Bitcoin had a rough go of it this week as regulation and investor sentiment weighed on the cryptocurrency markets. Here are the stories you can't miss on Friday, Feb. 2.
After a week spent solidly in the red, bitcoin continued declines into Friday. In late-morning trading, the No. 1 cryptocurrency in the world by market cap dipped below $8,000 briefly, a level not seen since November. The sharp decline was tempered some as prices eked higher, but by early afternoon trading, bitcoin was still down considerably. With all of the top 10 cryptocurrencies by market cap trading lower Friday, the overall market value of digital assets slipped to below $420 billion. At its high, the crypto market was worth more than $800 billion.
According to a report from Coindesk and the New York Times, users on Twitter Inc. (TWTR) - Get Report have created copycat accounts of notable cryptocurrency developers and startups in order to solicit funds from unwitting followers. The copycat scammers have reportedly made significant gains to the tune of several thousand dollars in the past few days. Ripple CEO Brad Garlinghouse was victim of one of the copycat accounts, which operated as "@bradgarlinghaus."
JD.com's Blockchain Alliance
Chinese ecommerce giant JD.com (JD) - Get Report has joined the Blockchain in Transport Alliance, according to a company statement. The goal of the alliance is to share knowledge about and applications for blockchain technology with a number of international shipping, freight and logistics firms including United Parcel Service Inc. (UPS) - Get Report and FedEx Corp. (FDX) - Get Report .
Mnuchin's Crypto Plans
Treasury Secretary Steven Mnuchin plans to bring up the issue of cryptocurrency regulation at the upcoming G20 summit in Argentina next month. Mnuchin told the Senate Banking Committee earlier this week that he doesn't think crypto is a threat to the stability of financial markets, but that bad actors could utilize crypto in money laundering and other illegal activities, Coindesk reported.
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