Crypto Space Over The Past Week From 8 To 14 Of April, 2019
At the end of the week, we resume everything that the crypto community talked about over the past seven days. This week WikiLeaks cofounder Julian Assange was arrested in London, the State Duma passed the sovereign Runet bill in the second reading (and the State Duma deputy called for banning cryptocurrency worldwide), the Chinese government is considering amendments to legislation that prohibit mining cryptocurrency, the head of Binance Changpeng Zhao announced the delisting of Bitcoin SV cryptocurrency, and the creator of Ethereum Vitalik Buterin read rap.
In early April, Bitcoin, which rapidly fell at the end of last year and could not strengthen above $ 4000, overcame the mark of $ 5,000 per unit. Optimists are counting on further growth, skeptics believe that after the unexpected rise of cryptocurrency, a crushing fall is waiting. Read about the forecasts and estimates of Russian experts in this article.
The trader and analyst Tony Weiss, who is well-known in the crypto community, said that although Bitcoin managed to maintain support at $ 5000, there is no reason for this price to prevent him from returning to the previous values.
According to Vinny Lingham, the CEO of the Civic blockchain platform, it’s too early to talk about the end of the so-called cryptowinter. At the same time, Lingham does not exclude an option in which BTC may grow to $ 6,200. In this case, we will see another bullish race, but this will be pure speculation, which will again lead to the return of a negative trend.
According to the Chinese Bitcoin billionaire and trader Zhao Dong, it is likely that Bitcoin will trade in a relatively narrow range (between $ 4,000 and $ 6,000) for several months. He predicts that there will hardly be low minimums, and that the market will remain unchanged for six months, and in October revival may begin.
According to Bloomberg analyst Mike McGlone, investors are now aggressively buying Bitcoin, which creates the threat of the imminent onset of the phase of a sharp fall in cryptocurrency.
According to the head of BitMEX, Arthur Hayes, in the next 2-5 years the cost of Bitcoin can grow to $ 50,000.
Lead cryptocurrency developer Monero Riccardo Spagni said that Monero would be able to perfectly coexist with Bitcoin in the future, as confidential transactions are always needed. Spagni also expressed confidence that in the end Bitcoin will become a “global reserve currency.”
According to Charles Hoskinson, the head of IOHK, Bitcoin technology has not yet solved the basic tasks of the crypto sphere — creating a fundamental decentralized registry, as well as implementing the function of a decentralized payment instrument. At the same time, Hoskinson continues to be a supporter of Bitcoin, and recently he even predicted the return of the coin to the $ 20,000 mark.
CNBC TV presenter and crypto trader Ran Neuner lashed out at those who still consider Bitcoin a “bubble”. He tweeted a post in which he stated that the main cryptocurrency had already demonstrated to everyone its reliability and stability in response to the recent appeal by the president of the company Creative Planning Peter Mallouk not to rush into buying Bitcoin.
According to Mark Yusko, co-founder of Morgan Creek, pension funds should invest the lion's share of their capital as soon as possible in cryptocurrency. He said that pension funds are now inefficiently allocating their assets, which leads to a large number of financial problems, including difficulties in meeting obligations.
The head of the IMF, Christine Lagarde, said that such financial technologies as cryptocurrency are already “shaking up” the banking system.
Analysts at Bltowntown Capital have calculated the approximate amount of BTC that each state should have to replace current gold reserves. Taking into account the current rate of the main cryptocurrency, experts at Bltowntown Capital have established that the United States should have 913,338 BTC in reserve to replace its reserves in the main precious metal.
According to Diar, since January 2019, the institutional trade of the largest cryptocurrency continues to grow steadily. In January, institutional trading accounted for 15% of all transactions concluded with the largest digital currency. In February and March, this figure rose to 17% and 18%, respectively. In early April, the share of bitcoin operations carried out by institutional players, was already 19%.
According to the Coin Dance service, residents of South America last week set a new record for the number of BTC purchased on the Localbitcoins, Paxful and Bisq platforms. Venezuela was the leader, the citizens of this country continue to increase investments in Bitcoin against the background of the catastrophic situation of the economy. Among the leaders was unexpectedly Kazakhstan. Citizens of this Central Asian republic in just one week spent on the purchase of Bitcoin $ 102,000.
A survey of Twitter users revealed that almost half of them prefer to buy altcoins. 10,661 users took part in the survey, 47% of whom said they preferred altcoins. 23% said that in their portfolio no more than 20% of altcoins.
According to the DApp resource, the number of users of the ethereum has noticeably decreased, but this platform is still the base for developers of decentralized applications.
The Chinese resource cnLedger noted a surge in activity of Chinese investors who buy USDT (Tether) at a price significantly higher than their face value on OTC platforms. CnLedger points out that after the ban on cryptocurrency exchanges and ICO in China in 2017, buying USDT on over-the-counter platforms and the subsequent trading on exchanges has become almost the only and most convenient way for local traders who want to invest in bitcoins and other cryptocurrencies.
The countries of G20 will meet on June 8 and 9 in Fukuoka, Japan, and discuss international rules on combating money laundering in the field of cryptocurrency. In particular, the G20 participants want to establish strict identification rules for individuals conducting cryptocurrency transactions, thereby making the "movement of assets more transparent."
President of Uzbekistan Shavkat Mirziyoyev ordered to prepare a new Civil Code regulating the economic and financial laws of the country, including the turnover of cryptocurrencies.