Satoshi Nakamoto‘s famous digital currency, Bitcoin which pioneered the ‘blockchain revolution’ has put on a spectacular show over the past 12 months. From dizzying <1000% gains, to frightening >75% drops, it’s been one hell of a ride for onlookers and investors alike.
Due to the 24/7 market, available to literally anyone with a computer and internet access, Bitcoin has created in itself a whole new way of trading. It also created along with it a whole new class of asset; the cryptocurrency.
The cryptocurrency uprising
2017 saw literally thousands of ‘Initial Coin Offerings’ (ICOs), a process used to raise funds to build the projects behind a new cryptocurrency.
In August 2016, 645 cryptocurrencies were listed on CoinMarketCap. 12 months down the line on August 2017, there are were 1007 listed. Fast forward to 2018 and the list features 1845 different cryptocurrency projects.
- August 2016 – 645
- August 2017 – 1007
- August 2018 – 1845
In 2017 alone, around 700 new cryptocurrencies were added to the CoinMarketCap list, with UKBusiness insider reporting that around 435 of them held a ‘successful’ ICO.
In total, it’s estimated that over $5.6 Billion was raised through ICOs in 2017, with the total cryptocurrency market cap raising from $17.7 Billion, to a meteoric $572 Billion by the end of December 2017, up an eye watering 3264%!
The frenzy continued into 2018, with CoinDesk reporting in April that $6.3 Billion had already been raised in 2018 by ICO’s, beating 2017 in just the first four months.
A timeline of events in the cryptocurrency world.
A lot has happened over the past year, there’s been good news, great news and then some news bad enough to make you cry yourself to sleep. We’ll look at what we think have been the biggest news headlines between August 2017 and August 2018. A documentation of events leading from a sub $3000 Bitcoin, to what caused perhaps one of the biggest bull runs in history, then finally what caused the markets to fall throughout 2018, or as some would say, the bubble to pop.
Cryptocurrency – The first half of 2017, January – August
The cryptocurrency market throughout the first half of 2017 were booming, Bitcoin was up over 300%, Dash has rose by almost 2000% and Ethereum was up 3300%! Take a look at the below image for an idea of how some of the top performing cryptocurrency projects performed throughout the first 8 months of 2017:
Cryptocurrency timeline leading to the rise and fall, 2017 – 2018
August 2017 cryptocurrency timeline
August 1st – Bitcoin Cash hard fork goes live. – Link
August 12th – Bitcoin price passes £3000 for the first time. After slowly rising over 100% from the end of May, the growth continued and it began to catch the attention of investors and the media all around the world.
August 24th – Boxing legend Floyd Mayweather promotes his second ICO on his Instagram account, just days before his world famous bout with UFC fighter Conor McGregor! He promoted Hubii network, a project which started trading at $0.11, rose to an all time high of $1.73 and is now trading at $0.28.
August 29th – NEO price fell 43% on the month high point amid fears and talk about strict regulatory talks happening in China.
August 29th – RedPulse (RPX), the first ICO to be held on the NEO blockchain announced on Twitter that due to stricter regulations, they would no longer be able to accept investment from Chinese citizens, a sign of what was to come.
August 2017 total cryptocurrency market cap
September 2017 cryptocurrency timeline
5th September – China announce nationwide ban on all ICO’s: “There are the obvious risks with the issuing of tokens which the SEC issued a warning over recently, however China looked to have gone one step further and placed a blanket ban on all forms of fundraising using a token issue. Following an announcement from China’s central bank an immediate ban has been placed on any such form of fundraising as it is said to have “seriously disrupted the economic and financial order”
A selection of third party articles related the ICO warnings:
- Malaysian Finance Regulator Warns Investors Over ICO Risks
- 33 Cases: Cryptocurrency Fraud Is on the Rise In Japan
- Russia’s Central Bank Issues Warning on Cryptocurrencies and ICOs
- China Outlaws ICOs: Financial Regulators Order Halt on Token Trading
The general negativity was mostly directed towards the inherent risks that come with investing in ICO projects.
8th September – Estonian Government announce plans to launch a state backed cryptocurrency, estcoin. A government-supported ICO would give more people a bigger stake in the future of our country and provide not just investment, but also more expertise and ideas to help us grow exponentially,” the overall aim of the project would be to create a “borderless digital nation”. Estcoin never did happen and the plans were subsequently dropped, however their e-residency, program, touted to be ‘the new digital nation’ is still running successful.
13th September – Bitcoin price falls back below £3000 as markets respond to the Chinese ban on all ICOs.
15th September – Regulation in China tighten as a the government announce that all cryptocurrency exchanges operating in the country must cease operations! Any exchange operating in China has until the end of September 15th to announce they would be closing and had up until the end of the month to stop trading and close up shop, or like many exchanges did, move to another country.
The Bitcoin price was down 41% since it’s all time high on September 1st, down from $5098 to $2996 with other altcoins suffering even larger drops in value.
Ethereum, the current number 2 contender in terms of market cap suffered a 50% drop since September 1st too, down from $404 to $200 with almost ever cryptocurrency down similar amounts.
30th September – A Scandal was uncovered where websites were using visitors CPU power to mine cryptocurrency. One of the offenders was CBS, they were caught making a profit without the knowledge of their customers. They were mining Monero using visitors computer processing power! – Link
Bitcoin price for September 2017
As you can see the Bitcoin price suffered a mid month dip before recovering toward the end of the month.
September 2017 total cryptocurrency market cap
October 2017 cryptocurrency timeline
6th October – The Ukrainian government announced a proposed law created to regulate Bitcoin Exchanges.
12th October – Bitcoin once again smashes past another all time high, passing the previous September 1st high of $4863, hitting a new record of $5092! The $5000 mark was a significant milestone as many had speculated and debated whether or not it could get there before the end of 2017.
19th October – bitGuru reported on more countries considering the launch of their own state backed cryptocurrency. Japan, Estonia, Kazakhstan and even Dubai were all considering and researching the possibility of launching their own cryptocurrency.
25th October – More than two months after the Bitcoin Cash hard fork, the Bitcoin blockchain forked again, this time creating Bitcoin Gold. Anyone holding a Bitcoin balance was credited with a 1:1 amount of Bitcoin Gold. Given the success Bitcoin Cash had seen, many saw this and all the other hard forks as an opportunity to get free money. Unfortunetly no other hard fork projects matched the performance of Bitcoin Cash.
31st October – CME Group announce they’re aiming to launch a Bitcoin futures market by the end of 2017! The announcement sparked excitement among investors believing a futures market could prove to be one of the deciding factors in mass adoption for Bitcoin and cryptocurrencies.
October 2017 total cryptocurrency market cap
November 2017 cryptocurrency timeline
2nd November – Coinbase get over 100,000 new users in one day. The largest cryptocurrency exchange in the USA announced they were seeing record numbers of sign ups, with over 100,000 users signing up in just 24 hours!
6th November – Icelandic Pop star Bjork announces she will be accepting cryptocurrency for her new album and giving buyers free cryptocurrency with every purchase!
7th November – bitGuru reports on the recent activity made by online retail giant Amazon. Amazon bought up 3 cryptocurrency related domain names, sparking excitement that they may be looking into the possibility of accepting cryptocurrency. Amazonthereum.com, Amazoncryptocurrency.com and Amazoncryptocurrencies.com were the three domain names they purchased.
7th November – Popular Ethereum wallet, Parity is hacked for $300 Million worth of Ethereum! The reasons that are stated for the loss are primarily based on human error and and the triggering event was a few bugs that were found in the digital wallets’ company software. The developer seeing the variety of issues present thought that some actions had to be taken and this caused the developer to accidentally control, secure and lock in the funds. This caused the $300 million ETH currency loss.
19th November – Bitcoin price breaks the $8000 mark for the first time as price shows no sign of slowing. Key reasons at the time included:
- CME groups announcement – CME Group announced they will be launching a Bitcoin futures market by the end of the year. Although this was 2 weeks ago now, as we wrote 100,000 new Coinbase accounts were created just 24 hours after the announcement. Now many of those new accounts will have been limited, but after 2 weeks many of them may have started buying!
