This Week on Coin Street - 15th October 2017 - Coin Street

Week ending October 15, 2017

Your weekly roundup of all things crypto brought to you by Coin Street

Neil’s Market Wrap

It’s been a big week for Bitcoin and Ethereum.  Bitcoin hit a new all-time high above $5800 and Ethereum finally pushed past the $300 mark which has been a big resistance for the past couple of months.  As seems to happen when Bitcoin goes on a run, almost every alt coin tumbled as people exited alts and piled into Bitcoin.

Much of this rise was presumably due to investors hoping to accumulate Bitcoin Gold from an upcoming fork of the Bitcoin network.  Holders hope to benefit from the ‘airdropped’ Bitcoin Gold in the same way that Bitcoin Cash appeared on the scene over the summer. 

It also seems like there is new money entering the space.  The total market cap increasing by some $30billion only a few days.   (Editors note – the current market cap of Bitcoin alone is now more than that of Goldman Sachs and Morgan Stanley – see Zerohedge’s coverage here).

Given this influx of cash it seems like the market has accepted and priced in all the news coming out of China, Russia and elsewhere .

As far as coverage goes, it feels like the mainstream media are ramping up their reporting of the space.  We see Bitcoin headlines every day on CNBC, BBC, Reuters and all other major news outlets which all increases awareness of the space.  We have turned a bit of a corner recently.  Crypto feels accessible and comfortable right now, people are interested, taking notice and starting to explore the space. It’s great to see and I’m excited to be a part of it as always.

This Week’s Highlights

Hackers broke into Amazons cloud and used it to mine Crypto.

Is this the new cyber-crime of the future?  Hackers choosing not to go after your personal data, but rather just use your computing power?  Only time will tell, but its not the first time recently we’ve seen reports of sneaky attempts to mine crypto.  (Source)

The Island nation of Vanatu offers a full citizenship for 44 Bitcoin

Gimmick?  Marketing ploy?  Who knows, but it’s certainly another example of national-level government acknowledging that crypto has value.  (Source)

Russia had some mixed messages this week

First with the news that they were going to ban websites offering crypto.  (Source)

But then seemingly softening the tone with this story of Putin leaning towards regulation and advising caution.  (Source)

The first Ethereum ETN listed on the Stockholm Nasdaq.  

That’s pretty big news.  (Source)

And also in Sweden, the authorities accepted payment of a debt in Bitcoin

Presumably thus recognising it as an asset.  (Source)

Coinbase is now offering US customers instant purchases from a bank account

This is huge news as it speeds up the purchase process by several days and makes it very much more accessible.  (Source)

The IMF’s Christine Lagarde talks big on Blockchain.

The chair of the IMF doubled down on her previous comments regarding the crypto space and said that Central banks better start getting serious about the technology.   That’s a pretty strong statement from a real-world financial heavyweight.  (Source)

And finally there’s Jamie Dimon

The JPMorgan CEO launched another attack on Bitcoin, adding that it was the last time he’d discuss the issue.  The very next day, he went back for more.  Again see Zerohedge’s coverage here

 That’s a Wrap

That’s all for this week.  It’s a fast moving space.  They say one week in crypto is a year in the real world.  

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See you next week.

  • Neil
  • October 15, 2017
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