Week by week, there’s always something new to read about regarding cryptocurrencies and their latest moves. Are they rising or falling? Who has spoken out for them this week, and who against? Stay posted on our blog for your weekly updates so you never miss any crypto news, and always have a fact to drop into a lull in the conversation.
A Tough Week for Cryptos
This week, the big news is the bloodbath suffered by the crypto markets. Over the past few months, the price of Bitcoin has stayed around the $6000 point, but that changed in a big way this week. Just in 24 hours, the most popular form of cryptocurrency fell by more than 12%, reaching a new low of $5500. Since October of last year, the market cap for Bitcoin has remained above $100 billion, but with this new fall, it’s at $96 million. For the whole market, that number is $181 billion.
The crypto market lost 15% of its value in just an hour, a frightening twist in an already volatile scene. Investors around the world were feeling the pain of this sudden fall. At Bitcoin’s new lowest point of the year, it’s been a tough year for its investors. Time.com took a look at the losses suffered by new investors. If you had bought Bitcoin at its peak on January 5th of this year, when it was at $16,665, you would have suffered a loss of 68% today. So if you had bought $1000 worth, it would only be worth about $320 right now. A $10,000 investment would only be worth $3200.
What caused this sudden fall? One of the major causes being cited is the Bitcoin Cash hard fork that loomed. Government regulations of Bitcoin Cash mean that its holders will own shares in two separate sections of coin. The creation of Bitcoin Cash was a fork itself and allowed the industry to recover and even come back stronger, with a new peak hitting less than six months after the fork.
Cryptocurrency Regulations on the Isle of Man
The Isle of Man is a self-governing British Crown dependency in the Irish Sea. Its financial regulator addressed crypto concerns by introducing changes to the policies that govern new company registration within the industry.
Some of the changes within this policy include a requirement for the companies to have no less than two directors who are residents of the island and the entities must be managed and controlled from the Isle itself.
South Korea Pushes for Crypto Regulations
The Korean Bar Association is eager for clarity regarding bitcoin and other forms of cryptocurrency in the form of government legislation. The South Korean legal group, of which all lawyers are required to be members of, does not often lobby publicly. This week, however, they issued a press release asking the government to take a clear stance on cryptocurrency through the form of financial technology regulations.
It is their hope that regulations will offer protection from hacking, insider trading, and money laundering. Through the press release and their press conference on the 8th, they reiterated the urgency of protection for users. The South Korean won is the third most highly traded national currency for bitcoin, following the Japanese yen and the US dollar.
The Korean government is set to announce its stance on ICOs later this month.
Current Standings in Cryptocurrency Prices
At the time of writing, these are the values of the top five cryptocurrency list:
Learn more about Litecoin here.
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