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Ethereum Drama, More Bans and Lawsuits- cryptos In Trouble?


Apr 04, 2018 Posted /  533 Views


Ethereum Drama, More Bans and Lawsuits- cryptos In Trouble?

Watch the Price

  • The Bitcoin market fell by 20% despite the gain it took earlier this month. Seeing it mean, the cryptocurrency fell substantially by many points significantly from last week posting another double-digit loss. This has resulted by speculations of child porn to the advent of GDPR and the regulations imposed by many countries like China. Bitcoin cash too fell by a whooping 30% even after bitpay adopted technology.
  • This week was not a bad news for just Bitcoin. Ethereum too fell by 27% from it’s high of almost $1,500. This have resulted because of the movement of money between both the currencies and people attribute this fall and rise due to its immature status. This has alarmed the entire crypto community especially the ones using Ethereum's into realising its status and thinking about their money.
  • The entire crypto market is down 20% this week completely retracing the 10% increase seen last week. These numbers are similar to the 20% price drop we saw 2 weeks ago. Despite all this, to some a huge recovery is imminent.

Banned or Warned?

  • Following what many other countries are doing so far, the national bank of Kazakhstan might ban cryptocurrencies all together after being not able to bring in regulations to it. This happened after the Russian president announced that cryptocurrencies in Russia will be regulated by March end.
  • Nigeria too issued a warning to its people on the use of cryptocurrencies. Their points are not entirely unfounded with a history of Ponzi schemes involving crypto in the region.
  • Denmark blocked trading this week citing different concerns than those of Nigeria. The concerns of Denmark were focused on a lack of transparency around money laundering. They appear to have echoed the sentiments of the G20 summit last week and their concern is not unfounded.
  • The Russian Association of Crypto Currency filed a lawsuit over the ban on cryptocurrency after several companies like Google, Facebook and Twitter released advertisement stating ban on cryptocurrencies stating that “it was a direct attack on the cryptocurrencies”.

Official Currencies

  • China has shown support to the cryptocurrencies by saying that it is on its priority list in 2018. The central bank has created a science and technology team aimed at tackling the new technology which has already applied for 22 new patents. In an interview discussing the developments, a Chinese official talked about an official cryptocurrency while simultaneously bashing existing currencies Bitcoin and Ethereum.
  • The Bank of England, a centralized government bank will be testing some programs for Cryptocurrency to settle them for real time. The bank states that this policy is for 2020 agenda and growth of the cryptocurrencies in England is its prime focus but with due regulations. This is a welcome step taken by the bank as it will open the markets of england for crypto traders.

Others

  • Reddit has disabled Bitcoin payments satting reasons of coin accessibility and related security issues. Coinbase has struggled recently and revamped its commerce platform. While not likely to have a large material impact on either company, Reddit was an early customer of Coinbase reporting processing $1 million in transactions a month in 2013!
  • Crypto hijaking is constantly increasing with a recent case being reported where the the miners have gotten away with nearly 320 Monero ($63,000) so far.
  • Users prepare for Ethereum infighting as they prepare to face the miners from ASIC. ASIC mining is a soft yet vulnerable subject in the crypto community, but this week a developer has opened an Ethereum Improvement Proposal to discuss measures aimed at stopping the controversial practice.
  • A drug peddler was arrested in US over claims of money laundering in virtual currencies proving the concerns brought up during the G20 summit right.  This is the first case to be charged under Arizona’s new HB2417 law.

The Treasury of the United States of America has legitimized the cryptocurrencies this week, publishing a post which offered advice to the Government and its agencies looking to use cryptocurrencies. The post recommends including skeptics on teams investigating blockchain saying that a team with “only pro-blockchain people can be blinded by the hype and force a square peg into a round hole”. The note comes among criticism aimed at the CTFC chairman for discussing blockchain, as critics say that in doing so he might legitimize it.


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Tags: Crypto Traders currencies Bitcoin and Ethereum

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