After waiting for Bitcoin ETF, wall street firms finally bring in products to adopt cryptocurrecnies and bitcoin. Winklevoss twins launch the Gemini dollar, “the world’s first regulated stablecoin.” Research suggests that Millenials love blockchain. Blockchain association comes up in the US to work on crypto-friendly policies moving forward. US Regulator says Cryptocurrency Regulation Requires A ‘Do No Harm’ Approach. Among exchanges Coinbase, BitGo To Focus On Serving Institutions. Globally, Indian top court to hear RBI-Crypto Case Next Week. In Mining, Another research suggests that Gold Mining consumes more energy than Bitcoin Mining.
The Wall Street Firms patience seems to have paid out waiting for the ETF. Finally, following Goldman Sachs entry to cryptos, 3 more Wallstreet firms entered the crypto industry with their own set of derivative products. A Digital Asset Receipt of Citigroup, a Price Return Swaps of Morgan Stanley and a Non-Deliverable Forward of Bank of America and Merrill Lynch were all introduced this week to meet the demand of institutional investors.
This week, the dynamic duo, Winklevoss Brothers launched the creatively-named Gemini dollar, “the world’s first regulated stablecoin.” The stablecoin (GUSD) is an, ERC20 token pegged 1:1 to the U.S. dollar with oversight from the New York State Department of Financial Service. Like Tether, an independent accounting firm will confirm each that the USD reserves equal the amount of GUSD.
Unlike Tether, the accounting firm probably exists. In recently conducted research it was concluded that Millenials (or is it Generation Z, now?) are on board the blockchain train. Even with the downturn in the market, collegiate blockchain courses are popular as ever. Blockchain student organizations at Penn, Berkely, and, Cornell all boast 100+ strong memberships, and blockchain courses are in high demand. This continued interest even in the bearest of markets is a strong sign of the adoption to come.
In the US, leading players Coinbase, Protocol Labs, and Circle have teamed up with investors such as Polychain Capital to form the Blockchain Association. The trade association will act as a liaison to policymakers on capital hill, working to ensure crypto-friendly policies moving forward. This looks to be a positive step in removing the haze from the current blockchain regulatory landscape while (hopefully) not stifling innovation. From the US regulators, U.S. Commodity Futures Trading Commission Chairman J. Christopher Giancarlo averred that when it comes to the oversight of cryptocurrencies, regulators need to avoid inhibiting innovation, yet be vigilant against manipulation. Speaking to CNBC, Giancarlo said, “Like the government earlier adopted a ‘do no harm’ approach towards internet which helped it explode what it today, I’m advocating the same approach to cryptocurrencies and all things having to do with this new digital revolution of markets, and of currencies, and of asset classes,”.
From the corporate and exchanges front US-based cryptocurrency entities Coinbase and BitGo have said that they will continue to facilitate growing demand for Bitcoin from institutional investors by operating as trusted custodians. The idea is to encourage fresh capital in Bitcoin and institutional demand may do it. Globally, Indian Apex court would hear the case on the Indian Central Banks clampdown on cryptos and decide the future of cryptocurrencies in the country.
BTC this week swung heavily based on the sentiment of the newsflow. The Top coin was still better placed in terms of volitality compared to other altcoins. The prices hit the high point of USD 6,596.10 and the lowest point of USD 6,260.21 during the week. Apart from the outliers of BitMEX and BitForex that had volumes of 18.55% and 30.79% respectively, the exchanges that were more active, in volumes, with BTC across various pairs this week were, Bithumb (2.73%), Binance (2.29%) and DOBI Trade (2.15%),
In bearish statement on Bitcoin, An author and contrarian Geoffrey Caveney has offered an answer to this question, saying bitcoin is headed for a far worse downward trend possibly from the rest of 2018 to the next two years at least. An author and contrarian Geoffrey Caveney has offered an answer to this question, saying bitcoin is headed for a far worse downward trend possibly from the rest of 2018 to the next two years at least.
Ethereum had a swing of a week and finally ended 9.75%. Mid-week Ethereum was headed to USD 170 only to reclaim land and bounce back to move above USD 200. Ether prices, on the top, this week were at USD 226.60 and were at lows of USD 170.26 creating a bearish sentiment for most of the week. The markets that were more active, in volumes, with ETH across various pairs this week were DOBI Trade (5.18%), Huobi (4.22%) and Bitfinex (4.21%) again BitForex being an outlier 27.06%
As per an article from Olga Kharif and Kenneth Saxton, via Bloomberg, technical indicators are signaling that Bitcoin and Ethereum could be ready to put in a bottom and subsequently see a reversal to the upside. As the two put it, “a market reversal indicator that recognizes turning points says the selloff is overdone.”
XRP remained flat this week with no major movements and news as all eyes were on Ethereum.On the top, this week the prices of XRP were at USD 0.284941 and towards the bottom, it quoted USD 0.255756. A couple of exchanges trading XRP were unusally active, in volumes. The top 3 were across various pairs this week were ZB.com (26.82%) Huobi(11.91%) and Bitbank (8.82%). Was it a whale movement at ZB.com this week is still unclear.
XRP had some great news this week as Ripple entered the middle east market to take on Stellar in the iSlamic banking industry with a partnership with NCB of Saudi Arabia.
The other movers and shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on Sept 16 at 11:30 pm IST) were
- FUTURAX – Showing a rise of 398.70%
- BaaSid – Showing a rise of 199.51%
- OWNDATA – Showing a rise of 154.72%
- PKG Token – Showing a drop of 71.29%
- Namecoin – Showing a drop of 47.53%
- eosBlack – Showing a drop of 47.53%
What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.