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 iTunes, TuneIn, Stitcher, Google Play Music, Spotify, Soundcloud, YouTube or wherever you get your podcasts.
Bitcoin is up 2.69% this week to $6,700 surpassing $6,500 late last week after oscillating between $6,300 and $6,400 before flirting with the $6,600 level and the $6,200 level within days of each other. This week was remarkably similar but ended higher with this week starting off at the $6,500 level and managing to hold it coming into this week until Monday when the price hit $6,274 before coming back to the $6,500 level on Tuesday as some alts like Ripple surged. The next day was not quite as fruitful with prices falling back to the $6,200 level and oscillating between $6,200 and $6,400. Later in the week, the price managed to regain the $6,500 level showing several bullish indicators in CCN’s own Yashu Gola‘s analysis. The price finally ended at $6,700 as alts like XLM and Ripple continued to rally. The last time we were at this level was in the face of the 9 ETFs that were rejected.
Ethereum is up 10% this week to $240 after a gain of 16% last week. The gains are a recent phenomenon with preceding week having a drop of 31% last week, 5% the week before and drops of 11% and 24% in the preceding weeks with single and double-digit drops going back months. The recent drops have continued to be blamed on ICO sell offs and the recent price gains are seen by analysts as evidence that the price is coming back. It wasn’t until last Thursday that, despite negative statements by Vitalik, the price increased 9% and analysts said we’d finally hit ‘a’ bottom. This week wasn’t all gains with the price briefly dropping below $200 on Monday.
The entire coin market cap is up 8% as Ethereum, Ripple and Stellar recorded strong gains. Bitcoins comparatively small gains held the market back as it sought to regain the $225 billion level.
Tim Draper Stands By Bullish $250,000 Bitcoin – Tech billionaire Tim Draper stands by his Bitcoin price target of $250,000 for 2022. Despite the recent slump, Draper remains undeterred in his enthusiastic outlook for the largest virtual currency by market cap.
Novogratz Sets $10,000 Price Target for 2018 – Billionaire investor Michael Novogratz, a legendary ex-hedge fund manager, formerly of the investment firm Fortress Investment Group, has said that the Bitcoin price will likely see a 30 percent increase by the end of 2018.
U.S. Rep. Emmer Introduces 3 Blockchain Bills – On Friday, Congraaaessman Tom Emmer (R-MN) announced that he will introduce three new bills aimed at supporting the development of blockchain technologies, as well as the use of cryptocurrency, within the United States. The first bill is a a house resolution to express support for cryptocurrency and blockchain technology. The second bill, the Blockchain Regulatory Certainty Act, states that certain entities such as cryptocurrency miners and multi-signature providers, who never fully take control of consumer funds, will not need to be registered as money transmitters. The third bill, the Safe Harbor for Taxpayers with Forked Assets Act of 2018, aims to address confusion surrounding how to report gains made as a result of cryptocurrency forks to the Internal Revenue Service (IRS).
SEC Begins Reviewing Physically-Backed Bitcoin ETF – The U.S. Securities and Exchange Commission (SEC) announced on Thursday that has begun a formal review process for the physically-backed Bitcoin ETF proposed by VanEck and SolidX. The timing of the order comes as somewhat of a surprise. CBOE first filed to list shares of the VanEck Solidx Bitcoin Trust in June, and in August the SEC postponed ruling on the application, setting a new deadline of Sept. 30. Many analysts, including Canadian investment firm Canaccord, speculated that the SEC would likely delay ruling on the fund at least once (and probably twice) more, until March 2019. Read the Full Order: VanEck SolidX Bitcoin Trust Order by CCN on Scribd
Report: India’s Crypto Regulations Causing Exodus – According to a recent News 18 report, a substantial number of developers, service providers and other organisations within India’s cryptocurrency and blockchain sphere have already fled, or are in the process of fleeing from India to jurisdictions with friendlier regulatory dispositions such as Thailand, Estonia and Switzerland. The reports comes in the wake of the Reserve Bank of India (RBI) filing an affidavit in the Supreme Court stating that under the provisions of the Coinage Act and the RBI Act, Bitcoin is not recognized a valid payment system under the Indian constitution because there is no backing legal framework for it and India’s bank ban on crypto…