Wow, what a week for Bitcoin! It rose 29% from $4,500 to $5,800 and regained 50% market dominance in the cryptocurrency market, which is the first time since August.
Some people attribute the surge in Bitcoin price to the upcoming Bitcoin Gold chain split happening on October 25. Bitcoin holders will receive Bitcoin Gold on a 1 to 1 basis, and some investors treat it as free money.
However, we don’t think Bitcoin Gold will be nearly as valuable as Bitcoin Cash since it received very little support and is overshadowed by the potential upcoming SegWit 2x chain split.
Altcoins / tokens are largely flat in terms of fiat, which is suggestive that people are buying the major coins using fiat. We believe that there are many people waiting on the sideline to get into cryptocurrency, and now they are more comfortable buying in when there were no major bad news in the last few weeks.
Ether price was up by 8% to around $335, which may be due to some investors taking profit from Bitcoin to put into Ether. Altcoins / tokens are underperforming the major currencies, but we believe that the new money will eventually find its way to these coins. After all, a rising tide lifts all boats.
Developments in the Cryptocurrency World
Putin Confirms Russia Will Regulate Cryptocurrencies: https://news.bitcoin.com/putin-confirms-russia-regulate-cryptocurrencies/
Coinbase Rolls Out Instant US Bitcoin Buys Thanks to ‘Proprietary Fraud Prevention’: https://cointelegraph.com/news/coinbase-rolls-out-instant-us-bitcoin-buys-thanks-to-proprietary-fraud-prevention
Ethereum Investment Product Opens for Trading on Nasdaq Exchange: https://www.coindesk.com/ethereum-first-investment-product-opens-trading-nasdaq-exchange/
Slovenia Aims to Become the Leading Blockchain Technology Destination in Europe: https://cointelegraph.com/news/slovenia-aims-to-become-the-leading-blockchain-technology-destination-in-europe
MasterCard Removes Cryptocurrency Debit Card Availability Outside Europe: https://themerkle.com/mastercard-joins-visa-in-removing-cryptocurrency-debit-card-availability-outside-of-the-eea/
Lufthansa Strikes Deal With Blockchain ICO Startup: https://www.coindesk.com/ready-takeoff-lufthansa-strikes-deal-blockchain-ico-startup/
Regulated Cryptocurrency Betting Just Got a Big Boost in Europe: https://www.coindesk.com/regulated-cryptocurrency-betting-just-got-big-boost-europe/
Articles From Crush Crypto
Analysis of Raiden ICO: https://crushcrypto.com/analysis-of-raiden-network/
Crusher of the Month – 0x Protocol: https://crushcrypto.com/0x-protocol-crusher-oct-17/
Analysis of Hero Token ICO: https://crushcrypto.com/analysis-of-hero-token/