The cryptocurrency market was up across the board during the past week, with the overall market cap increased by 8% to $352 billion. Bitcoin is up 6% to $7,700 while ether price increased 16% to $620.
The biggest news this week was the South Korean government’s proposal to allow domestic ICOs. Following the news, the market, especially altcoins that benefit directly from the news, shot up.
During the week, China’s president also praised the blockchain technology, which caused the market to speculate that the ban on cryptocurrency in China may be coming to an end.
We believe that the Chinese government needs to do something to embrace the use of cryptocurrency because (1) it is very hard to outright ban decentralized currencies for a long period of time, and (2) the government realizes the potential of the technology and cannot afford to fall behind other countries.
However, despite the positive news and price movement, the market remained slow. Trading volume during the past week was one of the lowest this year.
China’s President Xi Says Blockchain Part of New ‘Technological Revolution’: https://cointelegraph.com/news/chinas-president-xi-says-blockchain-part-of-new-technological-revolution
South Korea Moves to Allow Domestic ICOs: https://cryptoslate.com/south-korea-moves-to-allow-domestic-icos/
Binance, the world’s largest crypto exchange, plans $1 billion investment fund: https://techcrunch.com/2018/06/01/binance-1-billion-investment-fund/
Bitmain Allegedly Sold ASIC Miners Caked With Dust: https://www.ccn.com/bitmain-allegedly-sold-asic-miners-caked-with-dust/
Netherlands' Land Registry to Test Blockchain Solution for Real Estate: https://cointelegraph.com/news/netherlands-land-registry-to-test-blockchain-solution-for-real-estate
Cryptocurrency Trading Platform Huobi Launches Exchange Traded Fund: https://bitcoinmagazine.com/articles/cryptocurrency-trading-platform-huobi-launches-exchange-traded-fund/
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.