Weekly Update: Market Correction / Bitconnect / MUFG Coin / S. Korea / Visa / Morgan Stanley

This video is a recap for the cryptocurrency market for the week ending January 20, 2018.

For more on this week’s developments, please visit: https://crushcrypto.com/cc-weekly-january-21-2018/

Download the PDF version of the presentation: https://crushcrypto.com/wp-content/uploads/2018/01/2018-01-21-Crush-Crypto-Weekly.pdf
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Highlights:

– The cryptocurrency market experienced its first major correction so far this year. The overall cryptocurrency market cap dropped from over $700 billion dollars at the beginning of the week to as low as $414 billion three days later, representing a 43% decline.
– Bitcoin prices fell 10% during the week to under $13,000 dollars while Ether prices contracted 17% to below $1,200 dollars.
– Bitconnect annnounced on its website that it will shut down its lending and exchange platform. In their release, they said they intend to continue the BitConnect X ICO, which will be an exchange platform.
– Mitsubishi UFJ Financial Group, which is Japan’s largest bank, announced it will be releasing its own cryptocurrency by March of this year. The MUFG coin will have parity with the Japanese yen.
– In South Korea, a petition against crypto regulation collected over 200,000 signatures, which is the minimum amount required to get a response from the government.
– According to an interview with CNBC, Visa has no plans to process transactions in bitcoin or other cryptocurrencies. Earlier this month, Visa locked down some prepaid cryptocurrency cards by blocking the European card issuer WaveCrest.
– Morgan Stanley is now clearing CME and Cboe’s Bitcoin futures for its big institutional clients. At the moment, Morgan Stanley and Goldman Sachs are the only major Wall Street firms that are known to be offering the service.

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Disclaimer

The information in this video is for educational purposes only and is not investment advice. Please do your own research before making any investment decisions. Cryptocurrency investments are volatile and high risk in nature. Don’t invest more than what you can afford to lose. Crush Crypto makes no representations, warranties, or assurances as to the accuracy, currency or completeness of the content contained in this video or any sites linked to or from this video.

Weekly Update: Market Correction / Bitconnect / MUFG Coin / S. Korea / Visa / Morgan Stanley

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Kane Dane