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Bitcoin News Summary – December 17, 2018

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Here’s what happened this week in Bitcoin in 99 seconds.

A major shakeup occurred in the crypto market cap rankings this week, with Bitcoin Cash ABC falling to 7th position and Bitcoin Cash SV falling to 9th. The top 6 coins are now Bitcoin, XRP, Ethereum, Stellar, and the US Dollar pegged stablecoin, Tether, followed by EOS.

Tom Lee, co-founder of FundStrat, said that his model places Bitcoin’s fair value at $14,000. Weiss Ratings, the international rating agency, said that the current Bitcoin price level represents the best buying opportunity of the year.

Crypto mining giant, Bitmain, will close its Research & Development center in Israel. Bitmain appears to be under pressure due to the market decline, most notably in the price of BCH, of which the firm recently revealed it holds over 1 million units.

British crypto exchange, Cubits, unexpectedly announced that it was bankrupt and closed for business. The exchange is withholding user deposits, although the extent of such holdings is unknown.

Electronics giant Samsung announced that its forthcoming Galaxy S10 phone will incorporate cryptocurrency cold and hot wallets. It is predicted that Bitcoin, Ethereum and its tokens, and BCH will be supported on launch.

And finally, the UK’s Cambridge Centre for Alternative Finance stated that the number of registered crypto users doubled during 2018, according to their study. They state there are now 35 million verified crypto users.

That’s what happened this week in Bitcoin. See you next week.

Having delved into futures trading in the past, my intrigue in financial, economic, and political affairs eventually led me to a striking realization: the current debt-based fiat system is fundamentally flawed. This revelation prompted me to explore alternative avenues, including investments in gold and, since early 2013, Bitcoin. While not extensively tech-savvy, I've immersed myself in Bitcoin through dedicated study, persistent questioning, hands-on experience with ecommerce and marketing ventures, and my stint as a journalist. Writing has always been a passion of mine, and presently, I'm focused on crafting informative guides to shed light on the myriad advantages of Bitcoin, aiming to empower others to navigate the dynamic realm of digital currencies.

View all Posts by Alexander Reed

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