With the amount of new cryptocurrencies launching every day, the bulk of them will fail, but that does not mean you can’t profit from them. #ANALYSIS

Bitcoin startup Blockstream has introduced a micropayment processing system that it claims makes it simpler to build bitcoin payment apps.

With all cryptocurrency markets tanking in value, it is evident there will be some big changes. More specifically, some currencies are all but crashing to the ground as we speak. BitConnect, the infamous Ponzi Scheme, is finally meeting its demise, by the look of things. Thanks to the recent price declines, the value of BCC dropped by over 80%. Moreover, the native exchange has closed its doors and the subReddit is turned to private. Good riddance, according to many cryptocurrency enthusiasts.

It was only a matter of time until BitConnect would finally collapse. Thousands of people bought into this scam and some of them may have even made money. Most users, however, probably never got their money out of this program whatsoever. That is only normal, as over 95% of all trades were conducted on the native BCC exchange. When a currency’s developers also run the main exchange, you know things are not always going to end well.

Curtain Call for BitConnect

To put this into perspective, the BitConnect price has dropped by a lot. Over the past week, it went from nearly $400 all the way to $27. Such a steep decline seems to confirm the developers finally completed their grand exit scam. It is also possible they used the ‘stolen” Bitcoins to crash the current market. Whether or not that latter part is a conspiracy theory or the sheer reality, remains to be seen. It is evident the BCC exchange had access to a lot of BTC, though. Either way, it seems this Ponzi Scheme is gone for good, which can only be considered to be a good thing.

Furthermore, it seems the project’s subReddit is no longer accessible. Rather than leaving it open to the public, it is now completely private. No one who isn’t “approved” can’t access this subreddit or see what is being posted there. A very worrisome turn of events for the people still waiting to get their money out. They were warned dozens of times about this Ponzi Scheme, though. Anyone who lost money due to BitConnect only has themselves to blame. It is a harsh reality, but that’s what people get for falling for snake oil practices.

For now, it is unclear what the future will hold. It seems the BCC Exchange has also shut its doors for now. This is more evidence of the nefarious nature of this particular “investment program”. It is a matter of time until the other exchanges remove BCC from their platform, by the look of things. We can only hope not too many people lost money because of BitConnect. At the same time, it seems likely the team ran off with a few dozen million Dollars in the end.

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Soldiers in South Korea will no longer be able to access online cryptocurrency trading websites whilst at military bases. A notification issued Monday by the Ministry of Defence outlined plans to crackdown on digital currency trading. They also began shutting down access to websites about Bitcoin and other virtual currencies at the same time. The notification read:

“According to internal rules, we will gradually shut down internet access to websites on encrypted currency starting Monday.”

The measure is in line with other prohibited material on military bases. This includes pornography and online gambling websites. The Korea Times report that a further crackdown on soldiers using cryptocurrency might be incoming. According to a ministry official:

“We are going to announce specific countermeasures for cryptocurrency transactions made in military units… The ministry is in internal talks to confirm whether it is against military regulations.”

The unnamed source reportedly continued to suggest that the tightening of regulations aimed to protect soldiers’ morale against the potential ill-effects of a market as volatile as cryptocurrency.

As of yet, it’s unclear what additional preventative measures the Ministry of Defence will take against those using cryptocurrrency. However, since Monday access to websites about cryptocurrency and exchange pages have been blocked at internet cafes on military bases.

An online notice posted Monday by the military also said:

“According to internal rules, we will gradually shut down internet access to websites on encrypted currency starting Monday… We urge soldiers to refrain from visiting digital token exchanges to avoid disappointment from our decision to block access to relevant sites.”

In addition to the Ministry of Defence getting tough on cryptocurrency, they have also announced that they will offer troops classes on financial education. This is because it is difficult to access such information whilst staying on a base. However, just how free from bias these classes are remains to be seen. It seems likely that any anti-cryptocurrency sentiment running through the government will trickle down to their soldiers’ education.

The news about the military crackdown on Bitcoin and other cryptos comes amid heightened regulatory fear from South Korea. The government there have been posturing about changing legislation regarding digital currencies. It’s unclear how they will go about this at present. Finance Minister Dong-yeon said on Monday that the government were considering whether to shut down domestic crypto exchanges. According to the government minister:

“The thing is the scope of reasonable regulation, but there is no global standard on it… We are coming up with comprehensive regulatory packages, including taxation or real-name-based trading on digital tokens.”

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Blockchain for shipping: IBM and Danish shipping company Maersk announce joint venture to create an as-yet-unnamed Blockchain-based shipping and supply chain company. #NEWS

There is nothing positive to talk about when it comes to the current cryptocurrency markets. All currencies are still in the deep red, and there does not appear to be any light at the tunnel just yet. No one is successfully bucking this trend any longer, as even the Bitcoin Cash price is forced to give up valuable ground. Right now, one BCH is valued at just over $1,600. Whether or not we will see a Bitcoin Cash price rebound before Bitcoin recovers, seems highly unlikely.

The Bitcoin Cash Price is Struggling

Any cryptocurrency on the market is having a very bad week so far. With most coins down by 20% or more over the past 24 hours, it is evident things are not looking all that great. Especially now that the Bitcoin price is tanking hard, people expected some prominent altcoins to rise up. If there ever was a perfect scenario for Bitcoin Cash to stake its claim as the world’s leading cryptocurrency, it would be right now. Unfortunately, the Bitcoin Cash price can’t escape the gravitational pull into the lower price regions.