- Recently we’ve seen the Bitcoin Cash price increase to over $1000, many of which may have pulled money out of Bitcoin to do so. Now the Bitcoin Cash price is subsiding as the Bitcoin price is rising meaning people, whether manipulation or not, will be moving their funds back into Bitcoin.
- Media Attention around Bitcoin is growing faster and faster, and as the price rises higher, more people start to recognise the potential of Bitcoin as an investment.
- Bitcoin usage is being considered and adopted by large companies every day which adds confidence to public investors and speculators.
19th November – bitGuru report on the growing number of Bitcoin ATM thefts, as the price continue to rise and criminals get desperate for free Bitcoin, believing that stealing ATM machines will give them access to the Bitcoin.
23rd November – News breaks about yet another ICO scam. Confido, the cryptocurrency start up that wanted to provide a payment processing system to it’s users vanished with their investors hard earned cash! The startup’s mission tag line was “safe and trust-less cryptocurrency payments, it’s possible with Confido. Confido raised over $375,000 before performing exit scam.
23rd November – Ben Lawsky joins the advisory board of Ripple. Ben Lawsky was the New York Superintendent of Financial Services and the architect behind the bitlicense in New York. “The company and its leadership are passionate about making our global financial system more efficient, more secure and more fair,” he said in a statement.
24th November – Ethereum passes it’s $450 all time high set in June 2017.
29th November – Bitcoin hits the monumental all time high of $10,000!
30th November – One of the most popular TV shows in the USA, The Big Bang Theory air episode featuring Bitcoin!
Bitcoin price between August 2017 and the end of November 2017:
November 2017 total cryptocurrency market cap
December 2017 cryptocurrency timeline
1st December – Japan’s largest Bitcoin exchange, Bitflyer launches in the USA! “BitFlyer is proud to have been granted a BitLicense to do business in the state of New York.. This is a nod of approval from one of the most influential state financial services regulators in the nation.” Said BitFlyer CEO
2nd December – Coinbase announce they are expanding their team. Coinbase along with other major exchanges suffered downtime at the end of November due to an influx of new users, reporting they had over 8x the amount of activity compared to June.
7th December – Just over a week after hitting $10,000, the Bitcoin price rockets as Bitcoin mania encompasses the globe. Bitcoin price hits $17,000! The price was increasing at around $1000 per day!
8th December – Bitcoin profits start moving more into altcoins. IOTA price quadruples as total crypto marketcap reaches $400 Billion! Ethereum price sits comfortably at over $1000, NEO is over $100 on its way to $150 and almost every cryptocurrency on the market is seeing record gains!
9th December – Second largest bank in the US, The Bank Of America secures patent for cryptocurrency exchange.
12th December – Litecoin triples in value in a matter of days, reaching $350
14th December – Crowdfunding Giant Indegogo announce they’re looking at encorporating ICO’s. “But what has been missing to date is a platform that can make ICOs accessible to a global audience, while maintaining the strictest standards for legal compliance and quality control. This is a big step towards achieving our mission of democratizing finance around the world.” The company stated.
17th December – Bloomberg add Ripple, Ethereum and Litecoin to their terminals, allowing visitors to track the price.
20th December – As the volume of Bitcoin transactions grows, the transaction fee cost reaches sometimes unafordable highs. The Bitcoin transaction fees reached insane highs with the highest hitting an extraordinary $55 USD on 22nd December! For comparison, the average fee at the moment is around $0.5 USD.
Total Cryptocurrency market cap August – End December 2017
The total cryptocurrency market cap by the end of December had reached over $600 Billion USD!
December 2017 total cryptocurrency market cap
January 2018 cryptocurrency timeline
Stories of Bitcoin millionaires began emerging left right and centre. All the earlier adopters who had held onto their cryptocurrency had seen unbelievable gains. Erik Finman for example, a 19 year old early adopter, now a millionaire off of the back of a $1000 investment. Those who had lost or thrown away their Bitcoin hard drives began frantically looking for them, such as the Welsh investor who had thrown away his hard drive containing thousands of Bitcoin was now hiring diggers to dig through the landfill in which it was disposed of, in the hopes of finding his multi mullion trash.
