During the past week, the market continued the downtrend. The overall market cap dropped by 8% to $281 billion. Bitcoin is down 4% to $6,500 while ether price decreased 6% to $500.
During a downtrend, bitcoin again showed that it is king, with bitcoin dominance rose back to 40%, the first time in two months.
There was not too much going on this week, with the biggest news being (1) ether is considered not security by SEC Director of Corporate Finance, and (2) Coinbase introducing its crypto index fund comprising of the coins listed on the platform.
Both of these news pave the way for institutional investors to enter into crypto. As we said before, institutional investors want to get in the space, but compliance and regulations just do not move at crypto speed. Since cryptocurrency is a new asset class, it takes time to build out the infrastructure needed.
SEC Director of Corporate Finance: Ether Is Not a Security: https://bitcoinmagazine.com/articles/sec-director-corporate-finance-ether-not-security/
New Coinbase Additions – Ethereum Classic and Crypto Index Fund: https://bitcoinmagazine.com/articles/new-coinbase-additions-ethereum-classic-and-crypto-index-fund/
Led by Japan, Major Economies Set to Introduce Unified Cryptocurrency Regulations: https://cryptoslate.com/led-by-japan-major-economies-set-to-introduce-unified-cryptocurrency-regulations/
BitTorrent Sells to Tron Founder Justin Sun: https://variety.com/2018/digital/news/bittorrent-acquisition-tron-justin-sun-1202841793/
JD.com's Finance Arm to Issue Asset-Backed Securities on a Blockchain: https://www.coindesk.com/jd-coms-finance-arm-to-issue-asset-backed-securities-on-a-blockchain/
UK Financial Regulator Advises Banks on How to Manage Risks of ‘Crypto Assets’: https://cointelegraph.com/news/uk-financial-regulator-advises-banks-on-how-to-manage-risks-of-crypto-assets
EOS Blockchain Temporarily Halted, Criticized For its Ability to Suspend User Accounts: https://cryptoslate.com/eos-blockchain-temporarily-halted-criticized-for-its-ability-to-suspend-user-accounts/
Crush Crypto Merges with Picolo Research and Astronaut Capital in Strategic Partnership Move: https://crushcrypto.com/merger-with-picolo-research-in-strategic-partnership-move/
Etherisc ICO Review: https://crushcrypto.com/etherisc-ico-review/
Hadron ICO Review: https://crushcrypto.com/hadron-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.