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.
The cryptocurrency market has experienced a somewhat stable week which has been a nice change from the recent gut-wrenching ups and downs. We hope this is a sign that the market will take off again soon. In addition, blockchains have been the hottest topic for the past week, and several major tech companies and corporations have announced that they’re planning to launch blockchains before the year is over. Moreover, Binance is moving to Malta, the U.K. is launching a crypto-task force, and Edward Snowden has shared his views on Bitcoin.
Binance is moving to Malta. Changpeng Zhao, the CEO of the world’s largest cryptocurrency exchange, has confirmed that they are moving the business to Malta in order to avoid Japanese regulators. The Japanese government issued a warning to the exchange for not being regulated, and the warning was enough for the CEO to decide to move to Malta. Compared to the rest of the world, Malta is innovative and accepting when it comes to cryptocurrencies and blockchain technology.
The market has stabilized slightly after a few bumpy weeks. This past week has seen no major drops or increases in the market and it has been nice with some stability for once. Positive news from the G20 Summit definitely helped to calm traders.
Google is launching a blockchain to support user security. The patent for the blockchain describes two different chains that will store login information. According to unconfirmed sources, Google is also working on a distributed ledger that can store transactions and a “blockchain related” cloud platform.
Yahoo Japan is reportedly working on a cryptocurrency exchange. The project will be done through BitARG which already has a license from the Japanese government. Apparently, Yahoo is buying 40% equity in BitARG to support the new exchange that will be launched sometime in 2018.
According to the latest reports, most of the ICOs from 2018 are losing money proving that ICOs are not the most reliable investments. The reason ICOs are struggling is said to be tighter regulation and the fact that the price of Ethereum – which is used to pay for ICOs – has plummeted. However, we would also say that people are becoming more and more concerned and cautious about what they invest in due to all the recent cryptocurrency scams.
The American Postal Service (USPS) is examining ways to implement a blockchain. Their plan is to use new blockchain technology to back up data in order to speed up and secure deliveries and mail handling.
The United Kingdom is creating a cryptocurrency task force to “help the U.K. to manage the risks around Cryptoassets, as well as harnessing the potential benefits of underlying technology.” The force will include representatives from the Treasury, Bank of England, as well as the Financial Conduct Authority (FCA). The initiative is a part of the bigger Fintech Sector Strategy.
Edward Snowden has shared his thoughts on Bitcoin and cryptocurrencies as he released documents proving how the NSA was systematically tracking Bitcoin users already back in 2013. According to the former NSA worker turned whistleblower, Bitcoin is not good enough to become a global and decentralized payment system, and more anonymity will be needed for the future.
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.