Crypto Space Over The Past Week From 10 To 16 Of September, 2018
At the end of the week, we resume everything that the cryptocommunity talked about over the past seven days. This week Vitalik Buterin has disproved the pessimism concerning the cryptomarket, and brothers Winklevoss have launched stablecoin.
On September 12, Vitalik Buterin, Ethereum co-founder, wrote on Twitter that he never claimed that there was no place for the growth of the cryptocurrency ecosystem. On the contrary, he noted a 1000-fold increase in the recognition of cryptocurrencies.
One of the most ardent cryptocurrency supporters, Mike Novogratz, believes that the digital market is on the verge of a new "explosion". Novogratz is sure that we won't see a bigger collapse of a rate of bitcoin and other coins any more.
One of the venture pioneers, Tim Draper, made a forecast, according to which the total market capitalization of cryptocurrencies will reach $ 80 trillion in next 15 years.
Gregory Van den Bergh, Bankorus co-founder, considers that blockchain popularity grows, people begin not just to monitor price jumps, and really get acquainted with this technology. According to him, tokenization is the following wave of cryptocurrencies.
John McAfee, who continues a war against HitBTC, said that from the mathematical point of view, by 2020, bitcoin price of should be close to $ 1 million. According to him, this conclusion is based on bitcoin data and minig complexity, especially now, against the background of the approaching reduction in the compensation for mining (from 12.5 BTC to 6.25 BTC).
The chief economic adviser of the Allianz concern, chairman of the Global Development Council and popular writer Mohamed A. El-Erian said that the cryptocurrencies are not dead, although they are overvalued. According to him, the price of bitcoin should be about $ 5000.
Chief commercial director of the cryptocurrency company Bitpay, Sunny Singh, said that the general state of the cryptocurrency is not a concern and that the overall dynamics of this industry looks positive. He believes that the cryptocurrencies are now on the verge of new progress, which will become the "defining moment" for the industry in terms of development and recognition as a payment instrument.
In a new research conducted by SharesPost, more than 70% of investors who own a cryptocurrency said they are ready to increase capital investments in digital assets. 72% of respondents who have digital coins in their possession plan to increase their investments in the nearest future. However, among this category of respondents there are those who are not ready to rush to make a decision, since the digital market has recently shown a decline. Many crypto currency holders have told the researchers that, in their opinion, 2025 will be a turning point in the history of the global market.
Ethereum and ICO
According to Autonomous Research, over the past month ICO was able to attract only $ 326 million, and this corresponds to a minimum of the last 16 months. For comparison, for the first three months of 2018, blockchain startups attracted about $ 3 billion on average. Experts believe that ICO, using the Ethereum blockchain, became the main catalyst for the growth of the air last year. Also, according to a study conducted by the analysts of Diar, 40% of the funds raised from the initial offers of coins remain on the accounts of the organizers of the ICO.
According to Trustnodes, ICO-projects massively sell their ethers. So, over the last ten days, the projects sold 160,000 ETH, and over the previous 20 days they got rid of another 120,000. As a result, during the month holders dropped about 280,000 coins, which is $ 54 million.
Rocket Pool developer, Darren Langley, analyzed in his blog on the Medium Roadmap Ethereum 2.0. Its most important aspect is that Ethereum 2.0 will combine the algorithms of Proof-of-Stake (PoS), eWASM and sharding. After the launch, it will be able to support a significant number of transactions on the blockchain.
Against the background of falling Ethereum value the mining of this cryptocurrency becomes an unprofitable action that as a result has led to decrease in the hashrate of network of a coin to a new minimum. If in August this indicator was 300 trillion hashes per second, then now it has fallen up to 270 trillion hashes. It is one of the biggest falling of activity of Ethereum miners.
The South African Central Bank announced its intention to use the network of the Ethereum to service interbank operations. The regulator has already completed testing the platform in the framework of Project Khokha.
Jeff Dorman, Arca Funds' trust manager and former Wall Street trader, in an article on Hacker Noon, analyzes the events in the market in recent weeks, denies similarity to the collapse of 2014 and explains how the upcoming renewal of the etherium can open prospects for its growth.
New York cryptocurrency exchange Gemini Trust announced on September, 10 to launch its own stablecoin. So-called Gemini dollar (GUSD), which will be pegged to the US dollar in a 1: 1 ratio, will become the world's first regulated stablecoin and allow users to send and receive US currency through Ethereum network using ERC20 standard. Following the announcement of the twins Winklevoss, the New York-based company Paxos made a similar announcement. On whether the Gemini dollar will be able to press Tether and become the new "king of stablecoins".
On September 10, Dogecoin fell into the list of top 20 major digital assets according to CoinMarketCap. The coin rate rose to $ 0.006, and the market capitalization reached $ 715.38 million. Now the asset is on the 20th line of the rating, overcome Zcash cryptocurrency.
