Let’s Talk Cryptocurrencies – Week 18

Let’s Talk Cryptocurrencies – Week 18

Let’s Talk Cryptocurrencies is BullMarketz weekly update of everything that’s happened on the cryptocurrency market in the past week. We cover all the ups and downs and provide you with all the information you need to make well-informed decisions about your investments in digital currencies. This summary is not excluded to the major currencies such as Bitcoin and Ethereum but includes all digital currencies.

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We have heard several reports claiming that institutional money is about to be pumped into the cryptocurrency market which could mean a huge break and a possible bull run. Among the institutions that are looking to invest, we find Nasdaq and Barclays among many others. We have also heard two very promising predictions about the price of Bitcoin and Ethereum, and it’s looking like EOS has set aim for new all-time high prices. Additionally, we can report on major Bitcoin transactions, record-breaking futures trading, and Warren Buffet’s take on Bitcoin and the cryptocurrency market.

Nasdaq says they are open to becoming a cryptocurrency exchange. According to CEO Adena Friedman, they’re waiting for the market to stabilize and “mature” before they’ll make the move. However, Nasdaq is not alone. A study done by Reuters shows that 20% of financial institutions are planning to invest in cryptocurrencies within the next 12 months.

CBOE saw the highest volume of Bitcoin futures on Wednesday. Close to 20,000 contracts for the May futures were traded during the day and several hundred contracts for June and July. Additionally, CME also experienced very high volumes on Wednesday, and according to experts, this is a sign that Bitcoin is on its way to a major bull run.

In a recent debate, Tim Draper claimed that Bitcoin is bigger than the internet both in terms of future possibilities and as an investment opportunity. He also added that he has more confidence in his Bitcoin investment than he ever did in his early internet ventures.

EOS has been performing exceptionally well the last few weeks. If we listen to some of the technical analysis out there, EOS seems to be on its way to new all-time highs. If the analysts are correct it means that the rest of the market could follow.

Warren Buffet, the 87-year CEO of Berkshire Hathaway, has once again shown his dislike of cryptocurrencies. In a recent interview, the Oracle of Omaha said that buying Bitcoin is not an investment. He further explained by saying “if you buy something like Bitcoin or some cryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more.”

deVere Group, an independent financial consulting agency, has predicted that Ethereum could reach $2,500 by the end of 2018. The prediction is based on the idea that Ethereum is being used by more and more services as a means of payment, and that smart contracts are becoming adopted on a more mainstream level. The CEO of deVere Group also said that he sees further growth for ETH during 2019 and 2020.

Chinese e-commerce giant Alibaba has launched the pilot version of a blockchain which aims to control the quality of imported food products. The blockchain will be used to track the shipment of food products from Australia and New Zealand to China. There are some similarities in usage between the Alibaba blockchain and VeChain, the 16th largest cryptocurrency based on market cap.

16,000 Bitcoins valued at approximately $141 million dollars have been moved from the former exchange Mt Gox. Four of the remaining wallets on the platform were completely emptied out and sent to unknown addresses. The last time a major move like this happened from Mt Gox it resulted in Bitcoin collapsing, and investors are nervous for there to be more transactions that could destabilize the market.

For more day trading news and investment advice, we recommend that you check out our weekly trading segment called Let’s Talk Business where we cover the latest developments in all major markets. 

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