Friday means a few things. The most important of those things of course being the Crypto Daily Crypto Refresh, back for its next instalment.
Each week, we dig through our crates to bring you a brief and timely summary of the previous weeks events. It’s like the ultimate tl;dr.
Here goes nothing…
So, this week we have seen a pretty harsh week of market drops and declines. Overall, cryptocurrencies have had a tough time, many having literally had the life sucked out of them. Now of course we do only expect this market crash to continue for a limited amount of time, hopefully this time next week things may look a little better. This seems to have been kickstarted by two things, a Mt. Gox coin dump and the raid of South Korean cryptocurrency exchange, UPbit. Now though, with both events way in the distance but the markets still looking worse for wear, we have to put this decline down to bearish activity, nothing more or nothing less.
At the end of last week, Bytecoin managed to gain a listing on Binance. This encouraged growth in the value of Bytecoin by around 160% which in turn saw the Bitcoin network close down, due to the emergency of a bug, causing problems within the network. This was of course amplified by Bytecoin’s sudden trading volume increase. Things seem back to normal now, but for a while investors were left very unsure about what might happen to their assets. Now Bytecoin are planning a hard fork to ensure that this doesn’t happen ever again.
Zcash Gemini Listing
Zcash have secured a listing on US cryptocurrency exchange Gemini. This news saw the price of Zcash fly up by almost $100.00 in a matter of minutes. Regarding Gemini specifically, this is the start of a new era for the exchange, who now look to be moving towards Litecoin and Bitcoin Cash too.
This week, ‘blockchain week’ saw the arrival of the 2018 Consensus cryptocurrency conference. Whilst news from the event remains quiet, we know the conference bought 1000’s of delegates together to discuss and show their love for cryptocurrency and the blockchain revolution. Notably, Ripple Labs used this as a platform to host a community night, in which we saw a performance by Snoop Dogg, and the launch of a re-brand for Ripple, starting off with a new, trendy logo for XRP. Overall, expect to head more news regarding Consensus, over the next week.
Microsoft on Censorship Prowl
Microsoft are next to ban cryptocurrency advertising. I mean, it makes sense, everyone is doing it, so I guess they need to keep up with the trend. Joking aside, this will see cryptocurrency-based advertising removed from Bing, the Microsoft search engine.
Bitcoin Cash Hard Fork
Bitcoin Cash have finally carried out their Bitcoin ABC hard fork which had been designed to increase the block size of the blocks on the Bitcoin Cash blockchain up to 32Mb. This has been carried out in order to ensure scalability and transaction times can be approved on the Bitcoin Cash network, taking big steps towards the ultimate goal of adoption for the Bitcoin Cash team.
That sums it up quite nicely I think.
Of course, this, and much much more has happened this week. Though if we summarised everything, we’d be here all day. Please do look back through our archives and fish out the news that matters to you, try breaking news, that always makes a good starting point- https://cryptodaily.co.uk/category/breaking-news/
Hopefully, through the weekend and going into next week we will see some positivity roll through the markets. At the moment it does look as if the negative trend may continue but I guess for now, we should just remain optimistic and hope for the best. Maybe next week’s Crypto Refresh will have a slightly jollier feel to it?