Chris Larsen, CEO of Ripple was reported to now be one of the world’s richest men after the price of the cryptocurrency had increased by 1360%, that’s over 130 times in just over 1 month, rising from $0.25 each at the beginning of December to $3.65 at the beginning of January.
The whole crypto world was on a high, that many people expected to keep on rising.
Many investors started getting FOMO and bought in at the highs, hoping the gains would keep on giving.
5th January – EU Official for the European Central Bank announces that “One ought to apply what the basic rule is in any other financial transaction: everyone involved should reveal their identity,” ECB governing council member Ewald Nowotny.” demanding further taxation on Bitcoin and other cryptocurrency.
5th January – Coinbase announce they will not be listing Ripple (XRP) to their platform. There were rumours and speculation online that Coinbase would soon be adding XRP and allowing users to trade the cryptocurrency. The news caused a sharp dip in the trading price of XRP.
12th January – bitGuru reported that many major exchanges has suspended new user registration due to unexpectedly high new user registration. Bittrex, Bitfinex and Binance were all affected, although Binance quickly opened registrations up again.
18th January – The Bitconnect Ponzi scheme ceases operations. The lending platform which enticed new investors by promising gains of around 1% per day and paid those promoting the platform with a percentage of each users investment had a native cryptocurrency which just days before the collapse was worth over $430! Soon after the closure, the bitconnect token fell to zero.
It came as no surprise when it fell, and many critics publically expressed their concern about what was apparently an obvious ponzi scheme, doomed to fail at any moment. YouTubers such as CryptoNick and Trevon James who heavily promoted the project and often boasted about their 6 figure profits were later subject to a lengthy bitconnect investigation where YouTube were also accused of negligence.
19th January – BlackWallet was hacked resulting in the loss of 700,000 Lumens, worth at the time over $300,000!
21st January – Cryptocurrency hardware wallet ledger raise $75 million in funding in order to expand it’s operations after selling out of over 1 million Ledger deviced in 2017.
24th January – China deliver yet another blow to the cryptocurrency economy. They announced that The People’s Bank of China, the country’s central bank, has issued a notice to payment processing companies to stop facilitating cryptocurrency exchanges.
31st January – One of South Korea’s largest online retailers, WeMakePrice announce they will be working with Bithumb to accept cryptocurrencies on their site.
January 2018 total cryptocurrency market cap
As you can see from the chart below detailing the total cryptocurrency market capitalization from the begining to the end of January 2018, the market took a dip. The January high, which is still the current all time high for the cryptocurrency market cap is $835 Billion. The lowest point in January was $425 Billion, a 49% decline.
The words ‘BUY THE DIP’ were echoed far and wide by the cryptocurrency community, anticipating a healthy recovery and for the markets to continue to grow.
February 2018 cryptocurrency timeline
3rd February – Brisbane airport announce they will be accepting cryptocurrency. Roel Hellemons, the general manager for strategic planning and development of the Brisbane Airport Corporation, said in a statement: “Many people around the world have made money investing in cryptocurrencies and a lot of these people travel internationally, so it makes sense to offer a digital currency experience within our terminals.”
6th February – A global stock decline causes speculation that money may be being pulled out of the stock market and moved into cryptocurrency. The DowJones dropped 4.6%, the largest drop this century.
The S&P 500 stock index fell 4.1%, with the second largest stock exchange Nasdaq also falling 3.7%.
In the UK, The FTSE 100 index of the world’s leading companies suffered a 1.46% loss. The news sent tumours around the globe as other market prices also began to fall. In total $4 Trillion was lost from the stock market caps.
20th February – The Pineapple fund donated to psychedelic drugs research. The charitable organisation set up by wealthy Bitcoin investors to donate to a variety of charitable organisations around the world. The Pineapple Fund, a non-profit, anonymously led project that was conceptualized with its plan to give away 5,057 Bitcoins to charity – valued at $86 million when the initiative had come to light in December 2017.
February 2018 total cryptocurrency market cap
March 2018 cryptocurrency timeline
6th March – Money transfer Giant Western Union announce they will be piloting the use of Ripple for cross border transactions. The move will make sending money abroad faster and cheaper both for Western Union and the customer.
