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.
Find the best trading platform. You capital is at risk when trading. Be careful.The market is bleeding and most analysts, including ourselves, agree that the Commodity Futures Trading Commission’s (CFTC) ongoing investigation of possible price manipulation is the main cause of it. On Monday morning, all the 70 largest cryptocurrencies were trading in the red with most of them having lost double-digit in percents in the past 24 hours. But we still have several positive developments to report on, and during the past week, we have seen changes that have the potential to take the cryptocurrency market to the next level and make trading more accessible to the everyday investor.
Revolut is looking to take on the American trading app Robinhood with a brand new commission-free trading product in Europe. News about the product was announced early last week, and the excitement can be felt across the European market. Revolut is planning to launch a commission-free trading app for stocks, options, and ETFs. However, since Revolut already has support for several cryptocurrencies, we are assuming that they will be a part of the selection as well. The new product will be launched in 2018, and it has the potential to completely change the investment environment in Europe.
On Tuesday, the cryptocurrency exchange Bitfinex was attacked and had to halt all trading for a while. A DDoS cyber attack was aimed at the exchange early Tuesday morning, and even though Bitfinex managed to stop it, the process put so much pressure on the servers that the service had to be shut down. Luckily, nothing was stolen from the exchange and trading wasn’t halted long enough for anyone to being so deeply affected.
The Indonesian government is changing their view on cryptocurrencies. A few months ago, the government of Indonesia decided to ban the use of Bitcoin completely, but now they are instead going to classify digital currencies as commodities. The decision is quite radical for the region, but it has the potential to create a prosperous environment. Commodities can easily be taxed by the government, and they will also become available on the country’s regulated exchanges, meaning both the government and private investors will be able to benefit from the situation.
EOS’s blockchain is about to enter the next launching phase. Earlier this month a decision to leave the Ethereum blockchain was made, and since then, there has been a lot of discussions, arguments, and fighting over what the next step for EOS would be. Then on Friday, an official vote was finally held, and EOS is now ready to take the first step towards launching its own blockchain. Unfortunately, the uncertainty regarding the future has pushed EOS down, but as soon as the blockchain is officially launched, we can expect to see it pop.
Coinbase is working on becoming a regulated firm in the United States. The process will be done in steps, and the first one was to acquire Keystone Capital Corp., Venovate Marketplace, and Digital Wealth LLC. The next step is to acquire a broker-dealer license which they have already applied for. As soon as the license is processed, Coinbase will be able to seek authorization from the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). After that, Coinbase will have the right to offer blockchain-based securities within the country. This is happening only weeks after Coinbase got a great license in Europe.
Binance has managed to open a bank account in Malta and is now ready to take their product to the next level. Earlier this year, we reported that Binance was moving from Asia to Malta in order to avoid stricter regulation. Back then, the plan was to strike a deal with a bank in Malta to be able to offer fiat to cryptocurrency deposits and withdrawals. According to the exchange’s CEO Changpeng Zhao, that deal has been finalized and Binance will move on with developing the new service. Zhao also mentioned that they’re hoping to offer fiat deposits before the year is over and that they have plans to offer a similar product in Uganda and Asia.
Bitcoin dropped under $7,000 marking a two-month low and investors are becoming more and more restless. According to some technical analysts, Bitcoin might be forced down to $4,000 before it finds support for another bull run, although our own analysis is more positive.
Is XRP a security controlled by Ripple? According to another lawsuit from an investor it is. Ripple’s CEO and 25 other company executives have been sued for controlling the price of XRP as a security, thus “damaging” an investor. By the looks of it, the accuser has a small chance of winning the lawsuit, but if he did it could change how cryptocurrencies are regulated in the future. XRP is different from many digital currencies since it is owned by a company and is not a decentralized and open source code.
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 24Option’s new CFD and Forex platform as well as Plus500’s solid selection of CFDs on digital assets. IQ Option and eToro also offers cryptocurrency trading. Read IQ Option review and eToro review by following the links.
Find the best trading platform. You capital is at risk when trading. Be careful.