*By Jacqueline Corba*
Bitcoin plummeted this week, falling below the $6,000 mark. The major cryptocurrencies are facing a steep decline in trading volume this summer, a far cry from the action in December when Bitcoin hit an all time [high of $19,783.] (http://fortune.com/2017/12/17/bitcoin-record-high-short-of-20000/)
Harbor Peak Senior Advisor Paul Johnson says #Fomo is gone, and [institutional investors remain on the sidelines.] (https://www.nytimes.com/2018/06/27/business/dealbook/fund-managers-bitcoin.html) These two factors, Johnson said, are driving the drop in demand.
"Until you solve the custody problem big institutions can't play," said Johnson. "Ultimately if it's going to be an exchange protocol of currency you have to have transactional demand."
Inconvertable paper money, known as fiat, is insured. But cryptocurrency is not, so if someone loses their Bitcoin there's no hope for recovery. That's the biggest hurdle keeping institutional investment away.
When Bitcoin fell below the $6,000 mark over the weekend, Ethereum also plummeted down to $434. Litecoin has traded below $100 for two straight weeks.
"When Bitcoin price goes down no one is buying the lesser stuff," derivatives trader Tone Vays said Thursday on Cheddar's show The CryptoCraze. "When Bitcoin goes up people feel richer so they are able to gamble more on these alternatives, and when Bitcoin goes down you have a lot less net worth so people are less likely to gamble."
Johnson agrees with the trend, but offers a different view.
"Almost all cryptos are priced to bitcoin because that's the most prevalent exchange medium, and not fiat," said Johnson. "So when Bitcoin goes down, almost everything else should go down almost by definition."
But, what goes down will eventually go back up, argues Vays who remains bullish on Bitcoin.
"I do see Bitcoin as being that one and only public Blockchain in the future," said Vays.
For the full segment, [click here.](https://cheddar.com/videos/bitcoins-ripple-effect-facebooks-change-of-heart)
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
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