Onwards and Upwards
The cryptocurrency market started to show some movement this week. And, even better, that movement was upwards. Starting the week with a $206B market cap, the crypto industry steadily rose to a weekly high of around $220B before falling slightly to its current value of $212B. Still, a nearly 3% gain for the week. How about our top three?
Bitcoin posted the smallest numbers with a sliver of gain, 0.65%.
Ethereum gained a hearty 5.27% this week.
XRP came up big, rocketing up 8.88% over the last seven days.
Cryptocurrency Market Stats (11/9/18)
Domestic News
From Bitcoin to Beurocracy: This week’s election saw two notable wins for the blockchain community. Newly elected California governor Gavin Newsom was one of the first politicians to accept bitcoin in his 2014 campaign. Although he no longer accepts crypto donations due to regulations around donations, his early(ish) adoption shows that he at least knows what Bitcoin is and sees some value in it.
Another crypto-friendly politician, Jared Polis, won the race for Colorado governor. Polis has a multistep plan to integrate blockchain technology into several areas of the Colorado government and economy. The list includes voter protection, government transparency, and energy load balancing.
Texas Stops Certain Crypto ‘Miners’: While California and Colorado appear to be warming up to cryptocurrency, Texas is taking a stance as well. The Securities Commissioner of the State of Texas issued cease and desist orders to two cryptocurrency “miners” this week.
EXY Crypto and AWS Mining advertised mining investments they claimed would bring 10 percent weekly returns, in EXY Crypto’s case, and a guaranteed 200% return for AWS. With those statements clearly being fraudulent claims, the Texas government is putting a stop it. At some point, though, people need to realize that if a deal sounds too good to be true. It probably is.
