Market Review 23/02/2018
Posted on April 1, 2018
Bitcoin Marches Over The $11,000 Mark Again
On Monday, Bitcoin was trading at over 11,000 USD for the first time since the crash in late January. Just two weeks ago, it was trading under 6000 USD. The resilience in the leading cryptos is a very supportive factor for investors and enthusiasts to hoist their confidence.
A Bitcoin bull run might indicate new capital pouring in to altcoins in the coming weeks.
According to White House cybersecurity coordinator, Rob Joyce, the U.S. government still has much to figure out when it comes to regulating cryptocurrency. He states that it is important for the government to take a restrained approach to cryptocurrencies, as rushed lawmaking could yield unintended consequences.
The fact the U.S. government is taking its time to implement adequate regulations is a good sign as it shows that they are validating cryptocurrencies but want to make sure it is used for legal purposes.
Robinhood, a free stock trading app with over 4 million users announced on Thursday the launch of their Bitcoin and Ethereum trading feature. This will allow their users to trade cryptocurrencies alongside stocks, ETFs, and options on the same platform. The feature is being gradually rolled out to people residing in five American states.
This will bring a new wave of investors to the crypto world by making it a lot simpler to get started. Important thing to consider: most of these 4 million traders do not own cryptocurrencies so they will represent interesting buying pressure in the market.
The Tezos blockchain project may finally get underway after two board members of the Tezos Foundation, including its founder and president Johann Gevers, voluntarily stepped down and were replaced by Tezos community members. Gevers and Tezos’ founders, Arthur and Kathleen Breitman have been at war since last summer as the foundation currently sits on almost a $1bn worth of Bitcoin and Ether. The departure of Gevers should finally get things going but the situation has left investors bitter, as illustrated by the pending lawsuits against Tezos.
This situation should matter to every crypto trader as unlocking/liquidating over 65 000 BTC and 360 000 ETH could put great pressure on both cryptocurrencies’ prices. On the other hand, a negative welcome from the holders of Tezzies could lead to a massive sell-off of the Tezos’ cryptocurrency and put buying pressure on Bitcoin and Ethereum.
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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations.