Cryptocurrency Market Review
This week, the cryptocurrency market resumed its decline. Currently, Bitcoin is trading around 3300.00 (–20.2%), Ripple is 0.2900 (–20.7%), Ethereum is 85.00 (–27.0%), Stellar is 0.1130 (–24.7%). Bitcoin SV was included in the top five currencies largest in capitalization, and Bitcoin Cash, which was previously there, dropped to seventh place. Bitcoin SV is rapidly gaining popularity after the hardfork, which allowed it to avoid the general “bearish” mood for the market. Currently, it is trading around 106.30 (+12.2%). The total market capitalization decreased from 134 to 108.5 billion dollars. Bitcoin share increased to 55.0%.
The latest decline in the market was caused by a new postponement by the US Securities and Exchange Commission (SEC) ETF decision on Bitcoin. Now it should be rendered on February 27, 2019. In addition, SEC Commissioner Esther Pearce urged investors to act without waiting for the regulator’s decision, since its preparation may take years.
At the last G20 summit in Buenos Aires, a joint declaration on cryptocurrency was signed. Summit member countries will develop rules to regulate cryptocurrency activities, including taxation of cross-border blockchain payments, to combat money laundering and financial terrorism. Each of the G20 countries should develop regulatory proposals and present them at the summit next year. The final work on the rules is planned for 2020.
As for the news of cryptocurrency companies, it is worth noting the intention of Ripple and NEM to create the association “Blockchain for Europe”, which will defend the interests of European cryptocurrency and blockchain companies. In particular, the association intends to assist the EU authorities in developing rules for regulating the market for digital assets and blockchain services. The traders pay attention to the comments of one of the creators of Ether, Joseph Lubin, who noted that the “blockchain is more than a market”. Despite the fall in the price of the coin, the Ethereum system itself continues to develop successfully. By now, the number of unique addresses in the system has grown to 48 million, and the expansion continues by attracting Asian users.
Next week, the cryptocurrency market may stabilize or continue to reduce. There are no prerequisites for substantial growth.
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