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The market rebounded sharply during last week. The overall market cap increased 12% to $282 billion. Bitcoin was up 17% to $7,400 and ether price increased 3% to $460.
Bitcoin outperformed altcoins again and as a result, bitcoin dominance rose to 45.2%, the highest level in 2018. For altcoins, the pump was short-lived and most coins lost most of the gains from earlier in the week. The rise in bitcoin was perhaps due to the market expecting the Bitcoin ETF to be approved on August 10, 2018.
A research report written by OKex showed that there were 14 new ICO listings last week, 11 of which went below ICO price within 24 hours.
The ICO winter is not over. We have quoted this over and over before but keep in mind to “be fearful when others are greedy and greedy when others are fearful.” Right now, the vast majority of participants are being fearful.
The good thing coming out of an ICO winter is that projects will ask for less funding, exchanges will eventually lower their listing fees and allow more listings. In the long run, this will make the market to be more rational and healthy.
Augur Prediction Market Confirms First Bets Have Paid Out: https://cryptoslate.com/augur-prediction-market-confirms-first-20k-in-bets-have-paid-out/
Cloud-Mining Service Hashflare Disables Bitcoin Mining Contracts, Shuts Down: https://www.ccn.com/cloud-mining-service-hashflare-disables-bitcoin-mining-contracts-shuts-down/
Hong Kong Monetary Authority to Launch Multi-Bank Blockchain Trade Finance Platform: https://cointelegraph.com/news/hong-kong-monetary-authority-to-launch-multi-bank-blockchain-trade-finance-platform
BlackRock looks into crypto and blockchain: https://www.cnbc.com/2018/07/16/bitcoin-jumps-after-report-says-blackrock-exploring-cryptocurrencies.html
Oracle Confirms General Release of Its Blockchain Cloud Service: https://cointelegraph.com/news/it-giant-oracle-confirms-general-release-of-its-blockchain-cloud-service
IBM Is Working With a 'Crypto Dollar' Stablecoin: http://fortune.com/2018/07/17/ibm-stablecoin-cryptocurrency-stellar/
Grayscale Investments: Institutional Investors Provide 56% of Capital Inflow: https://grayscale.co/digital-asset-investment-report/
Bitcoin Makes Major Headway: CFA Exam Will Now Include Crypto Topics: https://www.ccn.com/bitcoin-makes-major-headway-cfa-exam-will-now-include-crypto-topics/
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.