7th March – The U.S. Securities and Exchange Commission (SEC) issued a statement that the cryptocurrency industry into a state of panic, and that has transcended from words to the real world, where the value of almost all cryptocurrencies has dropped in varying levels. There has been a Bitcoin drop in value, Ethereum drop in value and Litecoin drop in value.
“The SEC staff has concerns that many online trading platforms appear to investors as SEC-registered and regulated marketplaces when they are not. Many platforms refer to themselves as “exchanges,” which can give the misimpression to investors that they are regulated or meet the regulatory standards of a national securities exchange.”
11th March – Bitcoin prices falls to $8300 creating market uncertainty. The drop was allegedly linked to the fact that a trustee of the now infamous Mt. Gox, the exchange which was the subject of one of the worst hacks in cryptocurrency industry, released 40,000 of their Bitcoin.
13th March – Binance announce the development of Binance Chain, a custom built blockchain for which Binance Coin will run on. There will also be a decentralized exchange. The decentralized exchange, which needs more computing power for many computers to verify and record trades, will be slower and have higher fees than the centralized platform. However, will have more of a focus on anonymity for users and will allow the trading of a greater range off assets. – More Binance Coin News
14th March – bitGuru publish an update on some of the most exciting and upcoming IOTA partnerships.
IOTA is an ambitious project aiming to connect the world of electronic devices knows as the internet of things (IoT).
“The backbone of IOT is here” boasts their official website, “Scalable, Decentralized, Modular, No Fees”
They hope to win the support of companies and form partnerships in order to make all products connected through the IOTA Tangle. The tangle is referred to as a ‘next generation distributed ledger’ which instead of requiring expensive mining operations to scale, the businesses benefiting from the technology would actually be serving as nodes on the network.
– Check Out The Latest IOTA News –
16th March – Coinbase receives e-money license from the UK – The E-money license, obtained from the U.K. Financial Conduct Authority (FCA), is a regulatory license that will allow the cryptocurrency exchange to now “issue e-money and provide payment services in the U.K.”
27th March – An exciting project announced by Litecoin known as Litepay, a card that would have enabled users to spend their cryptocurrency in shops comes to an abrupt halt. Litepay cease operations, apologising for letting it happen. “We are greatly disheartened that this saga has ended in this way and we apologize for not doing enough due diligence that could have uncovered some of these issues earlier. We are currently working hard to tighten our due diligence practices and ensure that this does not happen again.” The foundation wrote.
“Litecoin was doing perfectly fine before the promise of LitePay and will continue to do so. The ecosystem is far bigger than one company and is continually growing with support from many others with market ready products joining the space and fulfilling their promises to make it easier for the world to use Litecoin.” They added.
27th March – Coinbase announce they will soon add ERC20 support.
March 2018 total cryptocurrency market cap
The cryptocurrency prices continued to slowly decline, ending the month of March with a total market capitalization of around $265 Billion, down 68% on the January high.
April 2018 cryptocurrency timeline
10th April – An exciting partnership between Ripple and banking giant Santander goes live. The OnePay FX app launched by Ripple and Santander is available to Santander customers and allows up to £10,000 per day to be transferred for free.
17th April – Pornhub shock the cryptocurrency world and announce they now accept Verge (XVG) as payment for their premium membership. The Verge community had been waiting big news for some time after the company had repeatedly promised a ‘mystery partnership’. The Porhub and Verge partnership swung into full effect as they began accepting it the day it was announced.
24th April – Goldman Sachs hire cryptocurrency trader, Justin Schmidt to head digital asset division.
24th April – By this point, Binance have overtaken Bittrex to become the world’s largest cryptocurrency trading platform, less than 1 year after launching. 24th April Binance launch their BNB to dust feature, allowing users to convert any small denominations of cryptocurrency to Binance Coin. Binance actually made 3 times more profit than Twitter in Q1 2018.
26th April – The 17 Millionth Bitcoin is mined!
