John McAfee, (in)famously known for his antivirus program back in the day, has apparently been spending his time researching cryptocurrencies. His Twitter has more than 500k followers and McAfee has been tweeting about blockchain projects including Bitcoin, altcoins, and even ICOs. On Wed, his account got hacked and the pranksters tweeted about 3-4 different coins rapid-fire and multiple times including $SC, $BAT, and $XRP. Crypto bots and followers reliably bought into these but the drops were just as swift. At least Twitter trading bots will need to think twice now about trading on future tweets.
Hong Kong Exchanges Ascend
Binance (referral code) launched as a pure crypto-crypto exchange less than half a year ago, and has now consistently been in the top 1-3 exchanges by volume in the last few weeks. Their Binance coin, used to pay for fees and possibly other utilities, has almost doubled in price in the last week to around $9 USD. Their execution strategy is fast coin listings and lambo giveaways which seems to be working!
Similarly, Kucoin (referral code) is another pure crypto-crypto exchange from HK that is fighting to carve out their own piece of the market. Their own coin Kucoin Shares gives holders a share of the exchange’s revenue, and has tripled in price in the last week to $2.60. Their strategy so far has been to be the first-to-list smaller but popular coins like Red Pulse and DeepBrain Chain before the bigger guys get them.
B2X But Not Really
Back in Nov, the contentious SegWit2X fork was called off when the developers could not rally enough support for the Bitcoin hard fork. This week a new group revived the B2X name and forked the Bitcoin blockchain on Thu, with the additional twist of distributing Satoshi Nakomoto’s original stash. B2X futures traded as high as $1100 before dropping down to around $400, as Redditors warn that this is not the original B2X but an attempt to use the name. Exchanges are still investigating but most will likely not support this fork.
An article surfaced on Naver (South Korean media company) on Wed discussing impending crypto regulations by the government. Reuters picked up the news to explain in English and give a bit of credence to the claims. Exact details are still unknown but the consensus is that stricter KYC (Know Your Customer) will be enforced on South Korean crypto exchanges.
This holiday season has been very exciting and very volatile. It is never a boring day in the crypto markets with overall 20-40% movements, both up and down, as the norm. For those of us who are living through this now keep up your mental fortitude and stay vigilant! These times will be tales to tell your grandchildren.
See you guys next week —