Bitcoin would greatly simplify the movement of global money.


Weekly Crypto Recap

“Bitcoin has the potential to become the first worldwide currency and we're trying to make that happen" - Jeffrey Sprecher, Chairman and CEO of Intercontinental Exchange (ICE)

Market State

BTC: €6,088.64 | -10.92% since last week

ETH: €353.13 | -6.83% since last week

BCH: €612.39 | -9.14% since last week

LTC: €64.47 | -5.64% since last week

Over the last week the crypto market has dropped significantly. The overall market cap fell by 12% to €219,88 billion. Bitcoin was down by 11% to €6,088.64 and the price of Ether also decreased by 6,83% to €353.13. Bitcoin dropped more than altcoins due to the news of Bitcoin Exchange Traded Fund (ETF) approvals are put off until the first quarter of 2019 and the SEC’s rejection of the Winklevoss’ second ETF. The prices kept going down despite the encouraging news such as the launch of Bakkt, a regulated cryptocurrency platform by Intercontinental Exchange. The crypto market is getting closer to go mainstream as more institutional investors are taking part in crypto.

Quiz of the week

What is a seed?

  1. A list of words from which private keys are generated
  2. Same as private key
  3. A list of words from which public keys are generated

Scroll down to see the answer at the end of the newsletter.

Top stories of the week


Bakkt, a Global Platform and Ecosystem for Crypto Assets

The owner of NYSE said that “Bitcoin would greatly simplify the movement of global money,”  and “It has the potential to become the first worldwide currency.” The statement is backed by a real plan called Bakkt. Intercontinental Exchange (ICE), the parent company of the NYSE is launching a regulated cryptocurrency platform, Bakkt which will enable financial institutions and consumers to buy, sell, store and spend cryptos. The platform will be financially backed by Microsoft, Starbucks and Boston Consulting Group. In November, ICE plans to launch its first physically delivered Bitcoin futures and custody cryptoassets with Bakkt, subject to regulatory review and approval.


Coinbase Plugin Enables Millions of Webstores to Accept Crypto

Coinbase has released a plugin that allows online stores using WooCommerce to accept payment in Bitcoin or Litecoin. Coinbase Commerce is already integrated with Shopify which powers over 600,000 businesses. WooCommerce has six times larger user base than Shopify. Coinbase is working hard to enable Ethereum and Bitcoin Cash payments through WooCommerce. Coinbase said “This increased access will lead to more widespread adoption, and ultimately, moves us closer to our goal of an open financial system.” Coinbase also announced that it is final testing for Ethereum Classic support. If everything goes as planned, ETC trading will be enabled on Coinbase starting from 7th of August, 2018.


The First Crypto IPO

UK based cryptocurrency mining firm Argo Blockchain, has become the first crypto company to be publicly listed on the London Stock Exchange. The company raised €28 million through the IPO (Initial Public Offering). Argo provide cloud mining services for Bitcoin Gold, Ethereum, Ethereum Classic and Zcash since June 2018. All of Argo’s mining packages are sold out and they have a huge demand with waiting list of 50 000 subscribers. Now that Argo have their finance solved though IPO, they are building infrastructure to expand their team and services.


Bitcoin: we don’t expect new highs in 2018

An article by Tuur Demeester, economist and Bitcoin investor outlines why there won’t be new all time highs in Bitcoin price for 2018. He pointed out several reasons:

  • Small miners are selling significant amount of Bitcoin due to reduced profitability
  • Interest in Bitcoin has fallen from retail investors
  • Fundamental ratios NVM (Network Value Metcalfe) and NVT (Network Value to transaction) indicates that Bitcoin is currently over-priced.

The article was written before the Bakkt crypto platform launch news, which may have influenced Tuur’s opinion.

Bitcoin Mining

More Than 3500 Bitcoin ATMs are Available Worldwide

There are now over 3500 Bitcoin ATMs installed and operational worldwide according to CoinATMRadar. CoinATMRadar the leading bitcoin ATM location tracker shows that about 9 new Bitcoin ATMs are installed everyday. 99.9% of the ATMs support Bitcoin and only 52,7% of them support altcoins, with Litecoin and Ethereum being the most popular altcoins. You can find MrCoin’s ATMs in Budapest downtown and in Mosonmagyaróvár.

Mastering Ethereum

Andreas Antonopoulos's new book on Ethereum is all free on GitHub. Andreas has provided thousands of hours of free education on Bitcoin. But people have called him sell-out for writing “Mastering Ethereum” and questioned his loyalty for Bitcoin. In return Andreas created a video explaining that his new book is exploring the blockchains that use smart contracts which not only applies to Ethereum, but also to Ethereum Classic, Rootstock, EOS, Lisk etc. He said he will remain intellectually curious and open to other cryptocurrency systems.

Tweet of the week

Bitcoin Network

Meme of the week

Bitcoin Network

Crypto word of the week

Bitcoin Network

Rootstock (RSK) is a smart contract platform that is connected to the Bitcoin blockchain. In simple words it allows smart contracts on Bitcoin. This was Vitalik Buterin’s original vision before creating Ethereum. The goal of RSK is to add more functionality to Bitcoin by enabling smart contracts and near instant payments. RSK will have its own side blockchain with its own coins called Smart Bitcoin (SBTC) that can be convertible 1:1 with Bitcoin. RSK is still in its development phase and is not fully functional yet.

Quiz answer

What is a seed?

The correct answer is : “A”

A seed is a human readable version of master private key. It is used to backup and restore a cryptocurrency wallet. Most wallets will ask you to write down a list of words (typically from 12-24). Later on if you lose your hardware wallet or mobile phone, your seed can be used to regenerate your private key so you get access to your cryptocurrencies.

Thank you for reading :) 

Have a great day!


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