April 2018 total cryptocurrency market cap
May 2018 cryptocurrency timeline
4th May – Switcheo, the first decentralized exchange to run on the NEO blockchain announces the launch of the Switcheo V2. Switcheo allows users to trade NEP5 tokens easily and securely without needing to create an account or store funds on a centralised exchange.
18th May – NEO partner with Ontology to make NEOLOGY. NEO and Ontology together provide compliance-ready, regulatable protocols to global developers. These protocols are supported by NeoVM with exceptional finality and a smart contract system with a robust and stable infrastructure-level network. More NEO News
25th May – Bitcoin Permissible Under Sharia Law As London Mosque Becomes First To Accept it. Islamic scholar declared that bitcoin was permissible under Sharia law. Opening up the world of cryptocurrencies to 1.6 billion muslims worldwide. Fast forward one month and a London Mosque is believed to be the first mosque in the world to accept bitcoin donations.
The Shacklewell Lane Mosque in Hacnkey recently announced they are aiming to raise around £10,000 over Ramadan. During Muslims are expected to give away 2.5% of their wealth. The Shacklewell Lane Mosque is accepting donations in both bitcoin and Ethereum.
May 2018 total cryptocurrency market cap
June 2018 cryptocurrency timeline
5th June – Russia overturn their 2 year cryptocurrency media ban. Back in July 2016, a court in Russia ruled to block bitcoininfo.ru without allowing the sites owners any trial. The court was Vyborg district court in St. Petersburg, they deemed that cryptocurrencies are “a means of virtual payment and accumulation,” meaning that sharing such information is therefore illegal as it could undermine the ruble (Russia’s fiat currency). From this point on Russia declared a cryptocurrency media ban.
It was then announced on 5th June that the city court will now overturn the cryptocurrency media ban following a ruling by the Supreme Court.
“The St. Petersburg City Court quashed the decision of the district court to recognize the information posted on the Bitcoininfo.ru website,”
An announcement from Coinbase suggested that they will actively be working closely with Japanese regulators to ensure the operation is fully compliant.
“As in other markets, we plan to take a deliberate approach to our rollout in Japan, which means working hand-in-hand with the Japanese FSA to ensure compliance with local laws at every stage.”
Releated Article: – How to avoid Coinbase fees
6th June – Belgian government launch website to warn against ‘Fraud with crypto coins’. The website which is run by the Belgian Federal Public Service Economy and the Financial Services and Markets Authority features a moving image on the home page with a contrast between ‘quick cash’ and ‘losing everything with corrupted coins’
The site gives the warning ‘if it’s too good to be true, it is too’, warning visitors of the dangers present on the internet ‘Scammers are becoming more inventive and have grown massively on the worldwide web in recent years.’ They warn that victims are too easily lured into the trap of online scammers, and that before making decisions you should always ‘make sure you know who you are dealing with.’
11th June – Volkswagen strengthen their IOTA partnership when Johann Jungwirth, the Chief Digital Officer of Volkswagen has announced a collaborative effort between IOTA and VW, to provide proof of concept that demonstrates the future of distributed ledger technology in the automotive industry. – More IOTA News
14th June – Coinbase launch their index fund allowing institutional investors a chance to invest securely into Bitcoin, Ethereum, Litecoin and Bitcoin Cash. The fund is expected to become the Dow Jones of the cryptocurrency world. The fund is available only to those with a minimum $250,000 investment, with a maximum investment amount of $25 Million.
15th June – After a year long ICO, the EOS mainnet finally launches. Over $4 Billion USD was raised in total by investors from all around the world making EOS one of the largest ICO’s ever. – More EOS News.
20th June – One of South Korea’s largest cryptocurrency exchanges, Bithumb halts trading and announces it will be moving all cryptocurrencies into cold storage after Bithumb was hacked for $30 million worth of cryptocurrency.
28th June – London Stock exchange announce they’re developing an ICO Alternative To Give SME’s Easier Access To Funding!’. Michael Coletta, the lead blockchain architect & developer for the emerging tech at London Stock Exchange Group stated the main focus was on ICO’s, given that they “run parallel to their industry”, providing “infastructure where there is none for small and medium enterprises to raise capital”. Which the London Stock Exchange already offer, Michael then explained “all of their focus” was on providing a “end-to-end digital asset issuance offering to the market” to facilitate SME to raise capital.
