Bitcoin and cryptocurrency news round-up: 31 December 2017
What to know today
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.