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.It has been a week of ups and downs and we are eager to share the biggest developments with you. After the past two weeks of impressive gains, the market has stagnated slightly with some smaller altcoins falling in value while Bitcoin holds steady ground. All in all, the total market cap has dropped but the forecast remains strong. Also, this past week has been driven by involvement from some seriously high profile people and anp eagerness to see the market take off. Without further ado, let’s dive right into it!
The undoubtedly biggest news of the week was that the Winklevoss brothers Bitcoin ETF proposal was denied by the SEC. This is huge since most experts agree that ETFs is what will push the cryptocurrency market to the next major bull run. Despite the rejection, new Bitcoin EFTs applications are being submitted and since most of the other proposed Bitcoin ETFs are very different from the Winklevoss’ product, we still feel confident that some of them will get approved. Only time will tell, and the SEC has promised to make a decision on most of the applications by mid-September
South Korea might not be a cryptocurrency haven for exchanges after all. According to current regulations, Korean startups are eligible for tax refunds of between 50 and 100 percent for the first five years, which has created one of the most favorable markets in the world. However, a recent legal proposal aims to exclude cryptocurrency exchanges from that tax refund. If that proposal becomes reality, more exchanges are expected to follow Binance and leave Korea for better markets, such as Malta.
Bitcoin passed $8,000 last week and has kept steady since then. During Monday, most of the market has been trading in red but Bitcoin is holding its ground and the overall projection for the rest of the market is still fairly positive. As mentioned, the pending ETF proposals could be the breaking point that sets the market off.
Google has banned cryptocurrency mining apps in their play store. The change in policy comes soon after Apple also decided to ban mining apps from their app store. “We don’t allow apps that mine cryptocurrency on devices. We permit apps that remotely manage the mining of cryptocurrency,” Google announced in connection to the policy update. Obviously, this has some people speculating that Google might be working on their own mining software, although, nothing has been confirmed.
Kim Kardashian is helping to raise the awareness about Bitcoin. During a non-profit poker event in Los Angeles, Kim used what appeared to be physical Bitcoin chips on at one of the tables, stating “We move on to Bitcoin” in an Instagram story published on her official account with over 100 million followers.
Ethereum anonymous – could the future of Ethereum be a Monero-styled privacy? During Privacy Enhancing Technologies Symposium (PETS) in Barcelona last week, two cryptocurrency researchers presented a possible Ethereum update that would hide payment information in a similar matter to the system used for Monero. The update is called Mobius and even though is not yet available to users, the open source code has been published and could be implemented soon.
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. Additionally, in a segment called Crypto Digest, IQ Option shares their opinions about the current market. And if you’re looking to start trading cryptocurrencies we suggest you check out our Plus500 and their impressive selection of cryptocurrencies or IQ Option and their award-winning services. Markets.com and eToro also offers cryptocurrency trading. Read our Markets.com review and eToro review by following the links.
Find the best trading platform. You capital is at risk when trading. Be careful.