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.
Social media giant Facebook (NASDAQ: FB) is reportedly researching how to develop its own stablecoin. Anonymous sources claimed in a Bloomberg article that Facebook is working on a stablecoin that will allow Indian users transfer money on the WhatsApp messaging application. WhatsApp has over 200 million monthly active users in India. Migrants also sent home to India nearly $70 billion in remittances in 2017. No details about the Facebook stablecoin's fiat peg have emerged yet. If Facebook successfully develops a stablecoin for WhatsApp, then it would be one of the most widely used crypto products. This year startups and investors have chased after the stablecoin craze, with Circle and Coinbase notably partnering to create USDC.
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.