Bitcoin Price Drop, Hacks, and FEC Regulations: This Week in Crypto



bitcoin price

Bitcoin Price Watch:

  • Bitcoin is down 8% this week continuing a trend of an almost 20% drop over the last month. Earlier today, the bitcoin price hit a low for 2018 of $5,825 causing analysts to draw comparisons to 2014 when Bitcoin experienced an 80% correction. Despite the precipitous drop, analysts have remained optimistic because Mt. Gox liquidation is over for 2018, and the impending launch of Coinbase custody which is expected to draw institutional investors to the cryptocurrency markets.
  •  Ethereum is down 11% this week despite a recent landmark SEC ruling that Ether does not constitute a security. The drop follows a pattern observed by analysts many times over the past year where altcoins mirror Bitcoin with more exaggerated moves.
  • The entire coin market cap is down 13% this week following a precipitous drop by EOS this week. Analysts have blamed the fall on an overly bullish rally before the main net launch and recent criticism over EOS constitution and how centralized it is. So far 34 accounts have been frozen due to phishing.

Bulls:

Regulation:

  • South Korea fears regulation will “legitimize market”–  At a recent policy advisory meeting, the director of KFIU confirmed that the government delayed regulating cryptocurrencies for years because it would “legitimize” a market the government viewed as piece-meal.

Hacks:

Adoption:

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