At the beginning of the week, Waves development team launched a new system protocol for its blockchain. This increased the attractiveness of the coin in the eyes of investors, which sharply increased capital investments in the digital asset. In the near future, the protocol will create smart contracts on the platform Waves, if it is supported by all the miners.
IOTA Foundation team continues to expand its cooperation with leading high-tech corporations. Bosch, Volkswagen and Fujitsu are long-time partners of the startup, only now the parties are tasked to expand cooperation in the implementation of projects to launch joint applications and products.
French football club Paris Saint-Germain (PSG) announced its intention to create its own cryptocurrency Fan Token. Coins will be issued in partnership with Socios. Also, the Brazilian club "Awai" announced the readiness to launch its own cryptocurrency.
On September 11, co-founder OKEx cryptoexchange, Star Xu, was taken into custody in Shanghai on suspicion of participation in a swindle with the WFEE coin. Preliminary investigation found that his company in Shanghai is not related to the WFEE token. The alleged fraudulent scheme was carried out in Beijing, so the investigation materials will be handed over to the Metropolitan Police.
The company Huobi Group has set a goal to come in the Japanese cryptocurrency market. The press center of the company announced that its subsidiary Huobi Japan Holding Ltd will repurchase the lion's share of the BitTrade cryptocurrency platform.
Bittrex Exchange has concluded a new transaction and launched a global company called Bittrex International, aimed at blockchain technology. The exchange platform also plans to move to Malta, which conducts a friendly policy towards the cryptocurrency business. In addition, Bittrex plans in the near future to begin servicing operations with digital currencies, Litecoin and Tron.
The largest Canadian cryptocurrency exchange NDAX began to operate transactions with digital coins EOS.
The Japanese company GMO Internet has launched a platform for cryptocurrency trading. Its launch was carried out through the subsidiary structure of giant GMO Coin. While users of the trading platform are only available operations with bitcoin.
Large cryptocurrency companies and veterans of the US technology sector intend to create a Blockchain Association. The organization will become the first group of lobbyists of this kind in Washington, representing the interests of investors and entrepreneurs working with this advanced technology. The mission of the new organization is to stabilize the relationship between the crypto-currency start-ups and legislators. Means of achieving this goal are called education and norms changes.
Ukrainian National Startup Fund (Ukrainian National Startup Fund) will start operating in Ukraine, for which UAH 50 million has been allocated from the state budget - about $ 1.8 million. The fund will cooperate with companies working in blockchain, IoT, artificial intelligence (AI), large data, biotechnology, cybersecurity, defense and energy.
On September 7, the Supreme People's Court of China published rules clarifying the procedures for judicial proceedings for a new type of court that would specialize in cases involving the use of the Internet.
The government of the Australian state of New South Wales is going to test the program of digitizing the driver's license with the help of a detachment. In a statement, the state government announced that it will conduct a pilot program for 140,000 drivers.
On September 9, SEC reported the temporary cessation of trade in two investment products tied to cryptocurrencies. The office specified that they caused confusion among investors who could take them for ETF. These are Bitcoin Tracker One and Ether Tracker One products, quoted by the Stockholm branch of the Nasdaq.
The Central Bank of India finally spoke on the legal status of digital currencies. The bank statement says that since bitcoin and other virtual currencies do not exist in physical form and are not represented in Indian rupees, the definition of "Indian currency" is not applicable to bitcoin.
The central bank of Mexico promulgated an order in which it announced its intention to tighten control over all types of cryptocurrency transactions. The regulator, together with the Mexican government, set the task of minimizing the risks of legalizing criminal incomes using bitcoin and other coins.
International Monetary Fund is exerting pressure on the authorities of the Marshall Islands to refrain from issuing state cryptocurrency. The IMF fears that, following this island nation, many countries will start issuing their digital money.
In the United Arab Emirates, cryptocurrencies can clasificate as securities. The relevant decision is being prepared by the UAE Securities and Commodities Authority. The Office conducted a major study and decided to launch a set of mechanisms for regulating relations in the cryptocurrency market with the application of experience in regulating transactions in securities.
South Korean banks continue to follow the instructions of the authorities and now intend to limit or completely stop the service of anonymous cryptocurrency traders. We are talking about individuals who have not yet provided banks with detailed information about themselves and their cryptocurrency accounts.
Bitmain has a serious competitor. They are the Chinese Bitewei company from Shenzhen, which is headed by Yang Zosin, who previously served as director of development for Bitmain. It is already known that the new company was able to attract investments of up to $ 20 million to develop new chips.
The trustee of the currently inactive cryptocurrency exchange Mt. Gox announced that corporate creditors can now file demands for the return of their bitcoins on the basis of a recently approved court procedure for rehabilitation and restoration of rights. On September 12, the attorney and trustee for the rehabilitation of Mt. Gox, Nobuaki Kobayashi, said that prior to October 22, former corporate users of the exchange must provide evidence confirming their claims for reimbursement of cryptocurrency assets.