This Week in Crypto – November 23th, 2018
Welcome to your weekly round-up of the biggest and most interesting news pieces from the last seven days from around the world of blockchain and crypto.
Prices & General News
What a week! Crypto price fluctuations saw tens of billions wiped off crypto ledgers in the short span of a few days, Bitcoin fell to below $5,000 for the first time in a year, large mining farms started selling off their hardware by the kilo, and Norway revoked important tax breaks for Bitcoin in a major setback for the world’s favorite cryptocurrency. In the backdrop to all of this we had the Bitcoin Cash fork that appeared to put all of the events above in motion, and it feels like the cryptosphere is back in 2014!
At the time of this writing, Bitcoin was trading at about $4,290, with all of the major cap alts trading in double-digit losses from just a few days ago.
Gainers and Losers
Despite the wide swings of the major alternative currencies, there were still a few that performed better than the rest.
- Olive (OLE) was the biggest loser last week and had lost over 80% of its value in the week prior. In the last seven days, however, it gained over 90% of its value once again. To recap, Olive is a project that aims to connect online payments, entertainment, purchases, and value generated from broadcasting in a comprehensive blockchain solution.
- Another major winner was Veros (VRS) which is a platform for incentivizing philanthropy. Veros saw its price skyrocket by over 4,500% over the course of the past week.
- We can skip the biggest loser of this week this time around; there’s been enough bloodshed in the market already!
Adoption and Industry News
The biggest news pieces from the last seven days have been the Bitcoin Cash fork fallout, the discontinuation of subsidies in Norway for Bitcoin mining, and the closure of major mining operations across the globe.
- Local Norwegian news reports have stated that the government now expects cryptocurrency miners in the country to pay normal electricity tax starting next year. With an end to subsidies, bitcoin miners will have to pay out higher taxes, likely reducing revenues in the face of high market volatility and falling prices. The next few weeks and months will be tough times in Norway.
- The Justice Department has initiated investigations into possible price manipulation, especially with Tether, as reported here. In the wake of crashing prices and higher SEC scrutiny into ICOs and crypto investments across the board, it seems the Justice Department wants to establish whether the bull run of last year was actually something planned by market insiders or was just the result of market forces. We won’t know for some time, but for now, everyone is proceeding with caution.
- India’s social welfare minister has said that a state government is working to protect businesses currently without regulatory frameworks in the country. These include cryptocurrency exchanges and merchants who accept payments in alt coins. This is certainly welcome news from the world’s second-most populous country, and it is something to watch in the aftermath of the price drops witnessed in this historic November.
Rather than recommend new ICOs this week (something we dedicate Mondays to), here are two interesting projects with major milestones expected this week.
- Sirin Labs (SRN) is primed to launch their blockchain smartphone November 28. The project raised over $150 in its ICO last year and, with a working product that is launch ready, this is one that is worth keeping an eye on.
- BOScoin (BOS) launched its mainnet earlier this week, but has put off the official release of the new token net until November 27. Designed for fundraising with blockchain-powered voting solutions in place, BOScoin aims to help people and companies invest and launch products and projects by raising funds from the BOScoin network, much like Ethereum was used to fuel ICOs for the past few years.
Nothing is a sure bet, but with working products and major events expected this week, these projects are worth studying.
Have a great weekend, and we’ll see you on Monday with a fresh batch of ICOs to look into to keep things going!