Ethereum Classic’s Comeback, Bitmain’s $18 Billion IPO, and Goldman’s Bear Tear: This Week in Crypto


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Make sure you check out our previous edition here, now let’s go over what happened in crypto this week. Also, make sure you subscribe for this week’s edition of The CCN Podcast on iTunesTuneInStitcherGoogle Play MusicSpotify or wherever you get your podcasts.

Price Watch:

  • The bitcoin price is down 12% this week following a loss of 15% last week. Bitcoin had been hovering around $8,000 for several weeks leading up to last weeks price drop. The price drop has again been blamed on the SEC’s rejection of the Winklevoss’ second ETF. The price hung around the $7,500 mark bere oscillating downward to below $7,000. Analysts continued to wait for a breakout as the price continued to slump to mid-$6,000. The next day, the price fell further to $6,180. As one of our contributors put it, the price was “pushed off the cliff”. The price rose slightly but failed to maintain momentum.
  • Ethereum is down 24% this week at the $308 level greatly exaggerating Bitcoins movements. The move comes as bitcoin dominance has hit 50% sending alt coins spiraling down.
  • The entire coin market cap is down 19% to $206 billion. The massive drop comes as the market experienced a substantial decline in volume.

Exchanges:

  • Robinhood, Coinbase Pro to List Ethererum Classic – This week, Ethereum Classic became the sixth cryptocurrency listed on stock trading app Robinhood, whose crypto trading service is now available in 19 U.S. states. Later in the week, Coinbase began accepting ETC deposits on Coinbase Pro (formerly GDAX), its order-book cryptocurrency exchange, with trading against both USD and other crypto assets slated to commence later in the year.
  • Coinbase Returns to Wyoming after Three-Year Hiatus – The San Francisco-based Coinbase announced in a blog post that it has renewed its state-level money transmitter license, enabling it to resume services in Wyoming after locking investors out of their accounts more than three years ago.
  • Barclays May Be Opening Crypto Trading – Business Insider reports that a Barclays employee’s LinkedIn profile stated that he’s been “hired to produce a business plan for integrating a digital assets trading desk into Barclays’ marketing business.”. The profile has since been changed to remove digital currency references.
  • Ripple Coming to Coinbase Custody – In a statement, which appears on the official Coinbase blog specifies that the assets listed including Ripple (XRP), Monero (XMR) and EOS, are being considered for listing only, and have no bearing whatsoever on trading-related products and services.

Startups:

Enterprise:

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Source: https://www.ccn.com/ethereum-classics-comeback-bitmains-18-billion-ipo-and-goldmans-bear-tear-this-week-in-crypto/

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