Last Week in Crypto: 7 January to 13 January

Price Change in the last 7 days:

Start End Change
Bitcoin: 4085.04 $3,587.49
  • 2.23%
Ethereum: 159.21 $118.38
  • 5.83%
Ripple: 0.369654 $0.322746
  • 3.01%

*The week started on Monday, 7 January 2018 and ended on Sunday, 13 January 2019. The above prices are as of 12 o’clock Midnight of 7 January and 13 January.

Monday, 7 January 2019

State of Colorado considers bill giving cryptocurrencies limited exemptions from securities law.

A new bill to exempt cryptocurrencies from some securities laws is currently under consideration by the Colorado Senate. The move comes as local regulators crack down on illegitimate offerings in the industry, in a bid to formalize the local landscape. At the same time, lawmakers appear hopeful that attitudes towards both crypto and blockchain become more enlightened.

Tuesday, 8 January 2019

5 banks and fintech companies will use XRP cryptocurrency

Ripple made an announcement that a total of 13 more financial institutions had joined RippleNet, putting the total at over 200. Of these, five of them will use the ripple (XRP) cryptocurrency for liquidity. The institutions named in the press release are JNFX, SendFriend, Transpaygo, FTCS, and Euro Exim Bank.

Significantly, most of the companies added to RippleNet will not be using XRP for liquidity. They will be using the settlement layer of RippleNet — Ripple’s enterprise blockchain — and the network of other institutions for cross-border payments.

Wednesday, 9 January 2019

XRP reaches Australia as FlashFX adopts XRP cryptocurrency

In a move that has given a boost to the cryptocurrency market, FlashFX, a payment transfer platform, has announced the launch of its latest cross border payment solution using XRP that is targeted to improve the concept of foreign exchange in Australia.

The Ripple partner is also the first Australian digital asset business to obtain the Australian Financial Services License [AFSL] provided by the Australian Securities and Investments Commission [ASIC]. The XRP transactions have also proven to be successful after assessments on Bithomp’s platform as well as on xrpscan.

Thursday, 10 January 2019

51 percent attack on Ethereum Classic

Hackers have once again managed to siphon millions of dollars from a cryptocurrency exchange thanks to a fundamental weakness in its underlying technology. A ’51 percent attack’ on ethereum classic, a spin-off of the world’s second most popular cryptocurrency, saw cybercriminals make away with more than $1.5 million (£1.2m) and forced popular exchange Coinbase to cease trading of the cryptocurrency.

The heist once again highlighted issues with the blockchain network and the cryptocurrency mining process supporting it. While a 51 percent attack on major networks like bitcoin and ethereum is almost impossible due to their size, smaller cryptocurrencies are increasingly falling victim to them. The attacks take place on cryptocurrency exchanges but are not actually attacks on the exchanges themselves. Instead, the attack takes place on the blockchain, or online ledger, of the cryptocurrency.

Friday, 11 January 2019

Critical vulnerability found in Beam wallet

The developers of Beam, a new privacy-centric coin based on the Mimblewimble protocol, have found a critical vulnerability in their Beam Wallet. The bug affects all previously released wallets in both the desktop and the CLI version, the company behind the project announced on Twitter. The problem has been fixed and Beam said in a post, that it’s currently working with providers to upgrade their systems.

Pablo Escobar’s estate launches cryptocurrency to impeach Trump

The brother of late drug kingpin Pablo Escobar is launching a new cryptocurrency in a bid to boot US President Donald Trump from office. Less than a day after having a $50 million crowdfunding campaign for its ‘Impeach Trump Fund’ pulled by GoFundMe; Escobar Inc. is running an initial coin offering (ICO) for a stablecoin pegged to the US dollar, aptly named ESCOBAR.

The value of ESCOBARs is to be fixed permanently to the US dollar. Starting in June, the whitepaper states each one will be redeemable for one US dollar, thanks to an agreement with a firm in Belize.

Saturday, 12 January 2019

Pakistan’s First Blockchain-Based Remittance Service Launched Using Alipay’s Technology

A financial institution from Pakistan has issued a cross-border remittance service based on blockchain technology developed by Alibaba affiliate, Alipay. A partnership between Telenor Microfinance Bank and Malaysian fintech firm Valyou will offer the service that will operate between Malaysia and Pakistan.

The service will enhance the efficiency and speed of remittances from Pakistan to Malaysia. Additionally, the first blockchain-based remittance in Pakistan service will eliminate intermediary costs, making it cheaper to send money. Users will be able to track remittances ‘every step of the way.’

Sunday, 13 January 2019

Malaysian Government Still Deciding Whether or Not to Legalize Cryptocurrency

Officials of the Malaysian government have come out and said that they are still undecided on whether they will legalize cryptocurrency or not. The matter is still being considered, much to the frustration of those looking to help the Malaysian cryptocurrency industry grow.

Malaysia is lagging behind the forerunners in South East Asia; with nations such as Thailand, Singapore, and Hong Kong continue to regulate their crypto markets with one eye on greater adoption.

Crypto Market Begins to Fall Rapidly Again: Bitcoin Below $3,600

A total of $5 billion was wiped out of the crypto market, with the price of Bitcoin falling below $3,600 along with major digital assets like Ethereum experiencing a 6% drop in value against the U.S. dollar.

The 4.8 percent drop in the combined valuation of all cryptocurrencies in the global market comes after a strong sell-off on January 11. The price of BTC declined from over $3,700 to $3,572, by 6%.

One major issue in the performance of the crypto market in the last 48 hours is the low daily trading volume of most crypto assets including Bitcoin and Ethereum.

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