During the last week the overall market cap dropped from $227 billion to $222 billion. Bitcoin is currently trading at $8225 which is about 1% drop compared to last week. The 18 millionth Bitcoin was mined last week. This is 85.7% of the total Bitcoin supply that took just over 10 years to mine. This leaves 3 million Bitcoin behind which will take 120 years to be mined due to block reward halving which occur every 210000 blocks (about every 4 years). The next halving is estimated to happen in May, 2020 when the block reward will be cut from 12.5 to 6.25 Bitcoins. A strict algorithm determines the frequency, specific time and number of Bitcoins issued which is the feature that makes Bitcoin scarce.
The price of Ether dropped below $180 currently it’s trading around $174 which is 5% dip compared to last week. After celebrating its 8th birthday Litecoin still remained under downward pressure. Litecoin fell by 5% to $54 since last week.
Central banks and financial institutions are increasingly turning their attention to cryptocurrency. The latest country that joins the list of countries looking to launch their own digital currency is Canada. It has been leaked that bank of Canada has been exploring the development of a national digital currency. Governments around the world are still contemplating how to control cryptocurrency industry. Regulators are concerned that cryptocurrencies have given rise to criminal industry. However cryptocurrencies such as Bitcoin are not actually anonymous. It is possible to track down the flow of illicit transactions by using sophisticated analytical tools on public blockchain. The recent crackdown of illegal child porn site has proved that criminals can’t hide their activities just because they’re using Bitcoin.