This Week In Cryptocurrency - Friday, Feb. 8

T.G.F.F. (Thank God For Friday)

If it hadn’t been for a last-minute rally this Friday, we would’ve seen a lot of double-digit red this week. The market hit a weekly high of about $115.8B before dropping to a low of just under $111B. Thanks to the end of the week rally, the entire market cap fell less than one percent over the week and is currently barely over $114B.

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Cryptocurrency Market Stats (2/8/19) 

A few altcoins really shined this past week. Litecoin rose 16.57 percent, leapfrogging a few currencies to reach the number four spot. Binance Coin flew up 24.62 percent to enter the top ten. And, Ark boomed 34.83 percent. The movement of our top three coins wasn’t as interesting.

Bitcoin fell just 0.52% over the last seven days.

XRP lost 2.81% of its price.

Ethereum grew a respectable 1.67% this week.

Domestic Cryptocurrency News

FiresBuyers, and Aquihires: In the midst of widespread layoffs and shutdowns among cryptocurrency companies, a few outliers are moving the opposite way. This week, U.S. exchange Kraken acquired Crypto Facilities, a London-based crypto index provider. The goal of the nine-figure purchase is to add futures and index products to the core Kraken arsenal. Eligible customers will soon have access to six cryptocurrency futures.

In other positive industry news, Facebook achieved a personal first in acquiring blockchain startup Chainspace. Prior to the acquisition, the startup team was creating a smart contract platform utilizing sharding. However, Facebook seems more interested in the team rather than their product. The social media behemoth hired the majority of the Chainspace team into their relatively new blockchain division, and the original project is shutting down.

People Saying Things

Jack Attack: Twitter CEO and Square CEO Jack Dorsey had the cryptocurrency world abuzz this week with a series of pro-Bitcoin statements. Early in the week, Dorsey appeared on the Joe Rogan Experience podcast, touting that Bitcoin has the highest likelihood of becoming the native currency of the Internet. Following that, he laid out a series of tweets that outlined the same sentiment. The start-up boy wonder even hinted that Twitter may be looking into Lightning Network integrations.

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