Another week into the summer of 2018!
The week started with bitcoin right at the $6,650 level and, despite falling considerably last week, the price of crypto’s gold standard has shown bullish signs while making its way to about $6,775 at the time of this writing. The general vibe in the market is that sellers have become exhausted and that the price of bitcoin has bottomed out so we should expect an upswing in the coming days. This is good news, especially since, despite yet another Korean hack, which happened just yesterday (which we will get to below), we still see positive signs and sentiment in the crypto space as a whole.
Before getting into the week’s news, time to look at last week’s best performers. Envion (EVN), a token for the crypto mining space that leverages solar energy and efficient data storage design (40 times more efficient than traditional data centres), saw gains of over 90 percent for the week. It trades on HitBTC, IDEX and YoBit.
1World (1WO), which only trades on the relatively-unknown Qryptos exchange, is an online media project that aims to leverage blockchain for incentives to engage audiences. It realized gains of over 50 percent for the week.
South Korean exchange hacked…again!
New news late in the week for us. South Korean exchange Bithumb, the sixth-largest exchange globally and the second-largest exchange in South Korea in terms of daily turnover, was hacked to the tune of about $30 million. Authorities have stated that it seems the hackers gained access to a hot walled of a low-volume crypto asset and siphoned funds off early Wednesday. The exchange has moved user tokens to cold storage to prevent further losses and has promise to reimburse those affected for all losses.
SEC’s ruling on crypto assets
The Securities and Exchange commission has said that bitcoin and ether are not securities. This is good news, because not being classified as a security means they will be classified as commodities, meaning the laws that regulate their trade and exchange are expected to be a lot more lax than if they had been classified as securities. Having said that, it will probably take some time before this news really pulls the market out of bearish territory, so stay tuned as the SEC angle is still a developing story.
Crypto and politics
Although bitcoin has yet to gain mass favor in the US political sphere, experts say that political involvement with the technology is actually a good thing. Austin Petersen, a US senate candidate, revealed that his campaign received, and then promptly returned, a large amount of bitcoin this week because the donation did not meet political campaign financing laws. Other political candidates such as Joshua Smith have made cryptocurrency an integral part their platform heading into upcoming political conventions.
The community is, for the most part, still divided about bitcoin, but these are good signs that it is slowly hitting the mainstream.
Three interesting crypto projects that are wrapping up their initial coin offerings this week (public sale or pre-sale) are as follows:
Talao (TALAO) is an Ethereum-based DAO for Talent. It introduces a unique way for users to own their data thanks to a secure digital vault storing their certificates on the blockchain.
Cryptics (QRP) uses blockchain and AI to trade tokens and assets with up to 70 percent accuracy. It uses a unique forecast engine to make predictions and advise users on buys and sells when the time is right.
DAV (DAV) is a blockchain-based transportation protocol that will run a decentralized, peer to peer, global transportation network.
Square’s Cash App can be used to trade bitcoin
Square, the somewhat lesser known company founded by Twitter founder Jack Dorsey, has released their Cash app that allows users to trade in bitcoin. The app recently displaced Venmo and PayPal as the leading finance app in the App store.
Crypto meets Amsterdam airport
Amsterdam’s Schiphol airport has introduced crypto ATMs that allow travelers to convert Euros into bitcoin and ether. It is the first European airport to take this innovative step. The project will run as a trial for 6 months to gauge demand from passengers. If it turns out to be a success and rolls out at other airports, that would be very positive for crypto exposure and adoption as a whole.
More crypto in Africa
Akon, the famous musician who hails from Senegal, recently announced plans for a new cryptocurrency. Like bitcoin, the new coin, called Akoin, is expected to function outside the realm of governments and traditional financial institutions in order to bring power back to the people. The project has already received a land gift of 2,000 acres from the Senegalese president, and the coin is expected to be available for purchase within a few weeks.