This Week in Cryptocurrency: February 22, 2019
All aboard the train to the moon! This week carried over the momentum from the impressive end-of-the-week rally last Friday. The total cryptocurrency market cap grew steadily from $120.5B to $135B throughout the seven days – about a 12 percent gain.
Almost every altcoin was in the green this week with several hitting double-digit growth. EOS (^38.68%), Maker (^24.36%), and Vechain (^24.51%) were some of the best performers. Looking at our top three:
Bitcoin showed out with a 10.04% rise on the week, touching the $4,000 mark.
Ethereum led the pack, gaining 20.84% to get back around $150.
XRP, although it had the least growth, still rose a respectable 6.60%. The price currently sits around $0.32.
Domestic CryptoCurrency News
Bitconnnnnnect Part Two: FBI Boogaloo: Just when you thought all news of Bitconnect was finally dead and buried, the Ponzi scheme is making headlines once again. This time, at least, it’s on a more positive note.
The FBI released on statement on Wednesday, “seeking potential victims in [their] Bitconnect investigation.” The bureau remained vague on what information they’re looking for but are encouraging any Bitconnect investors to fill out a questionnaire about the matter. The questions include:
- “Where did you first hear about Bitconnect?” Watch out, Trevon James.
- “How much money did you invest in Bitconnect?”
- “Who referred you to Bitconnect (if applicable)?” Again, watch out, Trevon James.
As you can tell, there seems to be a theme in what the FBI is in inquiring about. So, keep your eye out for Bitconnnnnnnnect Part Three: The Bitconnect Gang Reunion.
Bitcoin in Media
Musk’s Take: In a recent podcast with Ark Invest, Elon Musk (Paypal, SpaceX, Tesla, etc.) carved out some time to talk cryptocurrency with the broadcast’s two hosts. Overall, he had positive things to say. He notes,
Paper money is going away. And crypto is a far better way to transfer values than a piece of paper.
No argument here.
Google’s Addition: Rejoice, all iPhone users. You can now include the classic Bitcoin ₿ in your texts. This week Google rolled out an update to their iOS keyboard that includes the crypto symbol as a currency option.
Samsung’s Release: At a product event this week, Samsung introduced several new offerings include a foldable smartphone/tablet, an airpods competitor, and a new line of smartphones. Most applicable to us, however, was news that the Samsung Galaxy S10 and Fold would have native support for a blockchain wallet in Knox, the phone’s private key storage feature.
CryptoCurrency News from Around the World
From Argentina to Paraguay – Bitcoin > SWIFT: This past week, an export of fumigation and pest controls made it from Argentina through customs in Paraguay. On its own, this task isn’t much of an accomplishment. However, instead of making payment through the traditional SWIFT payment, the countries settled the deal with bitcoin – a first for both nations.
The deal was processed through Bitex, a blockchain financial services company in Latin America that facilitates bitcoin payments. Although the size of the export was relatively small (just $7,100), it demonstrates a clear move away from the legacy systems toward the blockchain future.
No, You First: According to The Korea Herald, South Korean institutions are waiting for the United States’ to make cryptocurrency regulatory moves before taking any action of their own. The Korean publication spoke with an anonymous official from Korea Exchange (KRX), the only securities exchange operator in the country, about the matter.
Regarding a bitcoin ETF, the official states, “The US has been the front-runner on the cryptocurrency market and related derivatives…which is why we are observing the progress and response of the US Securities and Exchange Commission’s decision on bitcoin ETFs.” With an initial U.S. decision around the corner (April 5), a bitcoin ETF approval could be the first domino in a series of decisions around the world.