During the last week the cryptocurrency market showed nice recovery and bounced back above $200 billion however the market continued its downward movement dropped to $199 billion. Bitcoin is trading around $7350, practically it hasn’t changed compared to last week. Most coins are seeing gains and losses in the 1-3% range since last week. UPbit, South Korea's largest cryptocurrency exchange suffered a $50 million loss as a result of hack, which cause the price of Bitcoin to dip below $7000 briefly. Privacy focused cryptocurrency, Monero has been delisted from BitBay exchange due to money laundering concerns. At least five Chinese cryptocurrency exchanges have announced they will no longer serve users in China but will continue to focus on users abroad due to recent warning against cryptocurrency trading.
Meanwhile banks in Germany will be allowed to offer cryptocurrencies and cryptocurrency custody service for its customers starting from the 1st of January, 2020. Also blockchain technology is increasingly being used in other industries such as in humanitarian sector and in the fields of food. The Red Cross has already started using blockchain to help boost local economies in Africa. A recent research from Juniper Research suggested that the food industry can save up to $31 billion till 2024 using blockchain technology that increases traceability and transparency at significantly cheaper rate.