Bitcoin and cryptocurrency news round-up: 31 December 2017

Harry Tucker 31 December 2017 NEWS

shutterstock bitcoin cryptocurrency globe 738x410

What to know today

Bitcoin continues its horror Christmas period, Cardano Coin is now larger than Litecoin and Bosch has made a hefty investment in MIOTA tokens.

1. Bitcoin keeps tumbling

After a mammoth second half to 2017, Bitcoin has been dropping over the past two weeks. After dropping over 30% on 22 December, everything started to look like it was going up on 27 December with prices starting to rise again. However, the last 48 hours has seen it take even more hits following the South Korean government's announcement that it will be regulating local crypto exchanges tighter and that exchanges that don't follow its new rules could be shut down. It has almost hit the US$10,000 mark again, down from its peak of $US20,000 just a couple of weeks ago.

With the current bear pattern its following, both due to recent announcements and the lack of buyers in the holiday period, analysts believe there's a possibility it could hit as low as US$8000 before another rally when buyers are back.

2. Cardano Coin is now the fifth biggest coin in market value

Cardano is up almost 30% in the last 24 hours to overtake Litecoin as the 5th biggest cryptocurrency. At the time of writing, it's currently sitting at a market cap of US$16.6 billion and is trading at US$0.64 each. Over the month, it's now up over 420%.

It's believed a lot of this growth is due to Cardano's road map, which is due to be released next week on 4 January. There have also been buyers selling off Ripple after its growth and moving their profits into Cardano.

3. Robert Bosch Benture Capital has invested in MIOTA

The venture capital arm of German company Bosch says it has invested a "significant number" into the IOTA-based cryptocurrency. Bosch says it has invested due to IOTA's ability to automate back-end functions in the Internet of Things. The company believes it will help IoT projects scale up faster at a reduced cost.

MIOTA's price is currently sitting at US$3.40, down 5% over the past 24 hours.

4. A bunch of popstars are now selling their music for Monero

More than 40 US recording artists have announced they're now accepting Monero for their music. The list includes Mariah Carrey, Marilyn Manson, Slayer, Sia, Fallout Boy and loads more.

The group are part of a something known as "Project Coral Reef", put together by tech personality Naveen Jain and Monero developer Riccardo Spagni. In exchange for fans buying music with Monero rather than fiat currency, the artists are offering a 15% discount on the music.

5. The founder of Digg, Milk and Revision3 is impressed by Raiblocks

Silicon Valley veteran Kevin Rose tweeted yesterday that he was extremely impressed in Raiblocks, thanks to its zero fees and sub-30 second send/receive time.

Raiblocks (XRB) is up over 5000% in the last 30 days. It's dipped a bit over the last 24 hours from its peak on 27 December of US$16 to sit at around US$12.50 now, but still well above its $0.20 price at the start of the month.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Today's crypto news

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question
Go to site