What’s happening in the crypto market? We’re always searching the net and chatting to the movers and shakers to find you the latest news. Following are some picks from our friends at Coincentral.
The Market Giveth and the Market Taketh Away
The cryptocurrency market had a serious identity crisis this week. After falling nearly 17 percent at the start of last week, it started to show signs of recovery leading into the weekend. However, in just the last few hours, the crypto market decided to fall again, this time around seven percent. That leaves us with a total decline of around 6.66% over the week and a market cap of $130.4B.
Domestic Cryptocurrency News
Ohio Taxes Become Crypto-Friendly: Ohio Treasurer Josh Mandel announced this week that the state is now accepting cryptocurrency for business-related taxes. The new initiative is meant to paint Ohio as a cryptocurrency advocate as well as provide business owners an alternative, and in certain instances cheaper, way to pay their taxes.
The state has teamed up with BitPay to provide this service. Although businesses are paying taxes in Bitcoin through OhioCrypto, the Treasury office is adamant that they’re immediately converting those payments to U.S. dollars. Looks like someone hasn’t taught them the value of hodling just yet.
Nasdaq Announces Bitcoin Futures Support: We’re in one of the worst bear markets in Bitcoin’s history, but Nasdaq don’t care. According to a Bloomberg report, Nasdaq, Inc. is still moving full steam ahead to launch their Bitcoin futures in the first quarter of 2019.
Separating itself from the competition, CME and Cboe, Nasdaq plans to base the futures off the price on several spot exchanges put together by Van Eck Associates Corp. To put this into perspective, CME looks at four markets while Cboe just uses one.
Overstock CEO Says ‘Bye’ to Retail: And ‘hello’ to blockchain. Patrick Byrne, Overstock’s founder and CEO, is no stranger to the blockchain industry. His e-commerce platform was one of the first to accept cryptocurrency payments and he’s been involved with several blockchain projects including Ravencoin and tZero.
Now, it looks as if he’s betting the house on the technology. Over the next few months, Overstock will be selling its retail business to make room for Medici Ventures, a subsidiary focusing on blockchain startups. News of the sell-off and shift in focus preceded a 26 percent jump in the stock price.
Cryptocurrency News from Around the World
The UAE Starts Plans for DLT: On Wednesday, Abu Dhabi hosted the Second UAE Government Annual Meetings. And, you guessed it, blockchain was on the agenda. The AI and Blockchain Joint Working Group discussed ways to get more foreign investment, foster entrepreneurship, and create the appropriate infrastructure for the two industries.
Other notable announcements included the launch of the AI and Blockchain Guide initiative and the creation of the National Programme for AI and Blockchain Capacity. The most notable takeaway, however, is the goal to have 50 percent of government transactions on a blockchain platform by 2021.
Excerpts originally published at CoinCentral, This Week in Cryptocurrency: November 30, 2018.