This Week In Crypto is a weekly segment from the Live Coin Watch News team, providing readers with a fun, succinct, and pertinent summary of the most important Bitcoin-related events in the past seven days.
This Week In Crypto
- Bitcoin Passes $5,000: For the first time in a blue moon, the cryptocurrency markets saw bullish price action in the past week. After multiple tests of the $4,200 resistance level, Bitcoin (BTC) suddenly broke out. Many speculated that this move was caused by a $100 million order, algorithmic traders, an April Fools’ Day joke, or some combination of the mentioned factors and others. As of the time of writing this, BTC is trading at $5,050 and is a few percent lower than its $5,300 weekly high, the highest price for this asset since November. This move saw Bitcoin’s search volume spike by three times on Google, as mainstream media outlets clamored to cover this jaw-dropping uptick.
- Riot Blockchain Lost $58M In Fiscal 2018: Riot Blockchain, a relatively nascent crypto mining firm, recently released its 2018 financial report. And, to be frank, it wasn’t exactly pretty. The American firm revealed that it had tallied a $58 million net loss for fiscal 2018, primarily citing the depreciation of its holdings and machines as reasoning for its poor financial standing. This only perpetuates the fact that the publicly-listed blockchain company, which is only a newcomer to the crypto industry, is in hot water, as it is purportedly being probed by the Securities and Exchange Commission in the U.S.
- Binance Readies Itself For Dual Platform Launches: According to CoinDesk, world-renowned exchange Binance is prepping to launch both its long-awaited decentralized exchange, based on its own blockchain, and its Singapore fiat-supported platform by the end of April. Binance also revealed that its Trust Wallet subsidiary will support staking for Tezos (XTZ), a smart contracting platform, by the end of the second quarter.
- Coinbase Deemed Top Place To Work: Data compiled by LinkedIn’s editorial team has revealed interesting facts about the crypto industry’s most well-known startup, Coinbase. In a recent post, Daniel Roth, LinkedIn’s editor-in-chief, revealed that Coinbase is the 35th top company in the world, placing it above Twitter, Intel, the Bitcoin-hating JP Morgan & Chase, Nike, among other well-known corporations. The San Francisco-headquartered Coinbase was the only crypto-centric company on this list, which came as a surprise to some.
- Coinbase Preps For Next Bitcoin Bull Run With Engine Upgrade: In a similar strain of news, the prominent cryptocurrency exchange is looking to upgrade its trading engine, per The Block. This newfound push comes after Monday’s surge, which saw record high volumes across many exchanges, even in bear market conditions.
- Paypal Makes First Blockchain Investment, Despite Crypto Hesitance: At long last, fintech darling PayPal has entered the blockchain fray. According to CoinDesk, the firm recently invested an undisclosed sum in Cambridge Blockchain’s Series A extension round, which raised a purported sum in the low single-digit millions. Cambridge Blockchain, which is also backed by crypto industry conglomerate Digital Currency Group, the Apple-affiliated Foxconn, and HCM Capital, is an upstart that allows institutions to transfer sensitive data through ledgers. While this doesn’t show that PayPal is crypto-friendly just yet, this move accentuates the firm’s growing concerns for privacy, as it intends to harness Cambridge’s technology to give users a “lot more direct control over their personal data.”
- Bithumb Hacked… Again: Bithumb has been hacked for the second time in 12 months’ time. This time, which occurred at the end of March 2019, it was purportedly an inside job. An “insider” at the firm managed to steal millions worth of EOS and XRP from company-owned wallets. Consumer funds are purportedly fully secure, but Bithumb has contacted local authorities for help in this debacle.