Altcoins This Week: Cryptocurrencies and Facebook are Friends Again, Altcoin Prices And More

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Published on July 10, 2018
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Altcoins This Week: Cryptocurrencies and Facebook are Friends Again, Altcoin Prices And More

Zcash Mining Power Unrestricted By New Vote

In a move that surprised Zcash Foundation President Andrew Miller, Zcash community members have voted against a proposal that would have restricted the use of powerful ASIC hardware to mine the privacy coin. The motion, which was denied by 45 votes to 19, was part of a set of issues up for consideration by the fledgling governing panel of Zcash this week.

South Korea Takes Steps Towards Fully Regulated Cryptocurrency System

South Korean Exchanges have been in the news this year for all the wrong reasons. Coinrail was hacked in early June, leading to a 10% dip in crypto markets. This was immediately followed by news that Bithumb had also had its coffers plundered by hackers. But finally there has been some good news from the Asian peninsula, with reports that the state financial regulators have revised their anti-money laundering regulations, softening their previous stance on cryptocurrencies.

EOS Whale Surfaces To Add Weight to Governance Concerns

The latest episode in the continuing saga of EOS “Block Producers” was aired this week, with the surprise announcement by Block.One, the EOS creator and owner of 10% of the one billion EOS tokens originally planned, that it would take part in EOS community voting. In EOS’s complex structure, Block Producers play a part similar to Bitcoin miners, but they must be democratically elected by the EOS community. Block.One will have a quarter of the total share of tokens staked on the network, with its 100 million tokens bringing the overall number on the EOS Mainnet to 275 million. This gives Block.One considerable clout.

Cryptocurrencies and Facebook are Friends Again

Facebook has reversed its ban on cryptocurrency advertising just six months after introducing the blanket prohibition. Now, cryptos can apply to the social networking giant for permission to advertise their digital currencies to the platform’s 2 billion users. The news was welcomed by markets and lead to a significant recovery in prices across most top 100 coins.

Altcoin Markets: No News Is Good News

Ether started the week at $455 and reached a high of $470 later that day, before steadying until Friday, when it dropped to a low of $409 after which it bounced back and traded at the mid-four hundred level on Sunday. Ripple followed a similar path, opening the week at $0.46, peaking early at 0.49 but losing any gains by Friday when it bottomed out at $0.42, before getting back to its starting price of $0.46 by Sunday. Bitcoin Cash bounced from $700 to $769 on Monday but struggled round the $700 mark midweek before plunging to $655 on Friday after which it recovered to the mid seven hundreds by week’s end. EOS also hits its peak of $8.51 on Monday and low of $7.18 on Friday, before climbing back to $8.15 on Sunday. Litecoin followed the trend, but peaked on Tuesday at $81.82 and stayed steady until dropping to $73 on Friday. It finished the week trading at $80.

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