Heading into the weekend, cryptocurrency leader bitcoin had posted gains overall for the past seven days. According to data from Coinmarketcap, BTC is trading above $6,700 as of this writing. The top digital currency in the world by market cap had fallen below $6,000 in recent weeks after spending most of the summer in the current range. Whether this week's gains are signs of continued upward momentum or a return to the relative stability of this price point earlier in the year remains to be seen, however. Other digital currencies tended to trade sideways, with a few exceptions: ethereum is down to its lowest point in about a year, trading at around $280 as of this writing, while litecoin ended the week slightly up, trading just under $58 per token.
China Continues Crackdown on Crypto Exchanges
One of the most notable headlines from this past week involved China. China has long been a hub of cryptocurrencies and mining, although the Chinese government has taken one of the toughest stances on the new industry of any around the world. Beijing's internet finance watchdog, the China National Fintech Risk Rectification Office, will ban IP addresses for 124 offshore cryptocurrency exchanges in the near future. The reason for this is to reduce the access mainland Chinese investors have to those exchanges. From the government's perspective, the action will help to protect investors against financial risks associated with cryptocurrency trading.
Chinese cryptocurrency mining companies like Bitmain and Ebang are some of the largest on the planet, although the country's government has continued to ramp up efforts to monitor and reduce commercial use of digital tokens locally.
Apple Co-Founder Joins Crypto Startup
In the U.S., this week saw news about Apple Inc. (AAPL) co-founder Steve Wozniak. The tech leader and bitcoin proponent will reportedly join a cryptocurrency startup called Equi Capital, focused on investments in the digital token space. Wozniak's precise role in the company remains to be announced, but the Apple co-founder did reveal that the project will be centered in Malta and plans to launch arround the time of an upcoming blockchain conference there in early November. Malta is known as a country that is favorable toward blockchain and related projects.
Investing in cryptocurrencies and Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns bitcoin and ripple.