Let’s Talk Cryptocurrencies – Week 29

Let’s Talk Cryptocurrencies – Week 29

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

Added support for cryptocurrencies has been the talk of the town this week, and it seems like most cryptocurrency services are working hard on implementing new features and cryptocurrencies. Also, last week ended up being a bit slower in terms of price developments on the market, and we didn’t see any major breakthroughs. However, as Monday came around, assets started moving and right now most of the market is trading in the green with double-digit gains for some.
Coinbase released a statement where they discussed cryptocurrencies that could potentially be added to their platform. No guarantees were made, and Coinbase didn’t say when more cryptocurrencies could or would be added. According to the official statement, Coinbase is currently eyeing Cardano (ADA), Basic Attention Token (BAT), Zcash (ZEC), Stellar (XLM), and Ox (ZRX). All of the mentioned crypto assets soared after the news with ZRX and BAT gaining 30 percent in a matter of hours.

eToro’s CEO, Yoni Assia, is more bullish for the cryptocurrency market than ever before. In a recent statement, Assia made a bold claim saying that “selling crypto now is like selling Apple in 2001.” Only time will tell if he’s right or not but all the evidence is supporting the notion that cryptocurrencies are here to stay. Read our eToro Review here!

What’s up with ICOs? In a recent study, the ICO firm Statis Group discovered that over 80 percent of the ICOs conducted in 2017 were scams. Unfortunately, most of the remaining 20 percent end up failing which leaves very few reliable ICOs left to invest in. The conclusion is that ICOs are best to be avoided and we suggest you invest in stable projects that have been established.

American Express is moving into the cryptocurrency sphere. According to the U.S. Patent and Trademark Office (USPTO), American Express has filed for a patent regarding proof-of-payment based on a blockchain. The patent was filed by Amex’s travel segment.

The trading app Robinhood continues to expand their cryptocurrency product. In February, Robinhood launched Bitcoin and Ethereum trading in five selected states and today the tool is available in 17 states with plans on launching nationwide in Q3. Last week, Robinhood added support for Litecoin and Bitcoin Cash which will most likely help the app attract even more users.

Binance’s influence on the cryptocurrency market in Malta is increasing. Earlier this year, Binance announced that they were moving to Malta to avoid stricter regulations in Asia. A few months later, the exchange announced that they would start offering crypto to fiat exchanges, and last week more impressive news was published. On Thursday, Bloomberg reported that Binance had supported a new decentralized bank with a 5 percent stake pre-launch. So far, Binance’s investment is one of the largest done in Founders Bank which will be based on Malta and plans to become the first ever decentralized bank.

Blackrock, the largest provider of exchange-traded funds, is eyeing Bitcoin and the market is going crazy with large gains across the industry. If Blackrock would start offering Bitcoin products, we could expect to see millions of new dollars pumped into the market. To many experts, this is the first sign of the “institutional money pump” that has been a popular subject lately.

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 Libertex review to learn more about their impressive selection of CFDs on digital assets. Markets.com and Plus500 also offers cryptocurrency trading. Read our Markets.com review and Plus500 review by following the links. 

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

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