Hello, dear reader, and welcome to another review of the week’s crypto activity!
Bitcoin’s price stood at about $6730 last week. By the time of this writing, the price had fallen over the course of the week to about $5915. With a drop of about $800 for bitcoin over the week (and countless other coins also suffering similar losses), it’s no surprise that the crypto market as a whole lost over $50 billion, with a fall from $285 billion a week ago to about $235 billion today.
Depending on whom you like to take your news from, market pundits predict that the price of bitcoin will settle either as low as $2000 by the end of the year or as high as $60,000. Time will tell, so let’s wait and see..
Before getting into our first story, here’s a quick look at last week’s best performers. Selfkey (KEY), an online identity wallet, appreciated in value by over 110 percent over the last seven days. Spindle (SPD), a crypto asset investment fund, also made significant gains and posted growth of over 70 percent for the week.
Exchange hack? No. FBI? Yes!
The FBI claims to have a neutral stance when it comes to cryptocurrencies. However, the agency recently said that they had about 130 open cases related to virtual currency. The statement also said that the agency is seeing a rise in crypto payments used to facilitate illegal and shadowy activity and extortion schemes. Some open cases include crimes such as human trafficking, drug trade kidnapping, and ransomware attacks.
With such scrutiny going on in the world of crypto, it perhaps comes as no surprise that governments and world bodies are being very careful before giving crypto assets any sort of go-ahead, so it is perhaps in everyone’s best interest that we weather the current storm to emerge on the other side in a cryptocurrency market that is stronger and more resilient than ever.
Facebook changing its stance on crypto
Back in January, Facebook announced that it would ban crypto-related ads, saying that the company was implementing a new policy to prohibits ads that promote financial products and services frequently associated with misleading or deceptive promotional practices.
However, hardly five months afterwards, we see that the company seems to be changing its tune. after announcing its broad-sweeping ban on crypto ads, social media kingpin Facebook appears to be partially changing its tune. An announcement made on June 26 said that Facebook would allow digital currency ads, as long as the advertising company has relevant licenses, whether they are traded on a public exchange, and other relevant background information. If the ban reversal gains traction with other companies, we could see a reversal of the market cap drop we saw when the bans were first implemented.
Ontology going live June 30!
Ontology, a project that works closely Neo, is expected to launch its live blockchain on June 30. Ontology seeks to provide high volumes of fast and cheap transactions while helping businesses overcome the problems of interoperability and identity. Ontology is one of several public blockchains that cater to enterprises and the blockchain launch will result in $700 million of cryptocurrency finding a new home on a new blockchain. Keep this one on your radar!
More than a dozen crypto projects were expected to wrap up their initial coin offerings this week. Here are a few of the more interesting ones that will close soon:
DNN, or Decentralized News Network, is a political news platform that combines news creation with decentralized networks to deliver unbiased and credible content.
Health Fx Platform aims to empower everyone with their own medical data while providing optimised practitioner matching and simplifying payments and ultimately helping people improve their health.
Open Source University is a project that stores learner certifications and acquired skills and uses algorithms to match businesses with the right candidates, lowering recruitment costs, sourcing time, and precision.
Have classic Ford Mustang, will accept bitcoin
Classic Creations, a company famous for its work on classic Ford Mustangs, says it will now accept cryptocurrency as payment. Assets accept include but are not limited to bitcoin, ether, bitcoin cash, litecoin, and docademic. The company has electronic wallet addresses and encryption software that will allow customers to securely transfer funds to the appropriate Classic Recreations wallet. Talk about mixing the old with the new!
Crypto in Austria
You can now purchase cryptocurrency at in over 400 different post offices in Austria. You can buy bitcoin, bitcoin cash, ethereum, DASH, litecoin, and ripple in any post office branch that has partnered with the BitPanda exchange. This is a positive sign that crypto adoption in the country will improve.
Still operating in shadowy areas
Tron is now accepted as payment on PornHub, Brazzers, Traffic Junky, and Natakugames. Some of these sites are better known than others, but they all pretty much operate in the online media and content distribution industries. Tron seems to be making progress in leaps in bounds in becoming the people’s coin of choice, and with a strong marketing and sales team behind it, you can expect announcements of more such partnerships to come in the future.