The third week of December has been exciting for the cryptocurrency markets. Perhaps the biggest news is that Coinbase will add four new Ethereum (ETH) tokens to its Coinbase Pro platform. On Tuesday, December 18, the exchange added inbound support for Dai (DAI), Golem (GNT), Maker (MKR), and Zilliqa (ZIL). They also announced that trading of coins with stablecoin USDC will start after liquidity is established. The community reaction included calls to add Ripple (XRP), Waves (WAVES), and Stellar (XLM). Coinbase also launched Coinbase Earn, a program that allows members to learn about cryptocurrency through content and tasks and earn some 0x (ZRX). Coinbase Earn is still invite-only with a long waitlist.
Here is the rest of the week in review:
US Congress is considering punishing Iran for using crypto to circumvent economic sanctions. Representative Mike Gallagher (R-WI) and Senator Ted Cruz (R-TX) introduced the Blocking Iran Illicit Finance Act. The bill would enact sanctions on parties who knowingly give Iran funding or technical support regarding digital currency. US regulators recently warned that Iran, like Venezuela, might soon launch a national cryptocurrency. Gallagher stated that though withdrawal from the Iran nuclear deal was the first step, the US government will continue to put pressure on Iran's economy and hinder the country's ability to export violence. It would be a new Congress that decides how to proceed if the bill goes up for debate or a vote next year.
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Crypto prices rebounded nicely 10% to the $135 billion level this week. The majors broke through past resistance, with Bitcoin (BTC) testing $4,000. In the top 100, the biggest losers are PRIZM (PZM), down 33%, Nasdacoin (NSD), down 25%, and Nexty (NTY), down 19%. The biggest gainers are Bitcoin Cash (BCH), up 143%, Stratis (STRAT), up 131%, and MonaCoin (MONA), up 94%. Although crypto has finally bounced from its new yearly low, strong resistance still lies ahead.
The author owns a small amount of BTC.
- https://www.ccn.com/coinbase-pro-adds-another-four-ethereum-tokens-including-dai/
- https://blog.coinbase.com/earn-cryptocurrency-while-learning-about-new-digital-assets-cc2df3537fc7
- https://www.coindesk.com/us-lawmakers-seek-sanctions-against-irans-cryptocurrency-efforts
- https://www.coindesk.com/facebook-is-working-on-its-own-stablecoin-for-money-transfers-report