Cryptocurrency Rundown 2018: The year in numbers and events
The cryptocurrency market in 2018 saw its fair share of up and downs this year with events like market surges, exchange hacks and major developments on networks making the entire picture. News from within the cryptocurrency market also gave out signals that the world of digital assets was slowly but surely making it into the mainstream realm.
The beginning of the year was a great time for Bitcoin, with the cryptocurrency trading at around $17000. Janus coin made a massive 6370% hike.
Additionally, Coincheck, a popular South Korean exchange, froze its assets leading to the surge in BTC price. The decision was made because almost $700 million worth of digital assets went missing from the platform.
On the positive side, bitFlyer a crypto exchange became the first regulated exchange in Japan, US, and Europe. Mark Zuckerburg led Facebook decided to ban all crypto-related advertisements, to protect the institution from con artists.
Brisbane airport in Australia became the first airport to accept cryptocurrencies as a mode of payment, in partnership with TravelbyBit. They announced that they would accept Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC] and Dash.
In the same month, China decided to ban all cryptocurrency related media on social media platforms like Baidu and Weibo.
March seemed like a productive month for the crypto space, with the positive updates outweighing the negatives. Coinbase launched the Coinbase Index Fund, to cater to new customers, making Coinbase one of the first popular changes to do so.
Furthermore, Snapchat, led by Evan Spiegel had followed the steps taken by Facebook, Twitter and Google to ban all advertisements related to cryptocurrencies and ICOs.
In April, the crypto space got institutional support from the International Monetary Fund when the IMF Chief Christine Lagarde explicitly stated that Bitcoin tools could make the financial system safer. The IMF head also stated that bags and digital currencies coexist.
She thinks that a clear right approach can help harness the financial gains and avoid the pitfalls when describing the benefits associated with cryptocurrency assets.
Justin Sun revealed that the Tron testnet was finally live. This was aimed to make the mainnet launch possible later and will have the ability to migrate all Tron projects to its blockchain including the original ERC 20 tokens.
May started with Japan’s SBI revealing its own cryptocurrency exchange that would be allowed to trade Bitcoin, Ethereum, and XRP. Also, CZ’s Binance announced that had made three times more profit than Twitter, the first quarter of 2018.
Justin Sun, the founder of the Tron foundation had acquired BitTorrent, making it the largest decentralized ecosystem in the world. However, there was no official confirmation from both the organizations.
Steve Bannon, the former Chief Strategist of President Trump and one of President Trump’s close allies seemed to have ideas of launching his own cryptocurrency and said that this was “disruptive populism”.
The month also Coinbase launching its first custodial services for Bitcoin and other cryptocurrencies, with features like online segregation of digital assets and offline private keys that are split.
In addition, Brian Armstrong, the CEO Coinbase, also the Forbes 40 under 40 list.
Ripple received a boost after Japan’s SBI completed the investment round in clear market holdings. The main aim for this was to enter the derivates market for cryptocurrencies.
Ethereum launched the Ethereum 2.0 designed to be compatible with mobile phones and push the concept of the Internet of Things to a full reality.
In addition to Columbia’s President announcing support for cryptocurrencies, he also invited cryptocurrency companies to his country.
Dogecoin, the meme-inspired cryptocurrency saw a massive surge of 121%, with some speculating the reason for this to be its addition to a crypto exchange called Poloniex.
TransferGo, the platform for “fast & cheap money transfers”, announced the usage of Ripple’s Xcurrent technology, aimed to support transactions from Europe to India.
Justin Sun led Tron also announced Utorrent surpassing 1 million active users.
The most-popular Bitcoin Cash hard fork happened in this month, with Bitcoin ABC led by Roger Ver and Jihan Wu, and Bitcoin SV led by Calvin Ayre and Craig Wright. As Bitcoin ABC had more blocks mined, it was the winner.
Post this, a massive price crash took place with Bitcoin dropping as low as $4000.
In the last month of 2018, United Corp, an asset management company sued the Bitcoin ABC camp, including Bitmain and Roger Ver, as a result of the Bitcoin Cash hard fork. They claimed that the ABC has manipulated the mining during the hard fork.
The market continues to be on a rollercoaster ride, with the bullish surge listing Bitcoin [BTC] above the $4000 mark. Bitcoin Cash surged by 150%, making it the biggest gainer in the crypto-chaos.
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