Here we are for another edition of Crypto News Weekly – the only place to get your complete and succinct weekly cryptocurrency news. Without further fanfare, let’s dive straight in…
As rain began falling from late October skies this week, so to was a fair amount of cold water being thrown on the long term prospects of cryptocurrency. In a damning report by EY, it was revealed that 86% of initial coin offerings (ICOs) have lower trading prices now than when they were issued. Furthermore, only one third of said ICOs have a functional product a year on from their original funding. The poor performance thus far of the, “Class of 2017” has done little to slow the proliferation of cryptocurrencies as it was reported this week that CoinMarketCap (CMC) has recently listed its 2,000th coin.
The market seemed to react to EY’s findings as prices stalled on Thursday across CMCs top 10 with only USD Tether (USDT) showing any signs of growth. This, on balance, turned out to be the only highlight in another torrid week for the embattled stablecoin. On the same day that USDT recorded modest growth of 0.14%, we reported that Tether had redeemed and destroyed more than half the circulating supply of the US dollar-backed coin leading to renewed accusations of obfuscation and market manipulation.
In the east and west alike cryptocurrencies took a pasting this week; Japan’s central bank declared that it saw no point in issuing digital currency, North Korea was implicated in a series of damaging crypto scams and Visa’s CEO revealed that the credit card giant is entirely unfazed by the rise of decentralised digital money. Although, that last story may prove hubristic as the cryptocurrency community is showing no indication of going easy into that good night.
On Tuesday, improvements to the Monero blockchain meant that its transaction fees were reduced to near zero and a continued focus on technical development was evident elsewhere too. Wednesday saw research reveal that demand for engineers capable of building decentralised digital ledgers has risen by 400% over the past year. Couple this with news that China’s cryptocurrency policies may be relaxing following reports of the establishment of Bitcoin as legal property and the overall outlook doesn’t seem so grim.
Tune in for next Sunday for another instalment of all the weekly cryptocurrency news that’s fit to print!