This Week In Cryptocurrency - Friday, May 31

Despite a pull-back in the last 24 hours, the cryptocurrency market was generally in the green for the week.

Bitcoin gained 4.8% on the week, Ethereum grew 3.64%XRP gained a hearty 10.5%, and EOS flew up 23%.

A few top 100 coins even saw near triple-digit gains, such as Bitcoin SV (up 88%) and MonaCoin (up 88%). However, these price jumps are speculated to be tied to fake news and pump schemes.

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Cryptocurrency News of the Week

DoN’T CaLL iT CrYpTo: The AP Stylebook issued a statement that claims that the shorthand “crypto” is too easily confused with cryptography, and it should be avoided when describing cryptocurrency. Although no one is likely to come banging on your door if you keep writing or saying “crypto”, it’s good to have formal guidelines to help people distinguish between cryptocurrency and cryptography.

Hacked BTC Surpasses Satoshi’s Wallet: Data by Chainalysis suggests that hackers made over $1 billion from pilfering cryptocurrency exchanges in 2108. It’s estimated that over 1 million BTC has been looted from exchanges, and likely even more. This number is right around the stash Satoshi Nakamoto is sitting on. There is an estimated $7.7 billion worth of stolen BTC floating around.

Localbitcoins Banned in Iran: Localbitcoins, a Helsinki-based BTC exchange that facilitates over the counter trading of bitcoin, is “currently not available” in Iran, as per its site. A few reasons for this include rising tensions in the Middle East (Iran and the United States), and the U.S. imposed sanctions against Iran. As a global digital currency, Bitcoin enables Iranian residents to buy products and services overseas.

Read TalkMarkets' latest news on cryptocurrencies here.

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