According to Changpeng Zhao, the Chief Executive Officer of the cryptocurrency exchange Binance, 2018 is a correction year for cryptocurrencies. During his interview with Bloomberg, Zhao also expressed his optimism about the future of the cryptocurrency industry.
Cryptocurrency Market Updates
A Bitcoin (BTC) millionaire was arrested in Hong Kong for “making it rain cash” in the city’s streets. On Sunday, in one of the poorest neighborhoods in Hong Kong called Sham Shui Po, a large amount of HK$100 were thrown off the roof of one of the buildings.
According to a recent report, in the last two months, layoffs in crypto companies have been on the rise. Consensys, one of industry majors, recently announced that it would be laying off 13% of its staff to streamline operations.
While individual states in America are vying for the position of being the most crypto-friendly state, the US Federal government is still struggling over how to define and regulate cryptos.
Lead developer David Stainton introduced the mixing tech that powers Nym Technologies, a stealth anonymity startup that sports a roster of privacy activists and cryptography heavyweights from around the world.
Status, the Ethereum-based chat platform, is going to lay off 25% of its staff because of the cryptocurrency market decline. The company was founded in Switzerland in 2017, and it is an open-source mobile app based on the Ethereum network that allows users to chat, conduct transactions and access decentralized applications (DApps).
According to LinkedIn’s 2018 US Emerging Jobs report, the position of Blockchain Developer is the fastest growing new roles in the US. The jobs and social media platform stated that it had used data from its Economic Graph to assess the roles that companies are in a hurry to hire for.
The major stablecoin project Basis, which is based out of the United States, is shutting down its operations and will be returning most of its funds to investors. The project had raised $133 million in funding via a private placement earlier this year in April. Investors in the project included industry majors such as Andreessen Horowitz and Bain Capital Ventures.
Mark Karpeles, the former Chief Executive Officer of the now defunct Bitcoin exchange Mt. Gox that was based out of Japan, could end up spending up to 10 years in jail. Karpeles was the CEO of the exchange when a massive hack attack in 2014 took Mt. Gox to bankruptcy and he has repeatedly denied charges of wrongdoing.
According to a report published by the research company Diar, data from on-chain transactions shows that the adoption of stablecoins is growing. Diar stated that 4 major stablecoins have already broken through the $5 billion barrier on in-chain transactions in just the last three months.