More specifically, the Bitcoin Cash price currently hovers near $1,638. Compared to a few months ago, this is still a very healthy gain, but most people only have short-term memories. When looking at the Bitcoin Cash price of over $3,000 not that long ago, things are looking very bleak right now. It’s always important to put things into their right perspective, though, as the overall trend for BCH is still relatively bullish. This current dip was coming sooner or later, and it is throwing all cryptocurrencies for a loop right now.

Granted, the past seven days have not been kind to the Bitcoin Cash price. Nor have they been to any other currency in existence, other than a few dubious projects. With the Bitcoin Cash price steadily dropped from almost $3,000 to $1,638 in quick succession, some people would prefer to panic rather than keep a level head. It is evident this is an issue not unique to BCH whatsoever, and things will turn around eventually. It will take some time before the sun shines upon cryptocurrency again, though.

With $1.39bn in 24-hour trading volume, one could say Bitcoin Cash is still doing just fine. After all, most of the orders are focused on selling rather than buying. Then again, every sell order means someone else is buying BCH at that specific price. The money is changing hands from panic holders to those who are confident all markets will rebound. This seems to indicate plenty of people expect the Bitcoin Cash price to appreciate over time. From a long-term perspective, this is a rather rational assessment.

The vast majority of BCH trading volume originates from OKEx. That is only normal, as they made Bitcoin Cash the base currency for all trading pairs. Bitfinex and HitbTC complete the top three. It is interesting to see all of these exchanges are well ahead of Bithumb in terms of trading volume. This may indicate South Koreans are not selling their holdings in such a panicked mess as the rest of the world. Only time will tell if that is effectively what is going on, though.

For now, it is unclear what the future will hold for cryptocurrencies. More specifically, the Bitcoin Cash price will probably continue to go down until this insanity finally comes to an end. When that will happen exactly, remains to be determined, though. Right now, it seems the bleeding is far from over, and turning the ship around will not be easy whatsoever. There is far more negative pressure on all cryptocurrency markets than one would expect, but this may only the beginning of what is yet to come.

A new bill introduced by a U.S. lawmaker calls for the formation of a task force to combat the use of cryptocurrencies in financing terrorism.

Even those who’ve never invested in Bitcoin before are starting to keep a closer eye on its progress. But some onlookers wonder, will the bubble burst, and if so, how long from now? #ANALYSIS

As CNBC Africa’s CryptoTrader host and producer Ran Neuner noted, bitcoin declined by 30 percent on five different occasions in 2017. This month’s 20 percent correction in bitcoin is tolerable, given the major corrections it had experienced in the past 12 months.

Major Correction

Other major cryptocurrencies such as Ethereum and Bitcoin Cash also recorded corrections in the 50 percent range last year, with the price of Ether, the native cryptocurrency of Ethereum, dropping from $360 to $130. Since then, Ether has surpassed $1,000, and surpassed $2,000 in the South Korean cryptocurrency exchange market.

Ethereum co-founders Vitalik Buterin and Charles Hoskinson expected a major correction to occur in the cryptocurrency market, because the market has grown at such a rapid rate within a short period of time. Blockchain projects with no products and users, solely with whitepapers with technobabble reached multi-billion dollar market caps.

Major corrections prevent short-term bubbles within the cryptocurrency market from occuring by shaking off weak hands and speculators. After major corrections, the market tends to solidify and strengthen, and initiate stronger rallies, as shown in the chart provided by prominent finance analyst Max Keiser below.

With initial coin offerings (ICOs) without products, users, and legitimate business models dominating the cryptocurrency sector, a major correction was long overdue. When the cryptocurrency market surpassed $500 billion in valuation for the first in history, Buterin questioned the justification of that valuation, and whether blockchains have done enough to support the billions of dollars invested in the market.

Hence, while the recent correction led to a $200 billion drop in the market cap of cryptocurrencies, it was necessary to ensure that the market remains stable and strong. Already, in the past 24 hours, the market valuation of cryptocurrencies increased from $450 billion to $520 billion, by over $70 billion.

Where Does the Market Go Next?

The bitcoin market in particular is expected to have a strong year in 2018, given the entrance of institutional investors and retail traders. Several markets including India are also expected to regulate their bitcoin markets, introducing many millions of new users to the digital currency.

Constantin Papadimitriou, president of Pundi X, told QZ in an interview that approximately 10 percent of all bitcoin transactions take place in India. According to Pundi X, which focuses on offline cryptocurrency sales, surveyed 3,000 respondents across India, Indonesia, Japan, Russia, the UK, and the US, the demand for bitcoin India is stronger than ever, despite the government’s strong warnings against the cryptocurrency.

While it is unlikely the government of India will legalize and regulate its cryptocurrency market in the short-term, given that a task force has already been established, there is a higher probability than before that the government will regulate its bitcoin market.

With China, the world’s largest remittance market, having banned bitcoin, the next big market in terms of remittance and e-payments is India. The penetration of bitcoin into the Indian market would lead to a surge in the user activity of the digital currency.

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ICOs and tokens may open up new modes of healthcare funding, but are there as many cons as pros?