Welcome to the Crypto Weekly Update, where we organize all the latest developments from the previous week for your reading pleasure. The Crypto Weekly Update will be released every Monday afternoon. Think we can improve? Let us know in the comments section below!
Lisk Rebrands Platform and Website
Many investors thought that the price would run up after the event but the opposite held true. It seems that a good deal of traders bought leading up to the event but sold out of their positions shortly after the event had started. Either this was the plan all along or those that bought were not impressed with the team’s presentation. We thought that the event went well and that the team conducted themselves in a very professional way.
If you would like to watch the rebranding event you can access it by clicking here.
ZClassic Set to Fork Into Bitcoin Private
On Wednesday at 12 PM EST a new crypto called Bitcoin Private (BTCP) will hit the scene. Holders of both Bitcoin and ZClassic will receive one BTCP for each coin they hold. Investors and traders have been flocking to ZClassic over the past week. Many consider ZClassic the preferred route to acquire BTCP because you get more bang for your buck.
But many looking to make a quick profit may have been left in a bad position. It would make sense that a coin that will produce another coin will have a run up in price close to the snapshot date. And ZClassic has certainly seen a huge price increase over the past few months. Investors that got into the game late were not too pleased to see the price drop close to 50% over the last few days.
The problem seems to be exchange support for the fork. The only large exchange in which ZClassic is listed is Bittrex and the exchange has yet to let users know if they will support the fork. This means that if investors leave their ZClassic or Bitcoin on Bittrex they might miss out on Bitcoin Private. This is hurting the potential run up before the fork. Let’s see what happens over the next few days.
Click here to learn more about Bitcoin Private.
OmiseGO Partners With Thai Government
OmiseGo, one of the flagship projects built on top of the Ethereum platform, has partnered up with the Thai government. According to insiders, the deal sets OMG up to develop a payment system for government use. It is also speculated that a identification verification system will also be built by the team.
Government contracts are a good thing in any business. They are the gift that keeps on giving. It’s a great sign that the Thai government is so interested in incorporating blockchain technology and crypto into the everyday lives of Thai citizens.
— Donnie Harinsut (@ruxperience) February 22, 2018
The project seems to be closely tied to major stakeholders in the region. Usually Southeast Asian countries will adopt similar economic policies in an effort to fend off advances from China and the United States. Expect more positive news out of this region as it relates to blockchain technology and cryptocurrency.