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Welcome to BroBible’s regular roundup of the biggest news in the world of cryptocurrencies. We’ll be providing you with the biggest news and stories concerning Bitcoin and major altcoins to help you keep your finger on the pulse of the crypto market.
No real dramatic changes this week as many analysts say Bitcoin is poised for a breakout, a sentiment we’ve totally never heard before.
- Bitcoin (BTC): $6,558.16 (up .85% in the past week)
- Ethereum (ETH): $277.65 (down 7.7% in the past week)
- Ripple (XRP): $.325 (up 1.9% in the past week)
- Bitcoin Cash (BCH): $530.60 (down 3.2% in the past week)
- EOS: $4.90 (down 1.45% in the past week)
- Litecoin (LTC): $56.65 (up 2.25% in the past week)
- Tether (USDT): $1.00 (up .1% in the past week)
- Tron (TRX): $.021 (down 3.5% in the past week)
A Single Phone Call Could Have A Bit Impact On Ethereum’s Fate
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Back when Bitcoin Mania was in full swing, someone who supposedly knew more about crypto than I did said Ethereum had more upside potential than the coin of choice when it was hovering around $700.
He turned out to be kind of right until Ethereum decided to pull a Thelma and Louise and drive off of a cliff a few weeks later, where it’s continued to gradually plummet toward the bottom of the gully.
I’ve seen plenty of buzz that Ether could be at a breaking point and a single phone call on Friday afternoon could play a pivotal role in its future.
According to Coindesk, the Ethereum Foundation is holding a virtual conference to address a number of divisive issues being raised by miners, developers, and investors:
Three concepts – the difficulty bomb, ether issuance and ASIC resistance – are at the heart of the debate, since each could have a lasting impact on how the blockchain operates. For instance, these code proposals could alter the regularity of Ethereum upgrades, change the network’s economic policy and prevent specialized hardware from mining on the blockchain.
I’ll be keeping a close eye on the results and a closer eye on the price of ETH.
BitMEX Is Renting Space In The World’s Most Expensive Office Building
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Earlier this week, trading platform BitMEX garnered a fair amount of attention after the price of Bitcoin spiked to $8,000 immediately after it went offline for maintenance— with some investors suggesting the fix was in.
It appears it was simply a technical glitch and it looks like BitMEX is still doing quite well for itself based on reports that it’s rented space in a skyscraper in Hong Kong that’s considered the most expensive office building in the world.
The assumption is that part of the motivation behind the move is to give the platform a bit more legitimacy, as it will be operating in the same building as Barclays, Goldman Sachs, and other major financial institutions.
Good for them.
China Continues To Crack Down On Crypto
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Crypto evangelists will tell you that virtual tokens will eventually become a universal form of currency but it’s kind of hard to change the world when the largest country on the planet doesn’t want anything to do with it.
China has already taken steps to stop its citizens from getting into the game (it banned ICOs last year) and now a reporter has uncovered documents that indicate it’s not going to warm up to the idea any time in the immediate future.
The new policy states that hotels, malls, and office building should not be used in any capacity when it comes to the promotion of cryptocurrencies.
China has also recently removed multiple crypto-related accounts from a major social media app because they’re apparently really into harshing everyone’s buzz.
A Bank Is Offering A Card That Gives You Cashback In The Form Of Crypto
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If you’re looking to expand your crypto portfolio but don’t actually want to put any of your money on the line, there’s a new debit card being offered by a startup bank in the United Kingdom that is giving users the option to get cash back in the form of various cryptocurrencies.
The Revolut Metal will give cardholders a chance to earn 1% on purchases made in Europe and will be given the option to cash out using either fiat currencies or Bitcoin, Ethereum, or Litecoin.
It comes with a monthly fee of £12.99 that includes a variety of other perks, and while there’s a chance this is more of a stunt than anything else, it will be interesting to see if more established institutions take some inspiration from Revolut.