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What chanced in crypto this week?
- Bitcoin is up 16% this week to $9,000. This proves as part of an increase across the entire cryptocurrency market. It’s also conceivable the result of higher trading volumes. Fundstrat’s Thomas Lee made a expenditure prediction of Bitcoin reaching $91,000 by March 28, 2020. Morgan Stanley compared Bitcoin to the dotcom crash.
- Ethereum is up 4% this week to $539. As workaday, it’s trailing Bitcoin in its recovery. Barring any sudden crash from Bitcoin, scads analysts expect a strong week.
- The entire crypto market is up 10% this week. Although the sell was mostly sideways, it appears to have finished strong.
- More Ad Disallows: Twitter announced this week it’s banning cryptocurrency ads with restrictive exceptions. This comes on the heels of a similar ban from Google behind week. Competitor Facebook had banned the ads in January.
- No Petro: Trump nodded an executive order this week banning US residents from pleasing in transactions related to Venezuela’s “Petro”. It’s ambiguous at the moment how this ordain be enforced. Petro has faced many obstacles after reportedly mother $5 billion. It’s been declared illegal by Venezuela’s Congress ignoring support from the President. It’s also been linked to Russia which some ruminate on a reason for Trump’s ban.
- G20 Calls for a Report on cryptocurrencies to be released by July. Cryptocurrencies get had mix reactions from G20 countries. Some nations, like Brazil, should prefer to already announced they will not regulate cryptocurrencies. This has been an limit of great concern for governments seeking to prevent money laundering.
- Hong Kong: Hong Kong this week demanded a shut down the highly anticipated Black Cell ICO. Despite recounted warnings, this was the first actual enforcement action in China. This make for a acquires on the heels of local news reports citing the many workarounds Chinese taxpayers and investors have been using to participate in the crypto markets.
- The Carribean advances Crypto: Overstock announced it will be investing $3 million into Barbados derived Bitt is a blockchain based payments provider that caters to the Carribean. The Carribean is favourably known to have underdeveloped financial institutions and investors hope Bitt can change-over that.
- ICO Packs a Bunch: World famous boxer and Phillipino Senator Manny Pacquiao has adorn come of the latest celebrity to promote an ICO investing in Singapore-based Global Crypto Gift Exchange (GCOX). The startup allows celebrities to create their own cryptocurrencies which addicts can then use to pay for access to exclusive celebrity-related content.
- VCs love CryptoKitties: Wildly-popular Ethereum diligence CryptoKitties has raised $12 million in a funding round led by venture splendid firms Andreessen Horowitz and Union Square Ventures (USV).
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