Here are the major events happening in the crypto-verse, the news you should be aware of: price action, JPMorgan flips on BTC, $5.2m Ether transaction fee, China losing BTC dominance, Craig Wright Mt. Gox connection, and much more. Read on to find the latest and don't lose track of this ultra fast-moving industry.

BTC, ETH price action

Bitcoin continued the momentum it gained from last week, peaked close to $10,000 at midweek and then came crashing down. The crypto shed about 8% of its value on Thursday, dropping below $9,100. It has regained a bit of momentum since then and is ending the week around $9,400.

Ethereum had a drab week. It started the week around $245 and traded in a straight line until Thursday when it spiked and flirted with $250. From there it went downhill and finished the week around $235, shedding $15.

JP Morgan flips on Bitcoin

JP Morgan is finally coming to terms with how robust and resilient Bitcoin is. In a recent report, the anti-BTC institution, whose CEO has termed Bitcoin a fraud countless times, said Bitcoin has a “positive” futureand that cryptocurrencies have longevity as an asset class.

Wow.

It also noted that “Bitcoin has rarely traded below the cost of production, including the very disorderly conditions that prevailed in March.”

The last stage of grief, huh?

Bitcoin fell by 8% in 24 hours

On Thursday Bitcoin suffered an 8% 24-hour drop, falling to below $9,100.

This erased the momentum it has been steadily gaining for the previous 2 weeks. The drop happened briefly after it got close to $10,000.

One could blame the drop on several things, but you can’t be sure. Considering the way Bitcoin has been falling moments after hitting $10,000, there does seem to be a lot of sell orders at that price.

$350 Ether sent for a fee of $5.2m Ethereum fee

We’ve been hearing of people paying a few dollars to transfer cryptos worth millions of dollars of late. Last week, the reverse happened.

A transaction was caught on the Ethereum blockchain where Ether worth $130 was sent with a fee of gwei worth $2.6m attached to it. In 2 days, there were 2 such transactions, with the total fee for both transactions coming to $5.2m and the actual Ether sent worth just $350.

Undoubtedly, this is strange. Was this a silly mistake? Some people, like Vitalik Buterin, believe that it is a ransompaid to some hackers.

Or is something else going on? It’s definitely fishy.

China losing BTC mining dominance

China is losing its spotas the HQ of Bitcoin mining operations. A recent study shows that the number of miners in China has steadily been on the decline since the end of last year. China is not using as much electricity to mine BTC as the rest of the world as it used to.

Moreso, current events suggest that the decline will continue as China seems to be rolling out some anti-crypto regulations that will further disrupt mining.

Is Craig Wright involved in Mt. Gox theft?

There never seems to be an end in sight for Craight Wright’s antics and controversies.

Recently his lawyers sent a letter to Blockstream, claiming ownership of 2 Bitcoin addresses. The issue now is that one of those addresses is the same onethat received Bitcoin stolen from Mt. Gox. The address currently contains about 80,000 Bitcoin.

What is happening people?

Podcast host loses 7-year BTC savings

Eric Savics, the host of Protocol Podcast, a crypto-based show, has been dollar-cost averaging Bitcoin for 7 years. During the week, he lost everything.

What happened was that he downloaded a malicious app from Google Chrome Store to use in conjunction with his Keepkey hardware wallet and entered his private keys. The 12 BTC he’s been dollar-cost averaging, worth $110,000, simply vanished.

TOUGH. This is a sad story, but there are serious lessons to be learnt.

Don’t. Enter. Your. Private. Keys. Online.

News From
Emmanuel O.