The cryptocurrency news week is often filled with speculation, exaggeration and, more recently, commiseration. To those on the inside, it’s hard to imagine a world without the blockchain and its associated dApps, coins and tokens but, in actual fact, the wider world is just barely waking up to the advent of this potentially revolutionary innovation.
Google Trends confirmed what many have come to suspect this week, that the popular conscience is still largely untroubled by cryptocurrencies, when it revealed that 2018’s top What is…? search was What is Bitcoin? This stat show’s that whilst there’s huge interest in the area, there’s still relatively little understanding and, one would imagine, very little trust. Blockchain tech is becoming an increasingly noisy neighbour but one that’s still not welcome in the house.
On the market, total cryptocurrency capitalisation fell from 104 billion USD to 102.1 billion USD, down by 1.82% for this cryptocurrency news week, which is a mild drop considering half of the market’s entire value has been washed away in the last 8 weeks. The situation has become so macabre of late, wags at the exchanges around London have been joking that investors should at least be thankful for a 50% fall in Bitcoin scams over the past two months!
The steady decline of the top three also continued this cryptocurrency news week with Bitcoin losing 4.58% of its value, winding up at 3,241 USD, Ripple falling by 4.87% and Ethereum recording a loss of 4.61%. So, as the market’s big hitters were all sporting red noses, it was left to the lesser coins to bring a touch of festive green to the Christmas party…
EOS rose by 6.28%, whilst Waves swelled by 63.04%, TenX shot up by 48.29%, Dentacoin by 33.45%, and Swarm routed all comers with a positively biblical weekly gain of 85.89%!
Even as the market falters, regulatory in roads continue to be made, with the United States becoming something of a focal point. Congressmen Ted Budd and Darren Soto bridged the bi-partisan divide to draw up legislation intended to end cryptocurrency price manipulation. The pair have introduced two bills; The Virtual Currency Consumer Protection Act and The U.S. Virtual Currency Market and Regulatory Competitiveness Act which are designed to,
“direct the CFTC and other financial regulators to make critical recommendations for how to improve the regulatory environment for both the consumer and business development side.”
So, whilst the mid-winter may seem bleak in CryptoLand, in government buildings the world over, regulatory seeds are being sewn which could herald a spring more bountiful than anything we’ve seen so far and 2019 might just see the question What is Bitcoin? answered, in full, once and for all.