Ethereum Drama, More Lawsuits, and Bans

This week, Bitcoin is down by 20%, and despite the periodic gains during the week, the market is still low. This was caused by market manipulation as well as child porn discovered in the Blockchain. However, one fascinating reason could be the futures market.

Bitcoin cash is down by 30% despite BitPay’s decision to adopt the technology. Ethereum is also down by about 27% in what appears to be the longest in a series of price drops this year from a high of $1,500.

This trend follows a correlation which is a sign that the market is immature.

Ethereum trading platform users and Bitcoin investors aren’t shaken by the events of the week since such price drops are routine.

Bans and Warnings

As reported last week, the national bank of Kazakhstan has made plans to ban cryptocurrencies. The move follows a recent trend of nations opposing decentralized cryptocurrencies for fear that it will be used for money laundering. This also led to the announcement by Russian president Putin that there will be regulations for cryptocurrency and the country will launch its own digital currency.

A warning was also issued in Nigeria about the use of digital currencies. The country has had a history of Ponzi schemes which were carried out with crypto, so such warnings are to be expected.

Denmark blocked their crypto trading this week as well and cited concerns about the lack of transparency as well as money laundering.

Lawsuits over some Ethereum trading platform bans were filed earlier in the week by industry associations over the ad bans by social networks and other companies. The group calls the move an indignation at the cryptocurrency community. This lawsuit was filed against Twitter, Google, and Facebook. The move is aimed at deterring more companies from allowing cryptocurrency ads.