Cryptocurrency Price Analysis for the week March 11 to March 17th
Key highlights - Ex-Mt Gox Head Will Serve No More In Jail - Hong Kong’s Gatecoin exchange shuts down - Central Bank of Russia Plans on Limiting Cryptocurrency Trading - Basel Committee Issues Warning to Banks for Cryptocurrency Risks - Coinbase Custody Unveils New Cold Storage Cryptocurrency Trades
Well, another turn in the Mt Gox exchange hack case. A court in Tokyo has handed Mark Karpelès, the
former chief executive of the collapsed Bitcoin exchange Mt. Gox, A 2.5 years of prison sentence on
Friday. This means Mark Karpelès will not be serving any additional time in the jail if he remains on good
behavior. This verdict bought an end to more than a 5 year ordeal for Mr. Karpelès who was charged for
Gatecoin, the Hong Kong based cryptocurrency, has fginally announced that it will be calling curtains to
its operations after a court order and the bank account freeze. Last week, the court had granted a
winding up order against the company. Gatecoin stated that it will assist in the liquidation process in
order to expediate the realization of its assets to the creditors.
Apart standing by innovation, blockchain and cryptocurrecy, the Russian regulators especially the
country’s central bank has planned to put a yearly limit on so-called “unqualified investors” who are
willing and able to buy cryptocurrencies as reported by the media house RBC’s. The central bank also
plans to change the existing draft digital currency bill, known as ‘On Digital Financial Assets,’ that passed
the second reading in parliament - State Duma.
Another news coming from the world banking authority, the Basel committee, which after citing the
growth of cryptocurrecnies as a risk to banks, has issued a warning to banks around the globe. Having
released a statement this week, The Basel committee which is the part of Bank for International
Settlement (BIS), released a statement stating that, the important risks the banks will be facing which
were listed by a Swizz based think tank includes credit and market risks, money laundering risk, liquidity
risk, terrorist financing risk, operational risk, and legal and reputational risks.
Coinbase is back in news and this time for its Coinbase Custody service. According to the latest
announcement, Coinbase Custody service is now directly integrated with the company’s newly launched
OTC desk. Custody clients will be able to complete trades directly from cold storage, the company said in
its release, adding that it was a service many of its users requested.
Another green week for Bitcoin, as the top coin saw some positive sentimental moves this week with a
rise of over 1.41%. Bitcoin was able to break the resistance of USD 4000 and has been hoovering around
the same. The prices hit the high point of USD 4,077.04 and the lowest point of USD 3,863.56 during
the week. The exchanges that were more active, in volumes, with BTC across various pairs this week
were, BitMex (7.61%), CoinBene (4.55%) and OEX (3.46%)
Among prominent news around Bitcoin, Jeff Garzik, one of the earliest contributors to the Bitcoin
codebase has been subpoenaed by the U.S. District Court of the Southern District of Florida for
documents relating to the Kleiman vs. Craig Wright complaint.
Ethereum too had its share of greens and continued to hold its second place.On the top, this week
Ethereum was at USD 144.56 and were at lows of USD 130.94. The markets that were more active, in
volumes, with ETH across various pairs this week were ZBG (4.55%), Coineal (3.04%), and Bibox (2.86%)
Among news around Ethereum, Joseph Lubin, co-founder of Ethereum and founder of ConsenSys,
presented his thoughts on a wide variety of topics at the SXSW 2019 Conference in Austin, Texas. He
said that he was "lucky enough to meet Vitalik Buterin, the guy who 'invented' Ethereum" around after
one month after Vitalik wrote the initial version of the Ethereum white paper.
Like, its been a couple of week, XRP again had a milder week. The coin stayed very much in the range
and consolidated in its number 3 position. On the top, this week the prices of XRP were at USD
0.322413 and towards the bottom, it quoted USD 0.307536. The exchanges that were more active, in
volumes, with XRP across various pairs this week were, ZBG.COM (14.64%) ZB.COM (8.66%) and Bit-Z
For XRP this week, David Schwartz presented his thoughts on a wide variety of topics at a featured
session called "Blockchain Beyond the Hype: The Ripple Effect" where he mentioned that , the primary
use case that Ripple sees for the XRP Ledger is settling cross-border cross-currency payments because it
is "really, really good at that."
The Other Movers and Shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on
March 09 at 01:30 am IST) were
- Ormeus Coin- Showing a rise of 2016.89%
- Crypto.com Chain - Showing a rise of 225.46%
- Noah Coin - Showing a rise of 213.63%
- Blacer Coin- Showing a drop of 55.32%
- Sphere- Showing a drop of 43.31%
- Happycoin – Showing a drop of 41.47%
What do you think would be the sentiment of the crypto markets next week? Do let us know your views
on the same.