Today on Altcoins This Week we comment on the recent ban announced by Bithum on banning 11 countries from its platform, the possible acquisition of BitTorrent by TRON’s founder, Altcoins prices and more.
Ashton Kutcher Donates $4 Million In Crypto
The actor Ashton Kutcher has made a huge donation to Ellen Degeneres’ Wildlife Fund. The announcement was made live during Ellen Degeneres Show last week. Kutcher and his business partner, Guy Oseary, both appeared in the show as guests, much to the surprise of host Ellen. She was further amazed when presented with a donation of $4 million in crypto on behalf of Ripple.
Kutcher took the opportunity to point out that as it was a cryptocurrency donation there was no need for a large check. He added that the digital currency could be transferred at the press of a button, and that funds would arrive almost instantly. Ellen was notably touched by the gesture.
TRON Founder Could Acquire BitTorrent Inc
Bittorrent Inc may be in negotiations with TRON’s founder, Justin Sun. According to paperwork filed earlier this year, the company signed a letter of intent with Sun to give him a first buy option. Although the purchase has not been confirmed, the acquisition paperwork has been signed, designating Justin Sun as CEO of the company, but the process has not been finalized.
This comes as a surprise, given that Bram Cohen, founder of BitTorrent, has recently shown an interest in cryptocurrencies, and plans to create its own, called Chia. It appears this is just another business decision made by the tech-savvy founder in the hopes of further developing his own agenda within the cryptocurrency market.
Soccer Player Will Launch his Own Cryptocurrency
The Colombian soccer player, James Rodriguez, who currently plays for Bayern Munich, has announced his intention to launch his own cryptocurrency called JR10 Token. James signed an agreement with SelfSell, a blockchain oriented startup, where in exchange for his endorsement, he would benefit from the creation of the token.
The new coin will be available for sale on May 27th through the Selfsell app. The purpose of the coin is to give fans a gift, as a thank you for supporting him throughout his growth as a professional soccer player. Li Yuan, founder of SelfSell, also commented that this would help James to further develop his brand. Tokens will also be used for sponsorship deals, media channels, football clubs and more. Another athlete who’s planning to launch his own cryptocurrency, is boxer Manny Pacquiao. It seems this is becoming a popular choice for stars wishing to further promote their brand.
Bithump Bans Crypto Trading In 11 Countries
Bithump, one of the largest South Korean exchanges, has announced the banning of digital asset trading in 11 countries. The countries to be banned from the platform are North Korea, Bosnia/Herzegovina, Ethiopia, Syria, Iran, Iraq, Sri Lanka, Trinidad and Tobago, Tunisia, Vanuatu and Yemen. The reason given is money laundering concerns. The cryptocurrency exchange wants to comply with global anti-money laundering regulations by blocking transactions of residents in countries that are non-cooperative with regulations, or that are on the Territories (NCCT) blacklist.
The measure came into place on May 27th, forbidding new users from these countries from registering on the platform, while pre-existing accounts will be disabled by June 21st. Bithump is hoping to avoid any future sanctions, by trying to adhere to the recommendations of South Korean authorities to become more regulated.
Altcoins In The Red
Altcoins have also experienced quite a downfall this past week. Ethereum (ETH) started the week at $690 and dropped from there. By Wednesday it had lost its $600 mark support, reaching its lowest point of $565 on Thursday. It recovered somewhat on Friday, going back up to $615 but ended up closing the week at $565. Ripple (XRP) started the week at 0.69c and dropped to its lowest point on Wednesday, reaching $0.59c but recovered somewhat, staying at the $0.60 mark and closing the week at that price. Bitcoin Cash (BTH) opened at $1,250 but dropped throughout the week, losing its $1,000 support bar and reaching its lowest point of $967 on Thursday. It tried to recover, reaching the $1,000 mark but ended the week at the $990. EOS opened above the $13 mark but it also suffered with the rest of the market, reaching its lowest point on Thursday, when it bottomed out at $10,50. However, it recovered to close the week at $12.50, out-performing all other coins we’ve analysed. Finally, Litecoin (LTC) opened the week at the $130 mark but then experienced quite a downfall, going as low as $116 on Thursday, before recovering a little to close the week at $117. The entire market is experiencing a downturn, due perhaps to recent comments from the US Department Of Justice, stating their intention to dig deep into Bitcoin trading and any possible manipulation of the market. Bitcoin has a big influence on the rest of the market, making it likely that Altcoins will follow Bitcoin market patterns.