This video is a recap for the cryptocurrency market for the week ending October 28, 2018.
00:09 Cryptocurrency movements
01:01 Token movements
01:51 Developments in the cryptocurrency world
For more on this week's developments, please visit: https://crushcrypto.com/cc-weekly-october-28-2018/
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- Continuing the trend in the previous weeks, the market was moving sideways during the last week. The total cryptocurrency market cap stayed between $208 and $211 billion the entire time. Bitcoin and ether prices were flat, however trading volumes declined 18% to 25% from the previous week.
- The Tether FUD has subsided and USDT is now trading at only a 0.2% discount. Bitcoin's premium at Bitfinex is also lower than $100 dollars. With more and more stable coins backed by reputable companies coming in, the impact of Tether will be less significant as time goes on, which we believe is a good direction.
- News emerged this week on the pending launch of Wrapped Bitcoin, or WBTC for short, on the Ethereum network. It will launch as a fully backed Bitcoin ERC 20 token in January 2019 and will help bridge Bitcoin liquidity and the decentralized ecosystem on Ethereum.
- Vertex Ventures, a venture capital fund, has invested an undisclosed amount in Binance, one of the largest crypto exchanges in the world. Vertex Ventures is Temasek, a Singaporean fund owned by the Government of Singapore. The investment will be used by Binance to build and launch a crypto exchange in Singapore by the end of the year.
- In China, the Shenzhen Court of International Arbitration has ruled that cryptocurrencies are now legally protected as property. This ruling came as a result of an equity transfer dispute where the defendant failed to return holdings of cryptocurrencies to the plaintiff as part of a contract.
- The CEO of Visa said his company will support cryptocurrencies in the future if there is more interest and demand from the market. At the moment, he believes cryptocurrencies are more of a commodity than a payment vehicle and are not a threat to reserve currencies which are the basis of Visa's many products.
The information in this video is for educational purposes only and is not investment advice. Please do your own research before making any investment decisions. Cryptocurrency investments are volatile and high risk in nature. Don't invest more than what you can afford to lose. Crush Crypto makes no representations, warranties, or assurances as to the accuracy, currency or completeness of the content contained in this video or any sites linked to or from this video.