A week does not go by in the world of cryptocurrency without some kind of drama. Examining the events of the past week and observing the trends of the crypto market, our weekly Market Wrap-up aims to keep you informed of the latest happenings in crypto, even if you’re not the type to peek at your Blockfolio on an hourly basis.
It was a strange week of volatility amidst stability, with much of the market making little to no change whilst a few coins and tokens surged and dropped in an exaggerated fashion.
XRP and Bitcoin Cash both settled down from the previous week’s excitement, easing into a stable line of consolidation with a tinge of sell-off sentiment added in for flavour. Bitcoin itself remained very stable at around $6500 USD throughout the week with little variance, causing a relatively boring tone to the overall market that is rarely seen in crypto markets.
Despite this, a few stand-out projects exhibited extreme volatility. Genesis Vision Token, undoubtedly in anticipation of its upcoming platform release, went on an exciting run from a low around $9 USD to a spike at around $14, before instantly dropping off after the GVT team announced the news that the platform would not be available for use in the USA due to regulatory processes regarding securities. The team assured investors that they are working on meeting legal requirements in the United States, but the news sent the small circulation token into a rapid sell-off that appears to be calming as of press time.
A few other young projects have seen excellent growth over the past week, including Holotoken, the hashgraph-based currency that touts itself as being a step ahead compared to “old-fashioned” blockchain technology. Siacoin and CyberMiles also displayed strong growth over the past week, along with the much higher profile Tron TRX currency that enjoyed the addition of fiat pairs on Bitfinex, causing renewed excitement for the technology that promotes itself, along with many competitors, as the new Ethereum.
On the negative side of the equation, more rumours abound regarding Tethers USDT and the possibility that the Puerto Rican bank upon which it depends, Noble Bank, is insolvent and desperate for funding. A number of other stable coins including TrueUSD, PAXOS, and the Winklevoss twins’ Gemini coin seek to fill the vacuum that might be left in the event of Bitfinex and Tether collapsing — a potentially devastating occurrence that would be sure to cause significant damage to the cryptocurrency market as a whole if it came to pass.
A number of bullish moves were made in the regulatory and mainstream sphere, including the addition of the possibility to have insured holdings on the Gemini exchange under the leadership of the Winklevoss twins. Across the pond, the Prime Minister of Malta, Joseph Muscat, speaking to an audience of leaders among the United Nations, declared cryptocurrency to be the “inevitable future of money” (source). The Delta Summit, a conference in Malta focused on blockchain technology and the future of distributed ledger markets, appears to also be contributing to the bullish attitude of many in the field who have endured a prolonged bearish period that appears to possibly be coming to an end, according to many who attest to the increased investment and interest in cryptocurrency in general.
It should be noted that all of these observations are just that — observations I have made about the market over the past week. This is not professional financial advice and is intended only to act as a quick wrap-up of the week’s events for you to enjoy. Please do your own research before doing any investing and never risk more than you can afford to lose.