The last week of December has been exciting for the cryptocurrency markets. Perhaps the biggest news is that TIME Magazine published a story titled "Why Bitcoin Matters for Freedom." Author Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation, argues that Bitcoin (BTC) and other cryptocurrencies contribute to global freedom for people who live under authoritarian regimes. Gladstein points to Venezuelans, who don't have fair elections or stable prices. They use BTC for remittances, a hedge to inflation, and savings accounts. People in China can escape the mass surveillance on Alipay and WeChat by using crypto. Gladstein also praises privacy blockchains Zcash (ZEC) and Monero (XMR) as well as encrypted communication apps. Finally, he praises cash for its anonymity. In a year with so much bad press for crypto, the TIME article is a refreshing breath of optimism based on utility.

Here is the rest of the week in review:

Mt. Gox CEO Mark Karpeles made his closing arguments in a Japanese court as his embezzlement trail came to an end. Karpeles was the overseer of a 2014 collapse in which Bitcoin exchange Mt. Gox went bankrupt and lost millions in BTC customer funds. He faces charges of embezzling over $3 million and fraudulently manipulating exchange data. Karpeles pled not guilty to all charges, but he apologized on Thursday for failing to protect users from being hacked. Prosecutors allege that Karpeles embezzled funds to invest in a software development venture, while the defense argues that the transfer was normal exchange business. Karpeles could receive 10 years in prison. The court will deliver its verdict on March 15, 2019.

Mizuho Bank announced plans to launch a digital currency on Wednesday. The Japanese financial giant wants to create a digital currency that people can use for remittances and payments in March. According to reports by Nikkei, retailers and merchants will pay a fee to accept the currency that is lower than credit card fees. Mizuho, Japan's second largest bank with 2017 revenue of $13 billion, has already convinced 60 regional banks to promote the digital currency. Other regional banks will be able to provide the currency as a service. Mizuho plans for the currency to be managed by a smartphone app, and users can make payments with QR codes. The digital currency will be a stablecoin pegged at a price of 1 yen per unit.

Crypto prices traded within a stable range this week, falling and then rebounding into the weekend. Current market capitalization stands at $130 billion, and BTC trades around $3,800. In the top 100, the biggest losers are Emercoin (EMC), down 25%, Ontology (ONT), down 19%, and Bitcoin Cash (BCH), down 19%. The biggest gainers are PIVX (PIVX), up 22%, Boolberry (BBR), up 20%, and PRIZM (PZM), up 16%. Investors hope the new year will bring a new bull market.

The author owns a small amount of BTC.