Bitcoin

Cryptocurrency Market Review

During the week, the market was moderately correcting downwards. In the middle of the week, Bitcoin attempted to grow, but by Friday it lost the positions it had won. Currently, Bitcoin is trading around 3950.00 (-0.3%), Ethereum - at 134.00 (-3.0%), Ripple - at f 0.3050 (-2.8%), Litecoin - at 55.75 (-4,4%), and EOS - at 3.60 (-6.1%). The total capitalization of the market in the week fell slightly, from USD 140 billion to 139 billion. Bitcoin share is still around 51.0%.

The founders and employees of the largest cryptocurrency projects issued a number of comments. Ethereum developers leader Vitalik Buterin has identified the main problems of the network at the moment: they are scalability, privacy, and user-friendliness. Scalability is recognized as the main one. The Ethereum blockchain right now can process 15 transactions per second but there's a need for 100,000. The solution is sharding, splitting up the different transactions to randomly selected, different groups of computers. Buterin also noted that the development of an ecosystem is difficult without the high price of a coin. Ethereum co-founder Joseph Lubin noted that, thanks to the introduction of blockchain technology, the global economy can grow 10 times over the next 10-20 years. During the week, digital market leaders were also actively discussing Bitcoin. The head of the Dash Core Group, which created the DASH coin, Ryan Taylor said that in the long run, Bitcoin has no chance of surviving due to management flaws, and the popularity of this currency persists only because it was created first. EOS founder Brendan Blümer adheres to another opinion, noting that in the coming decades Bitcoin will push gold out of the market and become the main asset for storing value.

The US Securities and Exchange Commission was in the spotlight again. SEC Senior Advisor Valerie Szczepanik, during her speech at the SXSW conference, divided stablecoins, which are gaining popularity in the market, into three categories: secured by physical assets (gold, real estate, etc.), by fiat money, and by various market mechanisms to maintain price stability. The latest include, for example, the Dai coin, which uses smart contracts to adjust its own offer. According to Szczepanik, the last category of stablecoins may fall under the definition of security, since there is a party that controls price fluctuations and decides on the use of certain correction mechanisms.

Next week, the continuation of a smooth decline in prices or stabilization of the cryptocurrency market is possible.

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