June 2018 total cryptocurrency market cap
July 2018 cryptocurrency timeline
9th July – Switcheo announce an official partnership with the NEO O3 Wallet. The Switcheo partnership with O3 will be part of the O3 dApp platform in which O3 users will be able to trade their tokens directly from their O3 wallets.
10th July – $23 Million worth of cryptocurrency is stolen as Bancor becomes the first ever decentralized exchange to be hacked. The compromised wallet was one of Bancors online wallets, which was being used to upgrade some smart contracts. The funds which were within the wallet were:
- 24,984 ETH ( $12.5 million)
- 229,356,645 NXPS ($1 million)
- 3,200,000 BNT ($10 million)
Fortunately Bancor have a security protocol built into their smart contract which allows them to freeze BNT tokens in the event of such a breach. However, the ETH and NXPS which was taken is beyond their control now.
17th July – bitGuru report that following the 15th July announced Binance Coin burn amount and after a full year of trading, the cryptocurrency exchange Binance made over $500 Million in profit in their first 12 months.
June 2018 total cryptocurrency market cap
2nd August – Coinbase announce that they Now Support Same Day GBP Withdrawals “Customers will now be able to deposit and withdraw pound sterling and use it to directly buy and sell cryptocurrency – for the first time. Customers will not only benefit from increased speed, but reduced cost as well. By no longer having to convert funds from GBP to euros and vice versa to add and remove funds, there will be no more exchange rates.” Zeeshan Feroz – Coinbase UK CEO
4th August – Coinbase announce they’re planning to support an additional 40 cryptocurrencies! The most notable digital assets Coinbase are planning support for are; Dash, NEO, VeChain, Monero, EOS, XRP, Nano, Ontology, QTUM and more.
6th August – Argo Blockchain is a crypto mining company based in the UK, all will become the first ever cryptocurrency company to be listed on the London Stock Exchange after completing an initial public offering (IPO).
9th August – 15 Year Old Kid Hacks John McAfee’s ‘Unhackable’ Cryptocurrency Hardware Wallet! – “The radically innovative Bitfi wallet is the world’s first un-hackable device that is the quintessential expression of disruptive research and development.” That’s the claim being made by Bitfi on their home page. They have offered an official bounty of $250,000 USD to anyone who can successfully hack and remove $10 worth of cryptocurrency from a Bitfi wallet.
Although nobody has successfully claimed the bounty reward and removed the cryptocurrency from the wallet, there have been many claims that the device can easily be hacked. A 15 year old self professed Bitcoin hardware wallet breaker, @spudowiar posted a video showing him playing the video game DOOM.
10th August – Binance give first glimpse at the Binance Chain Decentralized Exchange (DEX). Binance unveiled their first look at their upcoming decentralised exchange ‘Binance Chain’. The sneak peak was a video walkthrough of the exchange which was uploaded to Binance’s official YouTube channel. The demonstration in the video is the first real mention of the Binance Chain project since they announced they will launching a decentralised exchange back in May. In the video the developers who were supposedly “camera shy” created a mock-up token, issued it on the Blockchain, sold and created a buy order for it.
13th August – O3 Wallet V2 Live With Switcheo Trading Integrated – O3 labs released the update for the O3 Wallet V2 app which now has Switcheo trading integrated into it. Meaning you can now buy and sell tokens directly from your O3 wallet on your mobile device.
August 2018 total cryptocurrency market cap so far…
As you can see the total cryptocurrency market cap is still continuing to decrease. Will there be a recovery soon, or will it take years for the markets to recover, if at all? Let us know your thoughts in the comments.
Total cryptocurrency market cap – August 2017 – August 2018 – The cryptocurrency ‘Bell’ run!
The total cryptocurrency market cap is now just 41% above where it was at the beginning of August 2017. It’s now in danger of going into the red for the first time this year if the current downtrend continues. 41% may seem like a lot, but when you realise the ATH cryptocurrency market cap was 316% higher than August 2017, it becomes clear just how much the markets have receded.
The total market is down 75% on the January highs.