Here’s what happened this week in Bitcoin in 60 seconds.

Bitcoin’s price dropped below the $10,000 level. All other altcoins suffered massive drops and the market is now slowly recovering from this massive panic sell.

South Korean government officials were involved in insider trading by taking crypto market positions prior to an announcement to ban Korean crypto markets. Over 250,000 outraged citizens have signed a petition in protest against these high-level market manipulators.

Regulators have issued Cease and Desist orders against BitConnect, a suspected Ponzi scheme. In response, BitConnect announced that they’d be ending all lending and trading activity on their platform. The value of the Bitconnect token fell from above $400 to below $6.

Finally, although the Lightning Network is still in testing phase, almost 30 nodes are currently testing the network with real bitcoins. This signals that this highly-anticipated technology will probably be arriving sooner than expected.

That’s what happened this week in Bitcoin. See you next week.