This Week In Cryptocurrency - Friday, March 15

Climbin’ 

Another week in the green for the cryptocurrency market. Dare we say, “The bear market is over?” With a couple of dips along the way, the total market cap grew from $133.8B to $137.4B this week – almost three percent growth. A few altcoins had impressive weeks as well. Stellar (22.09%), Cardano (17.59%), and Dash (10.12%) all saw double-digit increases. Most notable, however, was Crypto.com Chain’s (previously Monaco) got a 471.28% rise.

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Cryptocurrency Market Stats (3/15/19) 

A relatively boring week for our top three:

Bitcoin saw a 0.72% increase in value.

Ethereum played dead, moving just 0.04% upwards.

XRP crawled up 0.68%.

Domestic Cryptocurrency News

The Taller the Pyramid, the Further the Fall: OneCoin leader Konstantin Ignatov was arrested at the Los Angelos International Airport last Friday and promptly charged with numerous accounts of fraud. Ignatov and his sister ran a cryptocurrency pyramid scheme in which they stole billions of dollars from investors.

Starting the Bulgarian company in 2014, the two rewarded users through a multi-level marketing campaign for recruiting additional people to purchase “cryptocurrency packages.” However, OneCoin didn’t actually use a blockchain, falsified mining, and internally set a price for the coin without regard to supply and demand.

FBI Assistant Director-in-Charge William Sweeney, Jr. comments on the matter, “Unlike authentic cryptocurrencies, which maintain records of their investors’ transaction history, OneCoin had no real value. It offered investors no method of tracing their money, and it could not be used to purchase anything.” Sounds like a few other cryptocurrencies we know…

Security? What Security?: Oh, happy day – a little regulatory clarity! Colorado officially passed the Colorado Digital Token Act late last week. The new law effectively states that digital tokens with a consumptive primary purpose are not considered securities in the state of Colorado. So, if you’re creating a utility token, you should be in the clear.

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