What a relief that January is behind us. The month started off strong for those of us committed to the cryptocurrency markets, I can still recall that feeling of calm, knowing that the holiday season was behind us, and now the cryptocurrency surge towards the skies was free to push forth and head upwards again!
Alas, I’ll never trust that feeling again! Although lots did happen in January, and most of it is good news for Cryptocurrency in the long term, it was an incredibly bumpy ride.
Although it feels bleak and every bone in my body is screaming sell, sell, sell – I’m in this for the long term. I feel like it could be a few more weeks though, best not to look at CoinCap.
South Korea took a hard line
We started the month with significant turmoil in South Korea as news broke that the regulator had intentions of banning cryptocurrency trading and exchanges. Midway through the month they announced that anonymous trading was what they were really trying to crack down, and yesterday they confirmed that there would be NO BAN on cryptocurrency. For the full month of January, trading levels in Korea have been suppressed and Korea being one of the largest markets for cryptocurrency trading, the impact has been felt globally.
Thanks BitConnect for tainting the market for the rest of us….
Yesterday, the US granted a temporary restraining order freezing BitConnect’s assets, finally another Ponzi scheme long time active in the crypto space goes down. Now we just need few more to fall … and if you invested, next time get advice from Digital Wealth Coach before it’s too late!
January was a good month for big name retailers announcing acceptance of cryptocurrency payments. In December we saw Craigslist enable cryptocurrency payments to sellers. And in January we have major announcements from Square, major Japanese electronics retailer Yamada Denki is trialling bitcoin payments in two of its stores.
Japanese Chat App Launches In-App Crypto Exchange
Major Japanese chat app LINE announced yesterday that they are launching their own crypto exchange and in-app trading space to complement their existing in-app mobile payment service LINE Pay. LINE have 200m users and have submitted their application for a license to the Japanese regulators.
Those of you who have heard me speak recently know that I think Hackers need to come up to speed on the transparency aspects of cryptocurrency– we can actually see them moving the $500M worth of XEM through various wallets. Now they are trying to get the XEM out to six different exchanges so that they can sell them! I really think they should have thought of their exit strategy before now! If I were a hacker, I’d be waiting for cryptocurrency to be more widely adopted so that at least I could spend my stolen gains.