{"id":40439,"title":"The Bulls Are Back, Trump’s Petro Ban Backfires and Karmic Justice","publisher":"Share Talk","author":"sharetalk","published":"2018-04-15T20:22:14+00:00","modified":"2018-04-15T20:22:14+00:00","canonical_url":"https://www.share-talk.com/the-bulls-are-back-trumps-petro-ban-backfires-and-karmic-justice/","markdown_url":"https://www.share-talk.com/the-bulls-are-back-trumps-petro-ban-backfires-and-karmic-justice.md","json_url":"https://www.share-talk.com/the-bulls-are-back-trumps-petro-ban-backfires-and-karmic-justice.json","category":"Fintech","categories":["Fintech"],"tags":["Bitfinex","cryptocurrencies","Pakistan","Petro Ban","TRUMP","Venezuelan government"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&ssl=1","format":"news","language":"en-GB","content":"##\n\n## Price Watch:\n\n- **[Bitcoin](http://ccn.com/tag/bitcoin) is up 15% **this week after a slight gain [last week](https://www.ccn.com/central-bank-cryptos-vitalik-trolls-and-hard-forks-this-week-in-crypto/) and a nearly 20% drop the week [before](https://www.ccn.com/ethereum-drama-more-bans-and-lawsuits-this-week-in-crypto/). After stabilizing at [$7,100](https://www.ccn.com/bitcoin-price-remains-above-7100-as-cryptocurrency-market-gains-20-billion/) earlier this week, the price rocketed [above $8,000](https://www.ccn.com/bitcoin-price-breaks-8000-for-first-time-since-march-real-momentum/) in a dramatic green candle. The price has hit a [sell wall](https://www.ccn.com/newsflash-bitcoin-price-shoots-vertically-above-8000/) over the $8,00 mark, but analysts are [optimistic](https://www.ccn.com/bitcoin-price-unexpectedly-maintains-its-13-gain-remains-above-7800-as-market-strengthens/). For the first time in [a few weeks](https://www.ccn.com/we-are-at-the-end-of-another-cryptocurrencies-downward-trend-opinion/), we’ve seen [major personalities](https://www.ccn.com/billionaire-tim-draper-sets-250000-bitcoin-price-target-for-2022/) revealing huge price targets in a manner similar to the end of 2017. Despite the price rise, [bitcoin dominance](https://coinmarketcap.com/charts/) fell slightly marking a reversal of [last weeks gains](https://www.ccn.com/central-bank-cryptos-vitalik-trolls-and-hard-forks-this-week-in-crypto/).\n\n- **Ethereum is up 30% this week. **The currency was flat [last week](https://www.ccn.com/central-bank-cryptos-vitalik-trolls-and-hard-forks-this-week-in-crypto/) and experienced [several weeks](https://www.ccn.com/ethereum-drama-more-bans-and-lawsuits-this-week-in-crypto/) of double-digit drops in the weeks prior. Technical analysts are [optimistic](https://www.ethnews.com/analysis/04-12-2018-ethereum-price-forecast-ether-rally-to-extend-further) that the rally will continue. Those more keen on fundamental analysis will point to Golem [going live this week](https://blog.golemproject.net/ready-set-launch-b14d73ca5400).\n\n- **The entire crypto market gained 20%** this week briefly bringing the total market cap over $325 billion. This comes after early gains of [$20 billion](https://www.ccn.com/bitcoin-price-remains-above-7100-as-cryptocurrency-market-gains-20-billion/) earlier in the week and is no doubt due to[ bitcoins fantastic price rally](https://www.ccn.com/bitcoin-price-breaks-8000-for-first-time-since-march-real-momentum/) earlier this week. The dramatic gains come after [several](https://www.ccn.com/central-bank-cryptos-vitalik-trolls-and-hard-forks-this-week-in-crypto/)[ weeks](https://www.ccn.com/ethereum-drama-more-bans-and-lawsuits-this-week-in-crypto/) of the price staying sideways at the $250 billion level.\n\n## Crackdowns:\n\n- **Trump’s crackdown on Petro backfires: **A Venezuelan government representative [thanked Trump](https://www.ccn.com/free-publicity-venezuela-thanks-trumps-petro-ban-for-doubling-investors/) for the free publicity that came from his [ban on Petro](https://www.ccn.com/breaking-trump-bans-us-citizens-residents-from-venezuelas-crypto-petro/). The representative further claimed that Trump’s [executive order](https://www.whitehouse.gov/presidential-actions/executive-order-taking-additional-steps-address-situation-venezuela/) has even managed to raise investor interest in the U.S. These statements should be taken with some hesitation, as the Venezuelans are suspected of making [false statements](https://www.ccn.com/venezuelas-president-false-information-petro/) surrounding the “[$5 billion](https://www.ccn.com/venezuelan-president-claims-petro-pre-sale-raked-5-billion/)” raised by Petro’s presale earlier this year. In any case, Venezuela has made some bold predictions for the future stating Petro’s impact would be felt within “[three to six months](https://www.ccn.com/venezuela-petros-impact-will-be-felt-within-three-to-six-months/)“.