The cryptocurrency market was relatively flat during the past week. The overall market cap dropped by 3% to $389 billion. Bitcoin is up 1% to $8,500 while ether price increased 3% to $720.
A lot of investors expected that the blockchain week, which happened last week, would provide a positive catalyst to the market. However, it didn’t happen and the market was actually dropping while the Consensus conference was ongoing.
It goes to show that when most people in the market expect something to occur, the opposite usually happens because the event/news is already priced in. This is a typical “sell the news” type of price movement.
However, from attending the conference, I can see that a lot of institutional investors are very interested about getting into the space. It takes a while before such investors are cleared to take position in the space because cryptocurrency is a new asset class. The big money is coming, but just might not be at the same pace as some people expect.
HSBC and ING execute live trade finance transaction on R3’s Corda Blockchain platform: http://www.hsbc.com/news-and-insight/media-resources/media-releases/2018/hsbc-trade-blockchain-transaction-press-release
JP Morgan Announces Prototype Blockchain Platform to Streamline Capital Markets Infrastructure: https://cointelegraph.com/news/jp-morgan-announces-prototype-blockchain-platform-to-streamline-capital-markets-infrastructure
EU Approves AML Legislation Targeting Anonymity In Crypto Market: https://cointelegraph.com/news/eu-approves-aml-legislation-targeting-anonymity-in-crypto-market-local-sources-report
A Florida politician made his county the first in the US to let residents pay taxes with bitcoin: http://www.businessinsider.com/florida-seminole-county-bitcoin-cash-taxes-bitpay-2018-5
Coinbase Introducing a Suite of Institutional Products: https://blog.coinbase.com/coinbase-institutional-deea317d23af
Exchange operator CME is Introducing ETH Indices: http://www.businessinsider.com/cme-group-ethereum-ether-reference-rate-ether-real-time-index-2018-5
Nomura, Ledger and Global Advisors partner to explore building a secure digital asset custody solution: https://www.ledger.fr/2018/05/15/nomura-ledger-global-advisors-building-komainu-secure-digital-asset-custody/
Circle Raises $110 Million In Investment Round, Plans To Release Fiat-Based Stable Coin: https://bitcoinmagazine.com/articles/bitmain-leads-circles-100-million-round-teams-create-stable-coin/
Essentia ICO Review: https://crushcrypto.com/essentia-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.