Let’s Talk Cryptocurrencies – Week 23

Let’s Talk Cryptocurrencies – Week 23

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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Another week has gone by without any bull runs or crazy price developments, but there is still a lot to report on. Even though most prices are trading in the red today, the market has grown quite a bit over the past week. We have also witnessed Ethereum trading over $600 and the launch of EOS’s mainnet, at the same time as Google’s new crypto ban has been activated. In addition, John McAfee is running for president and Huobi has launched one of the first Exchange traded cryptocurrency funds. But there is more than that so let us get started.

EOS launched its own mainnet on Saturday and has officially moved away from the Ethereum blockchain on which it was created. The move is very unusual in the industry, and the founders’ goal is to make EOS a true open-source asset. After the launch, EOS pumped a few percents but no major price developments have happened yet.

We all know that 2018 has been a struggle for the cryptocurrency market, but it’s not time to give up just yet. Between last Sunday and yesterday, the cryptocurrency market’s total market cap grew by over $25 billion. The market is not looking as good on Monday, but last week’s growth is a great sign.

For a while, Ethereum made it up above $600 again and the hopes of a coming breakthrough started to spread. We know it’s easy to be blinded by the numbers, but we can’t forget that ETH is up more than 160 percent since early June last year.

The cryptocurrency called Zcash has launched a new software that has support for the asset’s upcoming hard forks. Later this month we are expecting to see the hard fork Overwinter launch which in turn will have support for the upcoming Sapling upgrade. According to Zcash’s developers, Sapling will help speed up transactions on the network.

John McAfee – enthusiast and cryptocurrency superstar – has announced that he is running for president of the United States in 2020. It will not be McAfee’s first try after he tried to get nominated by the Libertarian Party in 2016. In a Tweet, McAfee announced the following, “if asked again by the Libertarian party, I will run with them. If not, I will create my own party. I believe this will best serve the crypto community by providing the ultimate campaign platform for us.”

Google’s cryptocurrency ad ban officially started on June 1st, and it has already been met with criticism. Many investors and financial firms are calling the ban “unfair,” and most agree that we can expect to see Google introduce their own cryptocurrency shortly. Philip Nunn, CEO of Blackmore Group, told The Independent, “I suspect the ban has been implemented to fit in with potential plans to introduce their own cryptocurrency.”

The world’s third-largest cryptocurrency exchange based on total volume, Huobi, has launched an exchange-traded cryptocurrency fund (ETF). The ETF called Huobi 10 will be tracking the top ten most traded cryptocurrencies on the Huobi exchange against Tether (USDT). Investors can choose to buy the EFT using Bitcoin, Ethereum, Tether, or Huobi’s own cryptocurrency token.

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. And if you’re looking to start trading cryptocurrencies we suggest you check out IQ Option’s platform and brand new exchange as well as Plus500’s solid selection of CFDs on digital assets. 

Find the best trading platform. You capital is at risk when trading. Be careful.