1.Bitcoin is down 8% this crashing week continuing a trend of an almost 20% drop over the last two month. Earlier , the
bitcoin price hit a low for 2018 of $5,874 causing analysts to draw comparisons to 2014 when Bitcoin experienced an
80% correction. Despite the precipitous drop, analysts have remained optimistic because Mt. Gox liquidation is over
for 2018, and the impending launch of Coinbase custody which is expected to draw institutional investors to the
cryptocurrency markets.
2.Ethereum is down 9% this crashing week despite a recent landmark SEC ruling that Ether does not constitute a
security. The drop follows a pattern observed by analysts many times over the past year where altcoins mirror Bitcoin
with more exaggerated moves.
3.The entire coin market cap is down 11% this crashing week following a precipitous drop by EOS this week. Analysts
have blamed the fall on an overly bullish rally before the main net launch and recent criticism over EOS constitution
and how centralized it is. So far 28 or more accounts have been frozen due to phishing.
Bulls:
Bitcoin will hit 70,000 this year according to Blackmore Group CEO Phillip Nunn. The Bitcoin Evangelist is standing by his prediction despite Bitcoins price falling below $5,800. He further stated his prediction was based on market volatility, which we’re currently seeing.
Hacks
$1 million stolen: $1 million stolen in Siacoin cryptojacking attack. In China, over 100,000 internet cafe computers
have been infected with malware designed to mine crypto currencies.
Unlike most cryptojacking malware, which limits its resource usage to avoid detection, this malware runs at full speed
resulting in higher electricity costs and computers becoming unusable. 16 have been arrested so far.Bithumb hacked 3x in 12 months: Korean exchange Bithumb has been hacked a 3rd time in the past year. This follows the hacking of another Korean exchange, Coinrail and was cited as a reason for increased regulation in the country.