This Week in Cryptocurrency: August 2nd, 2019

2 aug TWIC

Bitcoin made a comeback this week, challenging the bearish positions of the past two weeks. A few other digital assets saw some gains in price or held their positions. Tezos had a beast of a week with a 42% gain. However, the slight majority of cryptocurrency assets continued their slow downward trends. 

The Winners: 

The Losers: 

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Study Finds Over 83% of Reddit’s Bitcoin Discussions are “Positive”: Tech researchers at Comparitech analyzed over 48,000 Reddit posts and 7,500 articles from various outlets to find which cryptocurrencies are viewed with the most favorable terms. The study concluded that 85.5% of cryptocurrency-related topics were positive. However, the majority of media outlets were spitting out FUD including HuffPost, Business Insider, and the International Business Times. Cardano, Ether, Litecoin, and Tron also had 85% to 90% favorable sentiments. 

SEC Planning to Outsource Cryptocurrency Nodes: A recent government document spotted by Trustnodes found that the U.S. Securities and Exchange Commission is planning to hire contractors to run nodes for Bitcoin (BTC), Ripple (XRP), and Ethereum (ETH) to monitor compliance risks. 

What’s New at CoinCentral?

India, U.S. Governments Move to Rein in Facebook, Libra Cryptocurrency Project: The news comes at a time when Facebook is trying to mollify legislators that are skeptical about its private user data collection practices, especially in regard to its yet-to-be-launched Libra network.

Iran Approves Crypto Mining Framework Amid U.S. Sanctions: The Iran economic commission has approved a cryptocurrency mining regulatory mechanism. This is according to an announcement made by the nation’s Chamber of Commerce. The long-awaited framework is set to be tabled in parliament for formal consent and ratification as a law.

The World’s First Public Blockchain with Secret Contracts is Making its Case: Ever since the global interest in cryptocurrencies and blockchain soared in 2017, the debate pinning public and private blockchains against one another in the context of practical adoption has persisted. Ethereum is undoubtedly the most popular public blockchain with over the majority of +2,400 Dapps being built on it since Ethereum went live in 2015, but the top Ethereum applications are still only seeing a few thousand transactions per day. 

Does the Coinbase Effect Still Exist? ChainLink’s 83.6% Gain Says Maybe: To the many analysts prematurely hammering the nails in the Coinbase Effect’s coffin, this new piece of information changed everything. Here’s what we make of it.

Tether to Migrate to More Blockchains: The controversial stable coin is planning to migrate from Bitcoin and Ethereum blockchains, which would make transactions a bit harder to track. Tether was added to Tron in March, and announced that it will debut on EOS and Algorand’s blockchains as well. 

Celsius Crowns Self as “Fastest Growing Lending Platform”: In a press release published August 1st, the cryptocurrency borrowing and lending platform Celsius Network noted it tracked $300 million in coin deposits in the last 12 months and completed over $2 billion in coin loan origination.


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Alex Moskov is the Founder and Editor-in-Chief of CoinCentral. Alex leans on his formal educational background (BSBA with a Major in Finance from the University of Florida) and his on-the-ground experiences with cryptocurrency starting in 2012. Alex works with cryptocurrency and blockchain-based companies on content strategy and business development. He privately consults entrepreneurs and venture capitalists on movements within the cryptocurrency industry.

His writing has been seen in The Hustle, VentureBeat, Yahoo Finance, Harvard Business Review, and Business Insider. His articles on CoinCentral have been cited on publications like Forbes, TechCrunch, Vice,  The Guardian, Investopedia, The Motley Fool, Seeking Alpha, and more.

He also regrets not buying more Bitcoin back in 2012, just like you.

You can connect with Alex on Twitter.