Last week was another relatively boring week in terms of price action. The overall cryptocurrency market cap decreased 1% to $218 billion. Bitcoin dropped 1% to $6,600 and ether price declined by 5% to $220. Bitcoin dominance rose 1% at 52%.
Retail interest in cryptocurrency has tapered off. According to a Zerohedge article, crypto trading volume tumbled to 17-month low because “bitcoin becomes boring”. Searches on Google for “Bitcoin” also dropped to 1-year low as shown in the picture below.
However, in terms of the adoption of cryptocurrency, there were again some solid developments. In recent weeks, we see that traditional financial institutions are taking active positions in investing in cryptocurrency or building out the infrastructure.
Yale endowment fund, which is led by one of the most influential investor David Swensen, has invested into two crypto funds. This is a very positive signal in our view because endowment funds are typically very conservative.
Governments from Malta and South Korea announced positive developments toward cryptocurrency. TD Ameritrade has invested in a cryptocurrency exchange. These are all signs that cryptocurrency as an asset class is becoming more accepted by legacy organizations.
A year ago, almost all companies are taking a wait-and-see stance because no one wants to be the first one taking risky moves. Now, the ones not taking action are getting left behind.
Yale CIO David Swensen invests in Andreessen and Pardigm crypto funds: https://www.cnbc.com/2018/10/05/yale-investment-chief-david-swensen-jumps-into-crypto-with-bets-on-two-silicon-valley-funds.html
Gemini Exchange Obtains Insurance for Crypto-Assets: https://www.bloomberg.com/news/articles/2018-10-03/winklevoss-s-gemini-obtains-crypto-asset-insurance-through-aon
TD Ameritrade invests in cryptocurrency exchange ErisX: https://www.reuters.com/article/us-crypto-currency-td-ameritrade/td-ameritrade-invests-in-cryptocurrency-exchange-erisx-idUSKCN1MD1JC
Malta's Prime Minister Tells UN That Crypto Is the 'Inevitable Future of Money': https://cointelegraph.com/news/maltas-prime-minister-tells-un-that-crypto-is-the-inevitable-future-of-money
Seoul Mayor Announces $53.39 Million Fund for Blockchain Districts: https://www.ccn.com/seoul-mayor-announces-53-39-million-fund-for-blockchain-districts/
SEC to Begin Reviewing 9 Rejected Bitcoin ETFs: https://www.ccn.com/resurrection-sec-to-begin-reviewing-9-rejected-bitcoin-etfs/
Deep Dive into Litecoin: https://crushcrypto.com/litecoin-analysis/
Post ICO Update – Waltonchain: https://crushcrypto.com/waltonchain-update-october-2018/
Post ICO Update – district0x: https://crushcrypto.com/district0x-update-october-2018/
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.