This was a good market week for the Bitcoin maximalist – a casual 8:00 PM Presidential tweet storm villifying the asset and elevating the cryptocurrency conversation into global policy AND holding its price levels while everything around it spirals downward in double-digits. Not too shabby, BTC, not too shabby.
Bitcoin held its position in an overall cryptocurrency market downward turn with a 2.9% gain for the week. Monero also had a 2.77% gain.
Virtually every other notable project either took a gut punch or was slaughtered. Ethereum is down 6.14% on the week, and the rest of the projects saw double-digit price hits: XRP 10%, Litecoin 12.43%, Bitcoin Cash 13.55%, EOS 17.36%, Bitcoin SV 18.45%, Cardano 12.65%, NEO down 11.73%, Ontology 19.74%, Qtum 22.55%, and Bytom 26%.
SEC Approves First Two RegA+ Tokens: The SEC gave two RegA+ tokens, Blockstack and Props, the green light to raise funds through token sales. Props, a spin-off of influencer live-streaming app YouNow, already raised $21 million in a pre-sale with the likes of Union Square Ventures, Comcast, Venrock, and Casey Neistat and will not be raising any money with the RegA+. Blockstack, however, is seeking to issue a limited amount of “stacks,” which will allow users to purchase domain names, personal identities, and network traffic on the Blockstack network.
Chinese Police Seize 4,000 Cryptocurrency Miners: Police in Jiangsu, an eastern-central coastal province in China, seized 4,000 miners that were being used to illegally mine cryptocurrency at nine different factories. The police launched an investigation after a local power firm reported an abnormal electricity consumption spike that led to an energy loss of about $3 million.
People Saying Stuff
Trump “Not a Fan” of Bitcoin and Other Cryptocurrencies: #45 took to Twitter to express his opinions on Bitcoin, cryptocurrency, Libra, and the U.S. Dollar. The statement was adamantly anti-cryptocurrency, but many in the financial and cryptocurrency community responded positively to seeing Bitcoin being discussed by on the main stage, even if it is the controversial President’s 8:00 PM tweetstorm.
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
Coinbase CEO Brain Armstrong Gets Giddy: Armstrong busted out the age-old “First they ignore you, then they laugh at you, then they fight you, then you win” quote, and notes that “we just made it to step 3 y’all.”
Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago. “First they ignore you, then they laugh at you, then they fight you, then you win”. We just made it to step 3 y’all. https://t.co/N3tzUKELaK
— Brian Armstrong (@brian_armstrong) July 12, 2019
Circle CEO Jeremy Allaire is Bullish: Allaire went as far as to claim Trump’s remarks are “Possibly the largest bull signal for BTC ever,” claiming that cryptocurrency is now a global policy issue.
Possibly the largest bull signal for BTC ever. Crypto now a Presidential / Global policy issue. People everywhere will embrace a mix of sovereign and non-sovereign digital currency. https://t.co/PK79wmCddM
— Jeremy Allaire (@jerallaire) July 12, 2019
Tron CEO Justin Sun Invites Trump to Lunch: Sun gave #45 a piece of his own rhetoric, saying Trump has been “misled by fake news” and invited him to lunch with Warren Buffet.
Mr. President, you are misled by fake news. #Bitcoin & #Blockchain happens to be the best chance for US! I’d love to invite you to have lunch with crypto leaders along with @WarrenBuffett on July 25. I guarantee you after this lunch, nobody will know crypto more than you!
— Justin Sun (@justinsuntron) July 12, 2019
What’s New at CoinCentral?
Crypto App Downloads Low, Tech Companies Make Crypto Adoption Easier: The crypto market has spiked in recent months, but the number of downloaded industry apps has not increased. A report published by Bloomberg reveals that Google Play users downloaded over 67 million cryptocurrency related applications during the first half of this year compared to 65 million downloads within the same period last year.
UK Based Crypto Mining Company Posts Impressive Profits: Bitcoin mining-profitability is on the rise again as the market recovers and Argo Blockchain, a United Kingdom-based mining company, says revenues have reportedly surpassed its projected second-quarter earnings as a result. According to the company’s just-released communiqué, profits have increased by 24 percent since June 3, 2019.
The Link Between the Video Game and Crypto Industries Is Growing Stronger: According to the latest reports, leading video game publishers are starting to integrate blockchain and cryptocurrency components into their networks. This is to provide a better experience for both developers and users.
More Cryptocurrency News
Japanese Exchange Hacked for $32 Million: Bitcoin has reportedly suspended all services after a hack that totaled around $32 million in damages (about 3.5 billion yen). Of the amount lost, $23 million belonged to customers and $9.2 million belonged to the exchange.
Litecoin Becomes “Official Crypto” of the Miami Dolphins: The Litecoin Foundation announced a partnership with the Miami Dolphins that will enable fans attending home games at the Hard Rock Stadium to pay with Litecoin and Bitcoin when buying tickets for the 50/50 Raffle, which is a raffle that donates half the winnings to the Miami Dolphins Foundation. Litecoin Founder Charlie Lee commented, “This collaboration propels Litecoin in front of an audience of millions of people around the world at a time where adoption of cryptocurrencies continues to gain momentum and the ecosystem is able to support real-world use cases in ways previously not possible. We see this as a powerful way to raise awareness and educate people about Litecoin and cryptocurrencies on a tremendous scale.”
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