\n\n- **Pakistan [banned banks](https://www.ccn.com/pakistan-central-bank-bans-banks-from-cryptocurrency-ico-transactions/) from transferring cryptocurrencies** this week in a move that closely followed neighbor and [on-again-off-again enemy](https://en.wikipedia.org/wiki/India%E2%80%93Pakistan_relations) India’s [ban](https://www.ccn.com/india-bans-banks-from-processing-cryptocurrency-purchases/) last week. The move in Pakistan is expected to be just as controversial (and [ambiguous](https://www.ccn.com/no-india-isnt-banning-bitcoin-as-mainstream-media-gets-it-wrong-again/)) as [India’s](https://www.ccn.com/india-bans-banks-from-processing-cryptocurrency-purchases/). The move follows similar actions by [Bolivia](https://www.ccn.com/bolivian-authorities-arrest-60-bitcoiners-state-virtual-currencies-are-illegal-pyramid-schemes/), [China](https://www.ccn.com/china-ban-block-cryptocurrency-trading-icos-abroad-report/), [Ecuador](https://www.ccn.com/ecuador-bans-bitcoin-favor-own-national-cryptocurrency/), [Colombia](https://www.ccn.com/colombia-declares-bitcoin-digital-currencies-illegal/), [Russia](https://www.ccn.com/russia-makes-its-first-arrests-for-illegal-bitcoin-trading/), [Vietnam](https://www.ccn.com/vietnam-bans-bitcoin-payment-method-adopters-face-9000-penalty/), [Bangladesh](https://www.ccn.com/top-10-countries-bitcoin-banned/), [Nigeria](https://www.ccn.com/nigerian-banks-ban-credit-debit-card-use-abroad/), and others although these bans have taken [various forms](https://www.ccn.com/top-10-countries-bitcoin-banned/).\n\n- **JP Morgan sued over fees**: In what has been called a form of karmic justice for J.P. Morgan CEO Jamie Dimon who called [bitcoin](https://www.ccn.com/jp-morgans-jamie-dimon-labels-bitcoin-fraud/) a “fraud”, the firm he runs has been hit with a [class action lawsuit ](https://www.ccn.com/jpmorgan-slammed-with-crypto-fee-fueled-complaint/)surrounding hidden fees users incur when using credit cards to buy Bitcoin.\n\n- **Bitfinex investigated over money laundering:** Polish authorities have revealed that Bitfinex has [been implicated ](https://www.ccn.com/bitfinex-implicated-in-laundering-drug-money-polish-media-reports/)in an investigation into the laundering of zł 1.27 billion Polish złotys (~$371 million). The laundered money is said to belong to Colombian drug cartels. Colombia [banned](https://www.ccn.com/colombia-declares-bitcoin-digital-currencies-illegal/)cryptocurrencies in late 2016 citing money laundering concerns.\n\n## Forks:\n\n- **Nano lawsuit demands fork: **A class action lawsuit filed by victims of a breach against exchange [BitGrail](https://www.ccn.com/17-million-nano-xrb-lost-on-bitgrail-exchange/) aims to force the developers of [Nano](http://ccn.com/tag/nano) (XRB) to create a hard fork which would return lost assets to investors. Normally security is the asset holders responsibility, but the developers appear to have explicitly endorsed the exchange citing a close relationship with BitGrail [founder](https://twitter.com/bomberfrancy). [Questions](https://www.ccn.com/questions-mount-over-170-million-bitgrail-hack/)have been posed over whether or not the attack happened and many have pointed fingers exclusively at BitGrail. If this lawsuit is won by the plaintiffs it could set a dangerous precedent for future hacks.\n\n- **Vitalik opposes hard fork that would stop ASIC mining: **After [EIP ](https://www.google.com/search?q=eip+958&oq=eip+958&aqs=chrome..69i57.3340j0j7&sourceid=chrome&ie=UTF-8) that sought to slow down Ethereum centralization by stopping [ASIC miners](https://www.ccn.com/ethereum-asic-miners-set-to-hit-the-market-as-bitmain-begins-taking-preorders/) became wildly popular, Ethereum co-founder Vitalik urged the community to exercise some restraint. With the memory of [Moner’s](https://www.ccn.com/monero-hard-forks-to-maintain-asic-resistance-but-classic-hopes-to-spoil-the-party/) [5x hard fork ](https://cryptocoinspy.com/5-monero-xmr-forks-down-monerov-xmv-soon-to-make-it-6/), it’s completely reasonable to fear a split in the community and a detraction from “more important things”.\n\n*Featured image from Shutterstock.*\n\n**Follow us on [Telegram](https://telegram.me/ccncom).**\n\nAUTHOR: Jake Sylvestre\n\n[Jake Sylvestre](https://www.linkedin.com/in/jakesylvestre/) is the founder of [PhishTrain](https://phishtrain.com/) & a cybersecurity expert who consults for Fortune 500 companies on topics like cybersecurity, blockchain, and marketing. Follow me on Twitter: [@jakesyl](https://twitter.com/jakesyl)\n\n "}