A lot of changes have been noticed in the cryptocurrency universe in the past week, it has been a long week for the users of cryptocurrency. From the government policies to rejections to a few new beginnings, here are the remarkable things that took place in the past week in the sector of virtual currency.
The popular coins, Bitcoin and Ethereum saw some major fluctuations, that is, Bitcoin saw an increase in price by nine percent this week, which is less compared to the eighteen percent rise that occurred the previous week. There was a more that half percent decrease in the price of Ethereum, whereas previous week, there was an increase of five percent. Overall, the market reached an all time high in case of the increase in prices over the whole month, this can be considered a good month for the sector of cryptocurency.
There are also some major corporations which are coming up with their own startups to invest in the cryptocurrencies, that is, virtual currency exchange platform, Binance, that is immensely reputed in the field has started its operations in the field of virtual currency in South Korea. An eminent Bicycle sharing company of Hong Kong has sold a major part of the stakes to invest in the virtual currencies. The co-founder of the platform Uber, has also started a commission free trading platform that allows the users to invest without paying the minimal fees that is expected by various different other platforms.
A very important occurrence happening this week, even as ETF permissions get denied in the country, for example, the plea of Winklevoss brothers to come up with an ETF based on Bitcoin gets denied even after the second review by the securities and Exchange commission, NASDAQ, a very popular cryptocurrency exchange ensures that steps are taken to see to it that virtual currency is legitimized in the country during this year. A major blow to the virtual currency this week is that Google Playstore which had initially banned the extensions from the users has now also banned the apps of cryptocurrency for the users of virtual currency. Also, the telecom giant from Korea has decided to launch its own cryptocurrency trading platform, that is, KTcorp, which is a giant in the field of cryptocurrency has decided to create its own trading platform and enter the sector of cryptocurrency. Moreover, China has decided to shutdown Bitcoin mining that was taking place in the autonomous region of China.
It can be said that stronger measures are being taken across the world to curtail the negative impact of cryptocurrency even as the curiosity related to the same is increasing every day, there can also be noticed increased instances of cryptocurrency being regulated instead of imposition of a complete ban, heavy regulation is being increasingly preferred to a blanket ban on this newly emerging sector of cryptocurrency. This new decision has put a lot of pressure on the regulation authorities of the countries.