Total market cap breaks £300 ($420) billion again — what next?
We are not sure if crypto markets are becoming boring, or if we got numbed out by the last few months’ crypto carousel. Regardless, it’s time to celebrate as five hours ago bitcoin finally broke above £6.5k ($9.1k) with confidence. Some traders were weary of the move but as long as it stands above £6.6k ($9.2k), the next strong resistance is only around the corner, at £8.2k ($11.5k).
Meanwhile, the rest of the alts are still on the move. Bulls are running wildly in the open fields (markets) spending their bitcoin profits at ease. The top 100 projects by market cap are up 7% on average, but some popular projects like Verge, Zilliqa and Dentacoin, failed to appreciate even against USD. While some call the latter a scam, their community is more hyped than ever. However, it seems that the ‘hodlers’ didn’t survive the last few days’ pump. Now that even Goldman Sachs hired a crypto trader as VP and Head of Digital Assets Markets, we wonder whether we will all survive the next bull run?
EOS, bitcoin cash, dash and ether are leading the major alts pack in a time where cryptoassets are “as correlated as they’ve ever been”. Some appreciated more than others today, but overall their gains are averaging out. The only hedge to cryptoassets now is fiat — which means trading alts against fiat, like you do at LBX, will become a more popular option in case this trend continues.
Now that blockchain conferences are plateauing, the best proxies for hype are the number of LinkedIn requests one gets as well as messages from friends and family regarding cryptoassets. This is a good thing as it’s easier to cover the more solid conferences, such as MIT’s #BizofBlockchain.
Look at this gorgeous two-page blockchain explorer and bullish gift bags. Despite the excellent speakers in the line-up, one of the hottest talks was by Gary Gensler; the former Chairman of US’s Commodity Futures Trading Commission. He hinted at the NY Times prior to the conference that ether and XRP “probably violate US securities law” and that was what he argued.
Introducing the ‘duck test’ — after the poet James Whitcomb Riley — he stated that all current ICOs (visualise their volume in this graph fall under US regulation. This resulted in a game of dodge ball, by Tezos’ co-founder Arthur Breitman, who cast aside some questions on the topic. Keep your eyes pealed as not even airdrops are safe. Interestingly, ether prices are rising likely because Gary Gensler said regulation would only come within 2 to 5 years from now. Lastly, take a look at this great talk about ‘blockchain-maximalism’.
Is ether, Ethereum’s native token, a security or not? Amid yesterday’s controversy, an old argument is blossoming; see if there’s a “difference between a token pre-sale and the token itself”.
Is Cardano’s roadmap on track? The London meet-up of the blockchain project, which is based on peer-reviewed research, is taking place tomorrow, 6:30 PM at UCL. Here you can meet key developers.
Is there a case for Central Bank cryptocurrencies? No, the Federal Reserve Bank of St. Louis argues that there’s only a case for Central Bank electronic money. Alas, some central banking sense.
Do you like reading great posts? Vitalik Buterin’s blog is a treasure chest, and the founder of Ethereum has just published a review of ‘Radical Markets’, a political economy book focused on top-down reforms to bring decision-making to individuals. How is it related to Ethereum?
Do you like reading great stories? Here’s one from Fortune’s latest account of the Mt. Gox conundrum — the most popular bitcoin exchange up until 2014, when it was hacked. Can Mark Karpelès, the CEO, find redemption amid bankruptcy?
Do you like watching long interviews but also reading short summaries? Naval Ravikant — CEO of AngelList and one of the most popular crypto investors and thinkers, was interviewed at Blockstack 2017. The video was long available, yet the insightful nuggets were just served!