This Week in Cryptocurrency: January 4, 2019
Goodbye 2018, Hello 2019
The new year rang in with a quiet week in cryptocurrency, all things considered. After a nine percent jump last Friday, the market moved sideways, bouncing between a high of $135.4B and low of around $125B. The week ended with a total cryptocurrency market cap of just shy of $129B – slightly under a six percent weekly gain.
Most coin prices stayed relatively flat with only a few reaching the double-digits positively or negatively. Chainlink (41.30%), ICON (12.48%), and Augur (15.28%) were some of the week’s leaders. As for our top three…
Bitcoin hardly moved, showing only a 0.01% loss.
Ethereum leapfrogged XRP, showing an impressive 17.97% gain over the week.
XRP showed horizontal movement as well, shedding only 1.99% of its price.
Overstock + Ohio + Taxes = Crypto Success: Yesterday, Overstock announced that it would become the first national company to take advantage of Ohio’s new crypto tax opportunity. The online retailer is set to pay a portion of its Ohio taxes in bitcoin this coming tax season.
Because the company is an early filer, it won’t face any additional fees when paying. Eventually, the state will charge a one percent fee on bitcoin payments which is significantly less than the 2.5% service fee on credit card payments.
Once again, Overstock CEO Patrick Byrne puts his money where his mouth is regarding blockchain adoption. The digital currency enthusiast was a pioneer in accepting cryptocurrency on his retail site, operates a blockchain-focused fund, and recently announced that he would be winding down the e-commerce portion of Overstock to shift focus to blockchain technology.
Colorado Plays Double-Reverse Card on Pro-Blockchain Bill: Back in May 2018, the Colorado legislator passed a blockchain-favorable bill by one vote only to reject it shortly after a few lawmakers flipped their votes. House Bill 1426, known as the Virtual Currency Exemption Money Transmitters Act, would have exempted certain crypto tokens as defined in the bill from securities laws.
Seven months later, Senator Jack Tate is trying again with a new and improved bill. The Colorado Digital Token Act proposes a set of guidelines that legislators can use when classifying the security status of a digital token. The bill was the brainchild of the Council for the Advance of Blockchain Technology, a joint effort between crypto heavyweights, like Erik Voorhees, and pertinent regulators.
Colorado lawmakers will vote on the new bill March 13th.
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Indian Government Warns Against Crypto, Again: Indian citizens are no stranger to their government’s pessimistic views on cryptocurrency. This Wednesday, the Jammu and Kashmir police force added to this sentiment with their own statement. The law enforcement agency put out an advisory, warning citizens that investments in cryptocurrencies have a heightened risk and aren’t currently protected by any regulatory oversights in the country. Additionally, the Reserve Bank of India (RBI) has yet to grant any licensing or authorization for companies to deal with any cryptocurrencies.
Nasdaq Companies Hitting New Crypto Exchange: Estonia-based DX.Exchange will soon hit the European market with tokenized versions of some of America’s biggest companies. The exchange runs on the Ethereum blockchain with tokens backed by actual shares held and traded by partner MPS Marketplace Securities Ltd.
The company plans on launching the exchange with ten Nasdaq-listed companies including Facebook, Tesla, and Apple.
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ABOUT THE AUTHOR
ABOUT THE AUTHOR
Based in Austin, TX, Steven is the Executive Editor at CoinCentral. He’s interviewed industry heavyweights such as Wanchain President Dustin Byington, TechCrunch Editor-in-Chief Josh Constine, IOST CEO Jimmy Zhong, Celsius Network CEO Alex Mashinsky, and ICON co-founder Min Kim among others. Outside of his role at CoinCentral, Steven is a co-founder and CEO of Coin Clear, a mobile app that automates cryptocurrency investments. You can follow him on Twitter @TheRealBucci to read his “clever insights on the crypto industry.” His words, not ours.