Cryptocurrency News for the Week of Jan 28 – Feb 3

Cryptocurrency is a major player in the finance industry in 2018. New IPOs are popping up every day, and there are over 1500 unique cryptocurrencies trading on the market. Keeping up with it all can be a headache.

We gathered this week’s top headlines to make it easier to stay on top of all things crypto and blockchain.

Bitcoin skids amid broad cryptocurrency sell-off

by Tommy Wilkes & Gertrude Chavez-Dreyfuss, Reuters

Cryptocurrencies have been sliding in value since reaching record highs in January 2018. The total market value is around $400 billion, half of January’s peak. Bitcoin is down 40% in 2018 as investors worry about tightening regulations from governments around the globe. India, China, and South Korea are all cracking down on trade of the digital currencies. Meanwhile U.S. regulators sent a subpoena to Bifinex and Tether.

All you need to know about tether, the cryptocurrency that could have ‘devastating’ effects on the market

by Arjun Kharpal, CNBC

Tether is being cited by analysts as possibly being involved in a price-fixing scheme to artificially raise the price of Bitcoin. Tether Limited is incorporated in Hong Kong and governed by the laws of the British Virgin Islands. It’s closely tied to the Bitfinex cryptocurrency exchange and used to enable quicker and easier exchanges between crypto tokens and fiat currencies. The release of more Tether coins to the market coincides with the meteoric rise of Bitcoin’s value.

Bananacoin Makes An Appealing Cryptocurrency

by Brian Penny, CryptoBriefing

Bananacoin gained popularity after a Twitter post showed what sounds on the surface to be an absurd idea. However, it may not be as crazy as it seems. Bananacoin’s value is tied to the price of a kilogram of Ladyfinger bananas. It’s being used as an investment vehicle to help a Laotian farm expand its operations amidst a banana shortage in China. Is it monkey business?

More Hackers Target Red-Hot Cryptocurrency Space: Report

by Gertrude Chavez-Dreyfuss, Insurance Journal

Cybersecurity firm Digital Shadows issued a report Thursday explaining cryptocurrency is a prime hacker target. Cryptojacking, account takeovers, mining fraud and scams against ICOs have become more common and are expected to continue rising in 2018, as new altcoins are released on a weekly basis. Botnets are also increasingly being used to remotely take over mesh networks of computers to mine for crypto tokens.

Bitcoin Ban Expands Across Credit Cards as JPMorgan, BofA Recoil

by Jennifer Surane and Laura J Keller, Bloomberg

JPMorgan Chase and Bank of America are joining the list of financial institutions banning the purchase of cryptocurrencies. Both companies began declining transactions to cryptocurrency exchanges on Friday. The move doesn’t affect debit cards, according to bank spokespeople. Capital One and Discover already banned the transactions, and Citigroup is reviewing its policy.

Facebook is banning all ads promoting cryptocurrencies — including bitcoin and ICOs

by Lirt Wagmer, Recode

Rob Leathern, Facebook’s product management director, published a blog on Tuesday, January 30, announcing a new ad policy. It targets ads for binary options, initial coin offerings, and cryptocurrency and applies to all of Facebook’s platforms, including Instagram. The company says the change is part of an evolving policy against potentially fraudulent activities.

Copycat Twitter Accounts Seek to Scam Crypto Users

by Nikhilesh De, CoinDesk

Twitter accounts masquerading as notable cryptocurrency developers and startups are on the rise. The scam involves setting up accounts similar to developers like Litecoin’s Charlie Lee and Ethereum’s Vitalik Buterin. They then run fake contests to appeal for crypto donations and immediate transfer the funds to another account.

Versability

Brian Penny is a former Business Analyst and Operations Manager at Bank of America turned whistleblower, troll, and freelance writer.

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