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.
eToro has added support for Cardano (ADA). We’ve already reported on this story a few times but it’s worth mentioning again. eToro is currently working hard to take over as the leading CFD broker in cryptocurrencies and adding support to more cryptocurrencies is the first step. The second step is launching their own exchange which is being developed as we speak.
Facebook has changed their cryptocurrency ad ban and will allow certain ventures to advertise cryptocurrencies in the future. Earlier this year, Facebook made international headlines when they decided to ban all cryptocurrency ads on the platform. Since then, the social media giant has evaluated the results and based on that they have changed the policy a bit. For the future, only verified accounts that can prove their legitimacy will be allowed to run ads about cryptocurrencies, although ICO ads are still banned. Facebook’s change in policies came less than a month after Googles cryptocurrency ban was activated.
Bitcoin started surging last week and pulled the rest of the market with it. After falling below $6,000 on Thursday the asset turned and on Friday and BTC initiated an impressive bull run. In total, Bitcoin increased with close to 10 percent from $5,850 to $6,440 in less than 12 hours. The bull run pulled the rest of the market with it and most of the top 100 cryptocurrencies experienced similar gains. By now it looks like Bitcoin found support at around $6,000 and were hoping to see it increase further.
According to a TechCrunch report, over 1000 cryptocurrency projects have been declared dead. The data was extracted from several sources and proves just how unreliable the ICO market really is. So far, ICOs have accumulated over $13 billion in 2018 alone which is more than twice as much as during 2017, although many of the projects have already failed. Among the list of the 1000 dead projects, we found Bitconnect which is the largest Ponzi scheme in the industry.
The total trading volume for the month of June is considerably lower than in May. According to trading data from all the cryptocurrencies, the trading volume has dropped between 17 and 57 percent from the previous month. If it turns out that Bitcoin has found support we can expect the volume to increase again and we hope that the total trading volume in July will increase.
VeChain is officially live after $1.5 billion investment. This cryptocurrency is run on a blockchain that aims to help businesses verify the authenticity of their products by tracking them from production until they are sold in a store. The VeChain blockchain was founded by a former CIO of Louis Vuitton and it’s one of the most anticipated projects on the market since it actually offers a really useful purpose. In total, VeChain has received over $1,5 billion in investments and the other day the blockchain was officially live for the first time ever.
XRP has hit a new 2018 low, despite the fact that Bitcoin is surging. On Friday, XRP dropped below $0.42 which is the lowest price recorded for the third largest cryptocurrency based on market cap since December 2017. XRP has recovered a bit since but is still trading under $.50.
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 our IQ Option review and their new cryptocurrency exchange Hodly, and read the eToro review to learn more about their solid selection of CFDs on digital assets. 24Option and Plus500 also offers cryptocurrency trading. Read our 24Option review and Plus500 review by following the links.