Week ending October 29, 2017
Your weekly roundup of all things crypto brought to you by Coin Street
Neil’s Market Wrap
It’s been a more normal week for crypto (as oxymoronic as that might sound). Bitcoin has retraced from an all time high but found good support around the $5750 mark and has been trading sideways for a few days. Alts have seen some degree of recovery although most are still a long way from their all time highs earlier in the year.
News of regulations, adoption and innovation abound and all contribute to legitimising the space and making it more accessible and mainstream. The huge volatility in the markets continues to temp in speculators but at the same time provokes caution in retail investors.
The next big event in the crypto space is the Segwit 2x fork in November (around the 16th). Until then investors are holding their breath. It’s anyones guess what’s going to happen to prices just before and after the fork, experience and logic suggests we will see another run up in Bitcoin prices in the days before and quite possibly a decent correction just after. However this is crypto and one thing we have learned for sure is to expect the unexpected.
My big news pick for the week is fresh out the box and has far reaching ramifications. A recent report from the UK Government’s Treasury department has determined that crypto currencies pose a low risk for terrorist financing and their use for money laundering also remains relatively low. This is important because crypto currencies are plagued with the viewpoint that they are popular with drug dealers, terrorists and otherwise nefarious characters and industries. Proponents of our industry have long know this is ridiculous and that compared to cash crypto is actually far more traceable and accountable which therefore makes it less attractive to the underworld, not more. However to have a major world government come to this conclusion is major news. (Source).
This Week’s Highlights
What the fork?
You may have heard the word fork being used a great deal lately. The rogue fork Bitcoin Gold has come and gone without having much effect on the BTC market so all eyes are now on the Segwit 2x fork in November. In very simple terms, a fork is when the developers of a crypto currency alter the code so that a new version of the coin in born. Read more here if you wish to gain a greater understanding of forks and forking.
Digital Diploma Debuts at MIT
The Massachusetts Institute of Technology issued 111 students a digital copy of their diploma using a blockchain and wallet they have developed to give students autonomy over their own records. (Source)
More Wall Street firms jumping into crypto.
As the Financial Times reports, the number of traditional investment firms jumping into the crypto speculation world is increasing. Now where is that ETF… (Source)
Russia promises regulations will not stifle ICOs.
After a couple of weeks of conflicting messages and news, Russia’s First Deputy Prime Minister Igor Shuvalov promised not to let initial coin offerings (ICOs) in Russia “die” because of regulations last week. Despite bills being prepared to regulate them, President Vladimir Putin has said that ICOs hold “tremendous potential” and should not be obstructed. (Source)
Mastercard opens access to it’s Blockchain tech.
Mastercard has opened its blockchain technology up to developers, allowing financial institutions and merchants on a selective basis to start testing their own blockchain-based solutions.
The payments giant said it both tested and validated its blockchain, and has prepared it initially for the business-to-business (B2B) space to address challenges of speed, transparency, and costs in cross-border payments. (Source)
Crypto companies given the cold shoulder by UK banks. And the FCA don’t like it
The UK financial regulator, the Financial Conduct Authority (FCA) has accused financial institutions of withholding financial services from distributed ledger technology (DLT) start-ups on a wholesale basis. The assessments have been published in a report examining the outcome of the nation’s ‘regulatory sandbox’ one year after its launch. (Source)
Saudi Arabia doesn’t think Bitcoin warrants regulation, yet.
The Saudis are keeping an eye on Bitcoin but they believe at this stage it doesn’t warrant regulation. After all people liken it to a digital Gold, not Oil! (Source)
Samsung made a mining rig out of old mobile phones.
This is so geeky, we love it. (Source)
And finally, it’s not a bubble. Honest
On-line Plc jumped as much as 394 percent on Friday after announcing plans to change its name to On-line Blockchain Plc, following an initial climb of 19 percent on Thursday when it first announced the news.
This is reminiscent of companies in the nineties adding .com to their names and seeing their price skyrocket. Remember how that turned out? (Source)
That’s a Wrap
That’s all for this week. It’s a fast moving space. They say one week in crypto is a year in the real world.
Can we ask one favor please?
See you next week.