The market dropped significantly during last week. The overall market cap decreased 12% to $259 billion. Bitcoin was down 13% to $7,100 and ether price also decreased 13% to $410.
Interestingly, bitcoin dropped by more than altcoins and hence, Bitcoin dominance came down slightly to 47.4%.
Started off the week at over $8,000, some investors worry that the highly anticipated Bitcoin ETF would not be approved until Q1 of 2019. Because the market has already absorbed this view, if the ETF is ultimately rejected, the negative market impact would not be as great because it is already priced in.
Although asset prices went down, there had been some encouraging development for the cryptocurrency space, including Starbuck’s support of cryptocurrency payment, and Intercontinental Exchange’s launch of a new company that supports Bitcoin products.
The continued positive development in the overall acceptance of cryptocurrency as a legitimate investment asset class is why we are constructive about cryptocurrency’s potential in the short and long-run.
Starbucks partnership with Microsoft allows customers to pay for Frappuccinos with bitcoin: https://www.cnbc.com/2018/08/03/starbucks-partners-with-microsoft-ice-on-new-cryptocurrency.html
The NYSE’s Owner is Launching a Startup Exchange for Bitcoin Called Bakkt: http://fortune.com/longform/nyse-owner-bitcoin-exchange-startup/
Major German Stock Exchange Announces “End-to-End” Cryptocurrency Infrastructure: https://www.ccn.com/major-german-stock-exchange-announces-end-to-end-cryptocurrency-infrastructure/
SBI Invests $9 Mln in Cryptocurrency Derivatives Platform: https://cryptoslate.com/sbi-invests-9-mln-in-cryptocurrency-derivatives-platform/
Binance Acquires Trust Wallet as Its First Acquisition: https://support.binance.com/hc/en-us/articles/360010790652-Binance-Acquires-Trust-Wallet-A-Secure-Mobile-Crypto-Wallet
Coinbase Custody Explores New Assets and Coinbase Commerce Launches Plug-in for Online Stores: https://cryptoslate.com/coinbase-custody-explores-new-assets-and-coinbase-commerce-launches-plug-in-for-online-stores/
Mike Novogratz’s Galaxy Digital Listed on the TSX: https://www.coinspeaker.com/2018/08/03/mike-novogratzs-galaxy-digital-stock-listing-had-a-pretty-rough-start/
China: World’s Third-Largest Bank Issues Farmland Mortgage Loan on a Blockchain: https://www.ccn.com/china-worlds-third-largest-bank-issues-farmland-mortgage-loan-on-a-blockchain/
OmiseGO Post-ICO Update: https://crushcrypto.com/omisego-post-ico-update-july-2018/
Deep Dive into NEO: https://crushcrypto.com/neo-cryptocurrency-deep-dive/
Crush Crypto Core July 2018 Report: https://crushcrypto.com/ccc-july-2018/
Tolar ICO Review: https://crushcrypto.com/tolar-ico-review/
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.