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This Week in Cryptocurrency: July 12th, 2019

This was a good market week for the Bitcoin maximalist – a casual 8:00 PM Presidential tweet storm villifying the asset and elevating the cryptocurrency conversation into global policy AND holding its price levels while everything around it spirals downward in double-digits. Not too shabby, BTC, not too shabby. 


Bitcoin held its position in an overall cryptocurrency market downward turn with a 2.9% gain for the week. Monero also had a 2.77% gain. 


Virtually every other notable project either took a gut punch or was slaughtered. Ethereum is down 6.14% on the week, and the rest of the projects saw double-digit price hits: XRP 10%, Litecoin 12.43%, Bitcoin Cash 13.55%, EOS 17.36%, Bitcoin SV 18.45%, Cardano 12.65%, NEO down 11.73%, Ontology 19.74%, Qtum 22.55%, and Bytom 26%.


Price Table
$ USD
0
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#CoinPriceMarketcapVolume (24h)SupplyChange (24H)Price Graph (7D)
1$ 11,612.00$ 206.97 B$ 32.67 B17.81 M-0.88%
2$ 274.71$ 29.37 B$ 10.68 B106.87 M0.42%
3$ 0.348495$ 14.71 B$ 2.27 B42.57 B5.16%
4$ 105.43$ 6.61 B$ 4.61 B62.63 M1.88%
5$ 349.99$ 6.27 B$ 2.29 B17.89 M0.52%
6$ 4.82$ 5.04 B$ 3.21 B1.04 B2.12%
7$ 31.88$ 4.45 B$ 400.43 M139.54 M9.35%
8$ 1.00$ 3.58 B$ 43.56 B3.56 B0.13%
9$ 164.83$ 2.95 B$ 601.61 M17.89 M1.01%
10$ 0.068532$ 2.13 B$ 264.92 M31.11 B3.72%
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Cryptocurrency News


SEC Approves First Two RegA+ Tokens: The SEC gave two RegA+ tokens, Blockstack and Props, the green light to raise funds through token sales. Props, a spin-off of influencer live-streaming app YouNow, already raised $21 million in a pre-sale with the likes of Union Square Ventures, Comcast, Venrock, and Casey Neistat and will not be raising any money with the RegA+. Blockstack, however, is seeking to issue a limited amount of “stacks,” which will allow users to purchase domain names, personal identities, and network traffic on the Blockstack network.


Chinese Police Seize 4,000 Cryptocurrency Miners: Police in Jiangsu, an eastern-central coastal province in China, seized 4,000 miners that were being used to illegally mine cryptocurrency at nine different factories. The police launched an investigation after a local power firm reported an abnormal electricity consumption spike that led to an energy loss of about $3 million. 




People Saying Stuff


Trump “Not a Fan” of Bitcoin and Other Cryptocurrencies: #45 took to Twitter to express his opinions on Bitcoin, cryptocurrency, Libra, and the U.S. Dollar. The statement was adamantly anti-cryptocurrency, but many in the financial and cryptocurrency community responded positively to seeing Bitcoin being discussed by on the main stage, even if it is the controversial President’s 8:00 PM tweetstorm. 



I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….


— Donald J. Trump (@realDonaldTrump) July 12, 2019



Coinbase CEO Brain Armstrong Gets Giddy: Armstrong busted out the age-old “First they ignore you, then they laugh at you, then they fight you, then you win” quote, and notes that “we just made it to step 3 y’all.”



Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago. “First they ignore you, then they laugh at you, then they fight you, then you win”. We just made it to step 3 y’all. https://t.co/N3tzUKELaK


— Brian Armstrong (@brian_armstrong) July 12, 2019



Circle CEO Jeremy Allaire is Bullish: Allaire went as far as to claim Trump’s remarks are “Possibly the largest bull signal for BTC ever,” claiming that cryptocurrency is now a global policy issue. 



Possibly the largest bull signal for BTC ever. Crypto now a Presidential / Global policy issue. People everywhere will embrace a mix of sovereign and non-sovereign digital currency. https://t.co/PK79wmCddM


— Jeremy Allaire (@jerallaire) July 12, 2019



Tron CEO Justin Sun Invites Trump to Lunch: Sun gave #45 a piece of his own rhetoric, saying Trump has been “misled by fake news” and invited him to lunch with Warren Buffet.



Mr. President, you are misled by fake news. #Bitcoin & #Blockchain happens to be the best chance for US! I’d love to invite you to have lunch with crypto leaders along with @WarrenBuffett on July 25. I guarantee you after this lunch, nobody will know crypto more than you!


— Justin Sun (@justinsuntron) cryptocurrency