This Week In Cryptocurrency - Friday, Jan. 25

Going…Going…Down…

What started as a positive week, ended in disappointment for cryptocurrency prices. On Saturday, the market cap jumped over $3 billion in less than an hour. However, the positive momentum was short-lived. The following day, the market lost nearly $5 billion (~3.8 percent) in about the same amount of time. Over the week, the cryptocurrency market cap dropped about 1.6 percent and currently sits just shy of $120 billion.

(Click on image to enlarge)

Cryptocurrency Market Stats (1/25/19)

As you can probably guess, the majority of coins followed suit. The only coins showing any double-digit movement were Waves (12.99%), Holo (76.98%), and Factom (14.59%) among a few others. As for our top three coins:

Bitcoin fell just 1.86%, even with news of an ETF withdrawal.

XRP dropped 3.30% throughout the past week.

Ethereum took a hit with a 4.59% decline over the last seven days.

Domestic Cryptocurrency News

Penn Classifies Crypto Positively: In a statement released this week by the Pennsylvania Department of Banking and Securities (DoBS), the organization finally shed some light on the classification of crypto in the state. And, good news: “only fiat currency, or
currency issued by the United States government, is ‘money’ in Pennsylvania.” This classification means that cryptocurrency exchanges and kiosks like Bitcoin ATMs are not required to get Money Transmitter Licenses (MTLs).

According to the DoBS, to require an MTL, “fiat currency must be transferred with or on behalf of an individual to a 3rd party, and the money transmitter must charge a fee for the transmission.” As crypto entities exchange fiat for crypto directly, they do not qualify. Although this is a step in the right direction for crypto businesses in the Quaker State, they still must follow the stricter rules of the federal government and other states in which they wish to operate.

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