Year in review: the best stories of cryptocurrency of 2018

December 26, 2018 Cryptocurrency

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After an intense 2017, full of crises in the cryptocurrency market, the following year was full of disappointments as the vast majority of digital assets lost more than 80% in value from the historical highs. 2018 has also been filled with a lot of securities on digital currency regulations, exchange rate hackles and postponed exchange-traded funds.

Read also: Feed 7 different species to the "Bitcoin Cash Zoo" of the River Forest Farm

2018 saw hundreds of billions of dollars cut from the entire cryptocurrency market

It is safe to say that 2018 was the exact opposite of 2017 regarding the changes in cryptocurrency market prices year after year. On December 31, 2017, the first ten market capitalizations and the prices of each currency were very different from today. The first five coins had considerably more fiat value at the moment with bitcoin core trading (BTC) for $ 13,170 per coin, ripple (XRP) $ 2,12, ethereum (ETH) $ 721, cash bitcoin (BCH) $ 2,459 and cardan (ADA) $ 0.69 .

Throughout the year, all of the largest market valuation currencies have lost more than three quarters of their net assets since December 2017. The entire market valuation of the ecosystem has reached its all-time high over half a trillion dollars and today that metric is just over $ 100 billion.

Regulation of South Korea

During most of January and February, talks on the regulation of digital currencies began to increase worldwide. These two months, in particular, have seen many regulatory discussions coming from South Korea. Headlines from Korean government officials were so frequent and very similar to countless "People's Bank" (PBOC) announcements in the past. At the end of January 2018, for the first time ever a South Korean court governed that bitcoin has an economic value. Furthermore, the country has introduced a national cryptocurrency account system, which forbidden the anonymous business of digital goods in South Korea.

After the country became a hotbed of cryptocurrencies in 2017, the first quarter of 2018 saw a lot of digital currency regulation in South Korea.

Trade-offs

In addition to all the news about South Korea, the Coincheck Japanese exchange has been compromised for $ 400-534 million dollars of cryptocurrency NEM, January 26th. While advocates of digital resources have witnessed another historical exchange, the loss of the platform has not had much impact on the markets. Another hack took place last April, when the exchange of Indian cryptocurrencies in the Coinsecure portfolio was breached for $ 2.7 million of the value of BTC. At the moment, the company blamed his CSO Amitabh Saxena for playing a role in the accident. Last September, the Indian order forces presented the allegations against some suspects and explained that an insider helped to facilitate the crime.

Coincheck and Coinsecure were the biggest exchange hack of 2018.

A lot of ICOs fail miserably

<img class = "wp-image-265600 alignright” title=”Year in review: the best stories of cryptocurrency of 2018″ src=”https://news.bitcoin.com/wp-content/uploads/2018/12/W5LtFUPm6g7111bbdcuxu3bfUg5qaCq8seb5paCtrrT7zNQwVs25M7GStrXFvGdKducSnpao4yDcckKmDdDGVVZ8hYL5LRzUDCu5MfDWKqWak3k2eZn1UHF2Wgx7EuSLn3mtQBww8Zcur62pBBoiV2pzxiYiA.png” alt=”Year in Review: Top Stories cryptocurrency 2018 "width =" 294 "height =" 294 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/W5LtFUPm6g7111bbdcuxu3bfUg5qaCq8seb5paCtrrT7zNQwVs25M7GStrXFvGdKducSnpao4yDcckKmDdDGVVZ8hYL5LRzUDCu5MfDWKqWak3k2eZn1UHF2Wgx7EuSLn3mtQBww8Zcur62pBBoiV2pzxiYiA.png 500w, https: / /news.bitcoin.com/wp-content/uploads/2018/12/W5LtFUPm6g7111bbdcuxu3bfUg5qaCq8seb5paCtrrT7zNQwVs25M7GStrXFvGdKducSnpao4yDcckKmDdDGVVZ8hYL5LRzUDCu5MfDWKqWak3k2eZn1UHF2Wgx7EuSLn3mtQBww8Zcur62pBBoiV2pzxiYiA-150×150.png 150w, 300w https://news.bitcoin.com/wp-content/uploads/2018/12/W5LtFUPm6g7111bbdcuxu3bfUg5qaCq8seb5paCtrrT7zNQwVs25M7GStrXFvGdKducSnpao4yDcckKmDdDGVVZ8hYL5LRzUDCu5MfDWKqWak3k2eZn1UHF2Wgx7EuSLn3mtQBww8Zcur62pBBoiV2pzxiYiA-300×300. png, https://news.bitcoin.com/wp-content/uploads/2018/12/W5LtFUPm6g7111bbdcuxu3bfUg5qaCq8seb5paCtrrT7zNQwVs25M7GStrXFvGdKducSnpao4yDcckKmDdDGVVZ8hYL5LRzUDCu5MfDWKqWak3k2eZn1UHF2Wgx7EuSLn3mtQBww8Zcur62pBBoiV2pzxiYiA-420×420.png "size =" 420W (but x-width: 294px) 100vw, 294px”/>The 2018 Q1 saw the start of large initial coin offerings (ICOs) that had many problems with special agencies such as the US Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). One of the first busts of the last year was when the Texas Banking Commissioner Department issued a cease and desist from the order to an alleged "decentralized cryptocurrency bank". The Arise Bank connected to Bitshares was one of the first of many international organizations that started to have problems with the law. In February, the cryptocurrency community had learned that 46 percent of the 2017 Icos had already failed. Throughout the year, there have been numerous repressions all over the world targeted specifically at ICO operations. US regulators accused music producer DJ Khaled and boxer Floyd Mayweather last November for not disclosing ICO promotion payments.

