What happened in the cryptocurrency market this week?

The 20% decrease in the cryptocurrency market this week completely reverses the 10% increase seen last week. These figures are similar to the 20% price drop we saw 2 weeks ago. Despite all this, analysts predict a big recovery in some cryptocurrencies.. However, this week’s new regulations and prohibitive decisions have negatively impacted the crypto money industry.

Price Analysis:

Bitcoin: Bitcoin is 20% this week and completely withdraws last week’s earnings. Despite periodic gains this week, the market recorded a substantial double-digit loss last week. The most important reason for this is the futures markets. In any case, the bulls still recommend HODL to everyone. Despite BitPay’s adoption of the technology, Bitcoin Cash has dropped by 30% this week.
Ethereum: Ethereum is trading around $1,500, down 27% this week. This follows the trend we’ve seen over the past few weeks on the relative movements between the two currencies. Some see this relationship as a sign of an immature market.
Cryptocurrency Market: The entire cryptocurrency market has fallen by 20% this week, completely reversing the 10% increase seen last week. These figures are similar to the 20% price drop we saw 2 weeks ago. Despite all this, analysts predict a major recovery in some cryptocurrencies.

Prohibitions and Warnings:

Kazakhstan: Kazakhstan The Central Bank may ban cryptocurrencies. The President of the National Central Bank of Kazakhstan stated that he wants to ban the trading and mining of cryptocurrencies in the European country.. This is a trend of countries opposing decentralized cryptocurrencies for fear of money laundering.. Earlier this month, Putin stated that new regulations will come in March and that he plans to launch his own currency.
Nigeria: Nigeria issued another warning on the use of cryptocurrencies this week. The Nigerian Deposit Insurance Corporation (NDIC) has once again warned Nigerians to be wary of investing in cryptocurrency, as cryptocurrencies are not recognized as legitimate currency by the Central Bank of Nigeria (CBN).
Denmark : Denmark has blocked the execution of cryptocurrency transactions this week, based on different concerns than Nigeria. Denmark’s largest bank, Danske Bank, claims that cryptocurrencies are not supported by the central bank, therefore cryptocurrencies often lack investor and consumer protection associated with traditional currencies and investments.. The bank cites the lack of transparency and regulatory oversight as one of the most important reasons for not investing in cryptocurrencies. These factors make cryptocurrencies a target for criminal purposes such as money laundering and extortion.
Social Media: News that social media giants will be sued this week against crypto advertising bans output. Since the cryptocurrencies and Blockchain associations in Russia, China and South Korea do not allow crypto-related advertisements, Google plans to file a joint lawsuit against Twitter , Facebook and Yandex.
MailChimp:

strong> It seems that this move is aimed at deterrence to prevent other companies such as MailChimp from continuing to follow the case.. Because MailChimp announced this week that it has closed all accounts related to cryptocurrencies.. Marketing automation platform MailChimp has reportedly closed all accounts related to cryptocurrencies, including initial coin offerings (ICOs), exchanges, news, books, events and announcements.

Official Currencies:

England: The Bank of England is testing a Blockchain system this week for real-time gross payment (bank-to-bank transfers). The central and state-owned bank states that this work is part of its strategic plan for 2020.

China: China has declared cryptocurrency as a top priority for 2018.. The central bank has created a science and technology team aimed at addressing the new technology, which has filed for 22 new patents. A Chinese official also talked about an official cryptocurrency, basing the current currencies Bitcoin and Ethereum.

Other News:

Black Money Laundering Arrests: A drug dealer in the USA was arrested again for laundering money through digital currencies. US citizen Costanzo sentenced for money laundering with Bitcoin. This showed that the concerns raised repeatedly at the G20 summit were not unfounded.

Bitcoin Payments with Reddit Disabled: This week, Reddit announced that it has removed the option to pay with Bitcoin. Reddit has reportedly removed the option for users to pay with Bitcoin (BTC) for its premium membership program (Reddit Gold), citing “an upcoming Coinbase exchange.”

More Cryptojacking: Microsoft this week published a blog discussing the threat of the emergence of malicious cryptocurrency mining.. The post from the Windows Defender Research blog noted that the number of business computers encountering unauthorized coin miners doubled from December to January 2018.. Microsoft states that the reason for this situation shows that cybercriminals are attacking due to the exponential increase.

US and Blockchain Developments: The US Treasury Department this week presented recommendations to government agencies interested in Blockchain.. The US Treasury Department published a blog post advising other government agencies interested in adopting Blockchain or distributed ledger technology (DLT) in their internal systems. The blog post was prepared by the Treasury’s Financial Services Bureau (BFS). The article in question covers a few key issues that authorities picked up while experimenting with a proof of blockchain system.. BFS recommended that government agencies set aside the misconceptions surrounding Blockchain technology and honestly think that distributed ledger technology will add value to their operations.

Ethereum Community and ASIC Miners: The Ethereum community is against ASIC miners. While preparing for the confrontation, Ethereum Infighting appeared this week. Ethereum users will support adopting a hard fork that restores Ethereum ASIC miners, according to the results of a new survey. ASIC mining has been a hot topic in the community. This week, however, a developer opened an Etheric Improvement Proposal to discuss measures to stop the controversial app.

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