Crypto Roundup: Top Cryptocurrency News From This Week

cryptocurrency_news_week_2Here are the top cryptocurrency news this week between January 21st and January 26th 2018.

50 Cent accidentally made $8 million in bitcoin

Imagine waking up and realising that you’re a millionaire. Well, a bigger millionaire than you already were in this case. In 2014, 50 Cent allowed his fans buy his album ‘Animal Ambition’ with Bitcoin. 1 BTC was worth about $662 at the time. 50’s Bitcoins are now worth over $7 million. From an initial $400,000.

Stripe is ending support for bitcoin payments on April 23

Stripe announced this week, it will stop supporting Bitcoin payments in April. Stripe cited the volatility and long transaction times as some of the reasons for shutting Bitcoin payments on its service. Bitcoin transfer costs have increased recently due to its blockchain limitations. Stripe however announced later it may add support for
Stellar’s Lumens.

Stellar jumps 20% after Stripe says it may add support for the digital coin

Transactions on Stellar’s network using its XLM token takes about two to five seconds and are much cheaper than Bitcoin transactions these days. Stripe says they’re likely to favour Lumens over Bitcoin. The announcement shot the price of XLM up by over 20%. The company is also an early investor in Stellar.

The CBK Distances itself from Any Losses Incurred by Virtual Currency Investors

Kenya’s Central Bank has announced it will not be part of any loss incurred by cryptocurrency investors and traders. The CBK also reminded Kenyans that cryptocurrencies are not legal tender. Kenyan crypto investments are currently valued at KES 163 billion and Citibank estimates that the holdings are about 2.3% of the country’s GDP.

Inside the group chats where people pump and dump cryptocurrency

Paris Martineau on The Outline, joined many cryptocurrency groups where members are advised when to buy certain altcoins and when to sell. These groups range from 200,000 to 2,000 members and are sometimes responsible for crypto price drops in less than 10 seconds – leaving the slow with their loss.

Why a $39 Million ICO Chose Stellar Over Ethereum

Decentralised app store company Mobius explains its logic for picking Stellar’s Lumens over Ethereum as the token for its ICO. Like Bitcoin, Ethereum’s current technology faces scaling problems. The more people use it, the slower and moare expensive it becomes to complete transactions. Mobius aims to be the Stripe for cryptocurrency payments.

That’s all the top crypro news for this week. See you next Friday!