After a historic 2017, the cryptocurrency markets took a decided downturn in Q1.
Bitcoin, ethereum, litecoin – and most major cryptocurrencies – saw declines in a variety of metrics: exchange volumes, transaction counts, and, of course, price. With it, too, public sentiment on the technology appears to have become more mixed.
Besides the prices, there was more bad news: Coincheck experienced a huge hack of $400 million, while regulators everywhere from South Korea to the U.S. took pointed aim at the industry. Several banks even went so far as to ban crypto purchases with credit cards, and the most heavily trafficked websites in the world (Twitter, Facebook and Google) all banned crypto-related ads.
While these events all spoke to dimmed prospects for the industry, there were other positive signs: the launch of the Lightning Network, the historic Telegram ICO that raised $1.7 billion and Rakuten (the Amazon of Japan) announcing plans to migrate its entire $9 billion loyalty program over to a cryptocurrency.
Where do we go from here?
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