The Bears are Back in Town

The cryptocurrency market slipped even further into recession this week.With a total market cap of $258bln, it’s down 20% from the $320bln in value it carried going into this week.This is the lowest the entire market has been since November, 24th 2017.

Yep, we’ve turned back the clock and dialed prices back to 2017 levels.Too bad this valuation was on the come-up last year–now it’s just the hangover of the market’s meteoric rise.While it’s not necessarily a good feeling to be at our lowest lows in four months, perhaps this most recent precipitous drop tells us that we’re nearing a bottom.But we’re not out of the woods yet. Teaming up with digital payment provider

Bitcoin: Nearly mirroring the market’s own movements, granddaddy Bitcoin is down 21% on the week, dropping from a humble $8,600 to an even humbler $6,720.

Ethereum: Ethereum is fairing even worse.At $377, the second most popular cryptocurrency is down 28% over the seven day period from its $528 asking price at the beginning of the week.

Ripple: Number three on our list is performing better than usual.Well, better is relative, here, as it’s still down 21% at $0.50 from $0.64, but it hasn’t recorded the largest price decrease of the bunch as it has in other bear weeks:

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Domestic News

 Bill Barhydt, CEO of crypto investment app Abra, predicts that “all hell will break loose” in the cryptocurrency world as western institutional money begins to explore crypto assets. “I talk to hedge funds, high net worth individuals, even commodity speculators. They look at the volatility in the crypto markets and they see it as a huge opportunity,” Barhydt stated. Nonetheless, the CEO remains bullish on virtual currency.

Search for Crypto Jobs Decline as Prices Fall: According to the employment search engine Indeed, in parallel with the decline of cryptocurrency prices, crypto-related job searches have decreased as well.  “Over the last year interest in cryptocurrency jobs on Indeed has risen strongly. However, in recent months the prices of bitcoin and other cryptocurrencies have been volatile and (in some cases) declining,” the company said. “Job seeker interest on Indeed for bitcoin and cryptocurrency jobs has fallen, too.” Although cryptocurrency and bitcoin job searches have declined, blockchain-related searches remain steady.

OmiseGo Donates $1 million to Refugee Charity: Ethereum creator Vitalik Buterin and OmiseGo, a fintech startup, recently donated $1 million to GiveDirectly, a charity dedicated to providing no-strings-attached grants to the extremely poor. The donation is set to go towards a new campaign in Uganda which will provide more than 12,000 refugee households a grant to facilitate business growth and other opportunities.

Reporting Crypto Activities Is An Obligation, Says US Futures Self-Regulator: The U.S. National Futures Association issued a reminder that CPOs, CTAs, and IBs who either trade, advise or solicit orders in cryptocurrency or cryptocurrency derivatives need to report all cryptocurrency activity. “This is an ongoing obligation,” the SRO said. The reminder comes a couple months after the notices were addressed in December of last year.

Cybersecurity Firm HackerOne Hires Former U.S. Justice Department Prosecutor/Crypto Expert: HackerOne, known for their “bug bounty” program, is ramping up its cryptocurrency profile with a new addition to their team – Kathryn Haun. A former U.S. Justice Department prosecutor and current board member of Coinbase, Haun also had a hand in prosecuting figures linked to the drug market Silk Road, and BTC-e. At HackerOne, she plans on helping bridge the communication gaps between technologists and developers on one hand and policymakers on the other.

Ford Patent Imagines Crypto Transactions Between Vehicles: Paying your way through traffic might just become a reality. Ford Motor Company has been awarded a new patent that includes a way for cars to communicate with each other and even use token currency as a transaction aid to buy passage and preferences. “The CMMP system operates with individual token-based transactions, where the merchant vehicles and the consumers’ vehicles agree to trade units of cryptocurrency,” reads the patent.

Cybersecurity Firm Finds Covert Crypto-Mining Infecting Customers: Cybersecurity firm Darktrace has detected hidden crypto mining on the networks of around 1,000 of its clients.  In one case, they found a rogue employee of a European bank had set up a “crypto-mining side business” under the floorboards after finding puzzling traffic patterns within. The firm specializes in using artificial intelligence to discover and respond to data breaches.

Twitter Joins the Crypto Ad Band-wagon: Following suit with other social media platforms like Facebook and Google, Twitter has begun banning cryptocurrency ads. “We are committed to ensuring the safety of the Twitter community,” the company says. “Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally.” Twitter’s new policies are designed to discourage opportunities for fraud and deception.

International News

Belarus Legalizes All Crypto-Related Businesses: In an effort to become a global leader in blockchain innovation, the small country of Belarus enacted regulations essentially legalizing the crypto industry. Signed by President Alexander Lukashenko, Decree №8 offers tax breaks (such as no taxes for mining profits), visa waivers, and other incentives to attract blockchain firms.

The U.K.’s Financial Regulator Warns of Possible Scam: According to the report, “we believe this firm has been providing financial services or products in the UK without our authorization. Find out why to be especially wary of dealing with this unauthorized firm and how to protect yourself from scammers.” Olsson Capital, which runs out of Bulgaria, is said to be targeting UK investors with their crypto trading services.

Two Trading Platforms in Japan Set to Close Amidst Regulations: Tokyo GateWay and Fukuoka-based Mr. Exchange are two of the most recent Japanese exchanges set to shut down as regulators tighten their grip. In the wake of a $500 mln theft of NEM in January, increased oversight in the sector has put pressure on exchanges to register with the FSA and improve their relatively poor security. Upon closing, the two exchanges are required to return all investor funds.

South Korea May Have Crypto Payments By June 2019: Generally known for their love of tech, South Korean consumers may soon be able to spend their crypto at over 8,000 retail shops. Teaming up with digital payment provider Korea Pay, major exchange Bithumb said it will offer a payments solutions service for its customers wishing to pay using their crypto wallets. From cafes to candle shops, businesses of all types and sizes are expected to join in on the virtual currency revolution.

Denmark’s Largest Bank Deems Crypto Too Risky to Trade: In the report, Danske bank states “we have a negative position towards cryptocurrencies and strongly recommend that our customers refrain from investing in the field.” Due to high volatility, a lack of transparency, and overall lack of consumer protection, the bank ruled out the option for its customers to buy crypto related financial instruments, such as exchange-traded notes. Nonetheless, customers can still use their Danske credit cards to make cryptocurrency purchases.

China’s Central Bank Thinks Crypto Threatens its National Currency: In a meeting highlighting China’s monetary gold and silver achievements, the People’s Bank of China addressed possible risks to the Chinese yuan, including “the development of digital economy”. While the vice governor of the bank Fan Yifei celebrated the banks increase on digital currency research and development, he highlighted one of their top priorities is to protect the yuan from virtual currencies through strict policies.

Canadian Lending Institution Bans Customers From Investing In Crypto: Lending institution Bank of Montreal (BMO) announced March 28th that its customers can no longer conduct credit, debit and online payments on cryptocurrency trading platforms. According to the bank, “this decision was made due to the volatile nature of cryptocurrencies, and to better protect the security of our clients and the bank.”