This Week In Cryptocurrency - Friday, Jan. 4

Goodbye 2018, Hello 2019

The new year rang in with a quiet week in cryptocurrency, all things considered. After a nine percent jump last Friday, the market moved sideways, bouncing between a high of $135.4B and low of around $125B. The week ended with a total cryptocurrency market cap of just shy of $129B – slightly under a six percent weekly gain.

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Cryptocurrency Market Stats (1/4/2019)

Most coin prices stayed relatively flat with only a few reaching the double-digits positively or negatively. Chainlink (41.30%), ICON (12.48%), and Augur (15.28%) were some of the week’s leaders. As for our top three…

Bitcoin hardly moved, showing only a 0.01% loss.

Ethereum leapfrogged XRP, showing an impressive 17.97% gain over the week.

XRP showed horizontal movement as well, shedding only 1.99% of its price.

Domestic Cryptocurrency News

Overstock + Ohio + Taxes = Crypto Success: Yesterday, Overstock announced that it would become the first national company to take advantage of Ohio’s new crypto tax opportunity. The online retailer is set to pay a portion of its Ohio taxes in bitcoin this coming tax season.

Because the company is an early filer, it won’t face any additional fees when paying. Eventually, the state will charge a one percent fee on bitcoin payments which is significantly less than the 2.5% service fee on credit card payments.

Once again, Overstock CEO Patrick Byrne puts his money where his mouth is regarding blockchain adoption. The digital currency enthusiast was a pioneer in accepting cryptocurrency on his retail site, operates a blockchain-focused fund, and recently announced that he would be winding down the e-commerce portion of Overstock to shift focus to blockchain technology.

Colorado Plays Double-Reverse Card on Pro-Blockchain Bill: Back in May 2018, the Colorado legislator passed a blockchain-favorable bill by one vote only to reject it shortly after a few lawmakers flipped their votes. House Bill 1426, known as the Virtual Currency Exemption Money Transmitters Act, would have exempted certain crypto tokens as defined in the bill from securities laws.

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