Here’s what happened this week in Bitcoin in 60 seconds
The second week of 2018 saw a bearish trend play out in crypto markets. Bitcoin price declined from the $17,000 dollar level to a low around $12,800. This dip was accompanied by a couple of negative news stories, which later turned out to be unsubstantiated. Bucking the bearish trend was Ethereum, which closed out the week above $1,000.
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On Monday the 8th, Bitcoin declined by over $2,000. Other cryptocurrencies also fell hard, in particular Ripple (ticker code XRP). Ripple’s price flash-crashed by over 20%, triggering a minor panic. It later transpired that this move resulted primarily from CoinMarketCap’s delisting of several Korean Ripple markets. CoinMarketCap is a popular site for the monitoring of crypto prices and market caps, currently ranked as the 162nd most popular site online.
Rumors circulated during the week that South Korea would ban all trade in crypto. As Korea now accounts for a high percentage of Bitcoin trading volume, this story caused grave concern. However, the basis of the story transpired to be nothing more than a misquote of a government official. In reality, South Korea is further regulating crypto trade but has no stated intentioned to ban it.
A good news story for the week was the announcement by VPN service, TorGuard, that they will begin accepting Lightning Network payments. Although the Lightning Network’s code is not yet entirely reliable, TorGuard have said they will reimburse customers for any funds which go astray. This news is particularly welcome given that Bitcoin fees have remained consistently high over the course of the week.