Maduro & # 39; s Petro

Another interesting story this year was the introduction of the world's first cryptocurrency issued in Venezuela. Well, no one is really sure that the petro & # 39; still functions, but for the whole year the president of Venezuela, Nicolás Maduro, has advertised the benefits of the token & oil-backed & # 39; Last November, the Ministry of Communication and Information issued a new law which established the petro for commercial transactions within the country. Also, right recently, Maduro raised the price of petro from 3,600 to 9,000 bolivars. The whole world has witnessed the fact that the Venezuelans suffer from economic difficulties, while Maduro and his colleagues enjoy a so-called "multi-asset backed" cryptocurrency created in secret.

The president of Venezuela, Nicolás Maduro, is pushing the first state cryptocurrency called Petro.

Late institutional business products

Even though the markets have been downloaded all year, cryptocurrencies have seen a great deal of institutional interest this year. Crypto-advocates will remember patiently awaiting the approval of an exchange-traded fund (ETF) based in the United States once again in 2018. In July, the Chicago Board Options Exchange (CBOE) he submitted a question for a BTC-based ETF that will be linked to the Vaneck Solidx Bitcoin Trust. The same month, the SEC postponed its decision on five bitcoin-related ETFs deposited by NYSE Arca.

US regulators postponed many ETF decisions in 2018.

This was the case throughout 2018, as the Bitcoin ETFs were postponed throughout the year. US regulators also asked for public opinion regarding the deposit of CBOE's ETF and received a overwhelming response. On December 6 the SEC again postponed the decision and explained that it would decide on the fate of Vaneck Solidx's bitcoin ETF in February 2019. In addition, the bitcoiners waited the daily Bakco bitcoin contracts offered by the Intercontinental Exchange, that was supposed to start trading this month, but the product was also delayed.

Bitcoin Cash and the Tale of two Forks

The Bitcoin Cash network (BCH) has had an interesting year, to say the least, when it has undergone two forks in 2018. The first bifurcation in spring has been quite successful, resulting in a series of new features such as re-enabled opcodes and a 32MB increase in the size of the block. After the update, BCH has seen a huge influx of development, including many new applications such as Memo.cash, Blockpress, Joystream, Marco Coino, Coinfundr, Akari, Telescope, Simple Ledger Protocol, Wormhole and more. In the first week of September, the Bitcoin Cash network processed millions of transactions on a daily basis during a week-long "stress test".

In May, the BCH protocol was successfully updated with new opcodes and an increase in the block size of 32 MB. However, in November, the planned fork of the 15th became controversial and led to a blockchain rift.

On September 1, the BCH miners confirmed 2,060,041 transactions (tx) in 24 hours and the statistics showed that the BCH chain had processed 85,835 tx hours and 23.8 tx per second.

However, after the stress tests, the forfaide scheduled for November 15 became controversial and the fork gave rise to a split blockchain. After obtaining the highest number of job tests and most of the infrastructure support, the Bitcoin ABC side of the fork was awarded the "BCH" ticker and the other network's ticker is listed as " BSV "through global exchanges. The BCH community is progressively moving away from the split and the decentralized cryptocurrency has seen a 140 percent increase over the last week.

In 2019 the Crypto-Landscape is certainly interesting

Most crypto-markets have done much better at the end of this December, and many enthusiasts are curious to know what it will bring next year. Of course, most supporters of cryptocurrency believe that the long journey will be paid off at the end and there will always be some obstacles along the way. There has been a lot of other interesting events in 2018 and 2019, surely it will be just as intriguing. One thing is for sure, no matter what year it is – there's never a dull day in Bitcoin-land.

What do you think about 2018 and cryptocurrencies this year? Let us know what you think of this topic in the comments section below.

Images via Shutterstock, Pixabay and Steemit.

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