt coins though, with Sonny Singh, chief commercial officer at BitPay,

Startups:

Banks:

  • Citigroup to Offer Crypto Custody – According to Business Insider, sources close to Citibank revealed that the $175 billion New York-based bank will offer crypto custody solutions to institutional investors through the launch of a product called Digital Asset Receipt (DAR) which will enable institutional investors to invest in cryptocurrencies in a fully insured and regulated manner.

Governments:

Noteworthy:

These are a few pieces that were particularly popular this week.