Welcome to the Uphold Update. Weekly top stories all about what's happening in the world of cryptocurrency and blockchain technology.
The crypto market changes minute-by-minute, and at Uphold, we know how important it is for our members to stay on the pulse of shifting trends and market changes. This week we’re reviewing another downslide for Bitcoin, how cryptocurrency companies are continuing to respond to ad bans, and more.
Here’s a recap of what happened this week:
Bitcoin Slides Downward
On Wednesday morning, Bitcoin fell below $7,000 along with a slew of other major cryptocurrencies. A few analysts suspect this has less to do with FOMO and more to do with a reassessment of investment portfolios, while changes in the stock market happened in conjunction with the drop. The strong correlation with the stock market suggests some investors still view BTC as a “risk asset.”
Could Ad Bans Be A Good Thing?
The crackdown on cryptocurrency, specifically ICO, advertising on platforms like Facebook and Google has the industry buzzing. Views are split. Some economists feel that the response is extreme and the ICO scams that exist are not disproportionate in cryptocurrency compared to any other industry. On the other hand, some inside the industry see this as a potentially positive move— if it achieves what is intended. Many cryptocurrency companies are concerned about fraud accounts and scams affecting the conversation of legitimate businesses.
Bitmain, the China-based maker of hardware specialized for cryptocurrency software, has developed a new "ASIC" mining chip designed specifically to process ethereum transactions and claim the protocol's rewards. The cost is $800 per chip rig. The new tech could take out other software companies from the space, forcing the developers of ethereum to consider defenses.
Mobile Wallet Expands Worldwide
Juniper Research revealed the results of their study on mobile wallet use, and they predict that in one year over 2 billion consumers will use a mobile wallet. This is up 30% from the current 1.6 billion. China currently dominates in terms of per capita use, but the numbers are sure to grow worldwide.