The Status ICO clogged up the Ethereum network several days ago combined with a hoax on 4chan proclaiming the death of Ethereum inventor Vitalik Buterin timed out perfectly to exacerbate what would otherwise have been a typical correction in the markets. Almost all currencies are significantly down at the moment with what appears to be a more general panic caused by increasing technical issues with bitcoin and ethereum.
As the giants of the crypto-world, skepticism towards bitcoin and ethereum will likely mean skepticism toward the markets in general until some of the smaller projects can establish themselves as competition, and with bitcoin dominance at a low 41.2% at the moment it looks like the time could come sooner rather than later. For the moment we’re separating the believers from the naive window-shoppers: if you believe in your investments and the future of the technology and the individuals behind these projects then sit tight and wait for the smart money to trickle back.
The Stellar Lumens giveaway happens today which could create some positive attention for Bitcoin and Ethereum Classic has done a relatively good job holding up against this turbulence so keeping that in mind and an eye towards the keywords I’m looking at BTC, ETC and LTC for opportunities to rebound here in the next week or so.
Cloakcoin is the only currency in the top 100 coins by market cap with any significant growth at the moment. Up 65%, Cloak is a privacy coin promising anonymity and guaranteed fungibility. Unlike a lot of other privacy coins it seems like they’re actually trying to get integrated with more mainstream merchants but we’ll have to see how mainstream businesses respond to the idea of anonymous spending.
Crypto Goes Global!
China has become the first country to announce the development of a national cryptocurrency. We’ve already seen Vitalik Buterin meet with Validimir Putin in Russia to talk about cryptocurrency, over 250,000 Japanese merchants began accepting bitcoin this summer, and India recently announced plans to legalize bitcoin.
China has done a tremendous job positioning themselves at the forefront of financial technology and if they are indeed the first nation to launch a cryptocurrency it will be especially interesting to see the development of blockchain technology in an extremely centralized context rather than the relatively decentralized projects we’ve become accustomed to. Will they be able to maintain the same level of control over their currency or will the incorporation of blockchain technology continue to have a decentralizing effect on the financial world? Only time will tell but I’m exciting to find out!
- June 27: Stellar Lumens Giveaway
- June 26-28: Money 20/20 Europe
- July 1: Zcash launches on AlphaBay
- July 7-14: London Fintech Week
- June 14: Global Blockchain Conference
- July 28: Blockchain Conference D.C
I would love to know what’s on your trading calendar! Please leave comments, questions, love, and suggestions below.