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Crypto Briefing: A Promising Start Ends in Disappointment

 3 min read / 

At the close of Friday, the cryptocurrency market was a picture of rude health. However as the week began prices started to head south again and have returned to the same sort of levels they were trading at the beginning of the month.

Although $22.5bn had been added to Bitcoin’s (BTC) market cap last week, the coin’s value has slowly sunk as the week has progressed. The coin opened Monday at $11,532 but is now trading at just over $10,000. The end of last week saw a series of announcements from major exchanges who were all reducing their withdrawal fees on Bitcoin. Kraken and Binance both posted on Twitter that they would introduce a 50% reduction, with immediate effect, and Bitfinex would cut fees by 25%.  This follows the widespread adoption by exchanges of Segregated Witness (SegWit), a soft fork change which makes BTC transactions cheaper effectively making them ‘smaller’ so more can fit inside each block. This week’s highs are $11,704 on Monday and its low is $9,629 on Wednesday.

(Source: CoinMarketCap)

Ethereum (ETH), which just managed to keep its head above water last week, has drooped in the past couple of days. Starting Monday at $856, the coin experienced a short, sharp plunge on Tuesday, falling by 5% from $853 to $816. The near $40 loss means that over $1bn has wiped clean off Ethereum’s value. This week’s highs are $876 on Friday and the coin is currently trading at $767, $40 higher than this week’s low of 726 on Wednesday.

Ripple (XRP) has had a rollercoaster of a week following speculation that the token was going to be listed on the cryptocurrency exchange Coinbase. Rumours began circulating following reports of a huge onboard of staff at the start of this week, which many had interpreted as the exchange getting ready for the addition of XRP. However on Monday evening. Coinbase dispelled the hearsay and posted on its Twitter account that it was not considering listing a new asset as of yet. Ripple’s price had gained significantly from the rumours, up 20% from $0.90 on Sunday to its weekly high of $1.08. XRP tokens soon dived following Coinbase’s tweet and by Tuesday afternoon were back down 13% to $0.9: a $3bn loss in little more than half a day. Ripple’s lows for this week is 0.82 on Wednesday and XRP tokens are currently worth $0.87.

In other news, the co-founder of IOTA (MIOTA), David Sonstenbo, told The Market Mogul on Friday that the Digitial Coin Initiative (DCI), a  had run “the largest FUD [Fear Uncertainty Doubt] campaign in crypto history”. This follows after the full email exchange between David Sonstebo and fellow co-founder, Sergey Ivancheglo, as well as DCI’s Ethan Heilman was leaked to the press. According to the emails, Heilman had said that following a successful attack on IOTA, DCI had found serious “cryptographic weaknesses” with IOTA’s hash function: the mechanism which enables signatures and authenticity checks in blockchains. MIOTA is currently worth $1.52 down from last week when it was trading at just under $2.

The French supermarket chain Carrefour has also become the first major food outlet to adopt blockchain technology for use in its supply chain. The technology will first be applied to supermarket’s line of premium chicken, but there are plans to also use it in other food sectors, such as salmon, milk and eggs. Carrefour has long been concerned that online consumer giants such as Amazon could seriously impact on their profits and have been looking to harness new technology to maintain competitiveness.

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