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Price analysis of cryptocurrency for the week from December 24th to December 30th

In the ongoing Monte Gox's bankruptcy case, the former chief executive claimed he was innocent

Mount Gox was the number one cryptocurrency exchange with a 70% market share. However, the reputation of trading lasted too long, as it was declared bankrupt in 2014 and closed its operations. While the grievance process is still under way, the Tokyo court, former CEO of Mt Gox, Mark Krapeles has declared innocence for the bankruptcy exchange and the loss of money from customers. Karpeles is also facing charges for embezzling $ 3 million from the exchange and also manipulating trade data

The Hong Kong-based oenologist, Madison, intends to purchase a Japanese cryptographic platform

Madison Holdings Group, a winery based in Hong Kong, announced this week that it intends to purchase a 67.2% stake in the Japanese BitOcean cryptography platform. The platform that recently encrypted the license from the Japan Financial Services Agency has yet to start its operations. Madison Labs, a subsidiary of the Madison Group, is expected to pay $ 12.12 billion for the purchase.

Bitmain, Consensys and Huobi lay off employees

Everything has not been at best for the crypto industry in the last two months since the market plummeted. This has led many companies, particularly in the mining crypt, to realign their business with consequent layoffs. It all started with Consensys and now it's Bitmain and Huobi who fire many staff members. While Huobi leaves the worst artists of his team if the sources are to be believed, Bitmain is dismissing almost 80% of the staff.

Litecoin enters the ring as it sponsors a UFC fight

For coins, Litecoin signed a sponsorship agreement with UFC. This would be the first time that an official cryptocurrency collaborated with UFC. The fight that Litecoin is sponsoring is the UFC light heavyweight fight between Jon Jones and Alexander Gustafsson, which is expected to capture over a million eyeballs. This sponsorship looks like a litecoin awareness campaign and can be considered the first step towards a more elaborate partnership with the UFC.

Kuwait National Bank now on RippleNet

Ripple has found a new partner in the Middle East and this time is the National Bank of Kuwait (NBK). NBK plans to launch its direct remit services on RippleNet. As explained in a post on the official NBK blog, RippleNet (a decentralized network of banks and other financial institutions using Ripple Labs' suite of financial products) will be used to provide "a frictionless remittance experience" for bank clients and cross-border money transfer solutions. "For now this service is only available for Jordan and will soon be available for other countries as well.

Indian indications of legalization of encrypted

India may soon find the legalized cryptocurrencies. The second country by population is considered a large market for cryptocurrency and, according to one of the local media, the commission evaluating criptos believes that banning cryptocurrencies might not be a good idea. An undisclosed source who participated in the meetings told the local media that, while the debates are still ongoing, after two meetings it was very clear that completely banning encryption might not be a good idea and that the best way to deal with these " "New Era" money is having a strong grip on their legalization in India.

Price chart

Source: Coin360.io

Bitcoin (BTC)

The Christmas rally ends and Bitcoin slides back under $ 4,000. This brings back the bitcoin in a range between 3600 and 4200 dollars. Prices reach the highest point of $ 4,271.79 and the lowest point of $ 3,642.63 during the week. The most active trades, in volumes, with BTC on several pairs this week were, BitMex (21.77%), CoinBene (4.33%) and EXX (3.20%)

Among the important news on Bitcoin, Wells Fargo says that Bitcoin is too risky for customers, he pays $ 575 million to defraud them

Ripple (XRP)

The XRP is still in second place, but Ethereum continues to approach to regain its place. At the top, this week XRP prices were $ 0.448477 and downward they traded for $ 0.336282. The most active exchanges, in terms of volumes, with XRP on several pairs this week were Bitbank (9.74%), ZB.COM (8.31%) and Upbit (6.33%)

For XRP this week, the XRP rose in value after Binance, the world's largest cryptocurrency exchange for commercial value, added cryptocurrency as a base currency, which means that all other cryptocurrencies would be matched to it.

Ethereum (ETH)

Ethereum is outperforming all the high levels as it approaches an inch to take point n. Ethereum in the lead this week stood at 157.67 USD and touched a low of 115.65 USD. The markets that were most active, in volumes, with ETH on several pairs this week were OEX (6.19%), OKEx (4.22%) and Binance (4.10%)

Among the news surrounding Ethereum this week, Tuur Demeester, a cynical altcoin, a supporter of Bitcoin and a cryptor investor called Ethereum (ETH) is a "scientific experiment" at best

The Other Movers and Shakers

The other coins that entered the top and bottom this week according to the Coin Market Cap (available on December 30th at 3:35 pm IST) were

Movers

  • E-Chat: shows an increase of 272.51%
  • StarChain: shows a 173.77% increase
  • Coinsuper ecosystem – with an increase of 105.86%

Shakers

  • PlayCoin (QRC 20) – 46.5% reduction
  • PlayCoin (ERC 20) – 45.74% reduction
  • BitcoinX: with a loss of 43.98%

What do you think the feeling of the cryptic markets would be like next week? Let us know your opinions on the same

Summary

Price analysis of cryptocurrency for the week from December 24th to December 30th

Item name

Price analysis of cryptocurrency for the week from December 24th to December 30th

Description

– In the ongoing Monte Gox's bankruptcy case, the former chief executive claimed he was innocent
– Hong Kong's oenologist Madison intends to purchase a Japanese cryptographic platform
– Bitmain, Consensys and Huobi lay off employees
– Litecoin enters the ring as it sponsors a UFC fight
– Kuwait National Bank now on RippleNet
– India suggests to legalize the encrypted

Author

Nilesh Maurya

Publisher name

Coingape

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The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for personal financial loss.
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