Bitcoin

Cryptocurrency Market Review

This week, the cryptocurrency market has attempted corrective growth. Currently, Bitcoin is trading around 4150.00 (+23.0%), Ripple is at 0.3700 (+24.1%), Ethereum is at 115.00 (+37.9%). In the top five major currencies, changes occurred again. Earlier this week, EOS entered it, and then Bitcoin Cash. Accordingly, Stellar and Tether moved down to positions six and eight. Now, Bitcoin Cash is trading around 200.00 (+56.0%), and EOS – at the level of 2.88 (+47.6%). The total market capitalization increased from 103 to 132 billion dollars. Bitcoin share on it decreased from 55.0% to 53.5%.

The creators of several of the largest digital assets commented on the situation in the market. Ripple CEO Brad Garlinghouse noted that, in his opinion, XRP was not a security. Moreover, the coin was independent of Ripple and would continue to be traded on the exchanges even if Ripple was closed. Charles Hoskinson, the founder of cryptocurrency Cardano, said that in the near future the coin can enter the top five largest cryptocurrencies by capitalization (now it occupies the eleventh place). This will happen after the developers have finally separated it from the Ethereum network, based on which it was created. Ethereum co-founder Vitalik Buterin transferred 300K dollars to Ether to Ethereum 2.0 developers (to Sigma Prime, ChainSafe and Prysmatic Labs) who complained about the lack of funding.

From the news of world regulators, it is necessary to note the growing discontent of Congress with the actions of the head of the SEC Securities and Exchange Commission, Jay Clayton, who, according to the opinion of a number of congressmen, has taken a too tough position and hinders the development of the digital assets market. This week, a draft “Token Taxonomy Act” was introduced in Congress, which could remove cryptocurrency from the SEC regulation. According to the Wall Street Journal, the Commodity Futures Trading Commission (CFTC) may soon allow the Bakkt cryptocurrency platform created by the owners of the New York Stock Exchange (NYSE) to work, which will allow the depository storage of cryptocurrency assets by institutional investors. The Japan Financial Services Agency (FSA) presented a draft of the new cryptocurrency regulation rules. In general, it is intended to require increased protection of client funds. To do this, the exchanges will need to have a significant amount of assets in order to cover customers’ losses in case of a hack. Operators received a work permit will be required to post information on accreditation on their sites. It also states that ICO can be regulated as securities. The Hong Kong Securities and Exchange Commission (SFC) also intends to tighten the rules on digital assets. In particular, investment funds with more than 10% of digital assets will be licensed.

Probably, next week the cryptocurrency market may continue its growth attempts.

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