We were going to write something else on cryptocurrency prices until the big correction in prices yesterday and today. We are actually relieved that prices have corrected as they were moving up too rapidly. A 10-15% correction puts us back to 5 days ago and is healthy. Without a small decline, the eventual correction will be much sharper and more painful.
Cryptocurrencies are gaining more and more recognition by the week. Earlier this week, Business Insider published a pretty comprehensive article about the state of cryptocurrency.
We are still early in the game and there is still a lot of money rushing in right now. However, as with any new asset class, asset prices will be very volatile so you will need to have the stomach to ride the cycles out. Keep this in mind during a bull market and always think of the downside before upside when making any trades.
Bitcoin rose 7% to around $4,650 while Ether rose 6% to $355. You can see the price movement during the week in the image below:
Developments in the Cryptocurrency World
SEC warning about scams claiming to be doing ICOs: https://www.investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-alert-public-companies-making-ico-related
China's regulators consider suspending all ICOs: https://www.coindesk.com/reports-chinas-regulators-consider-suspending-icos/
ShapeShift leaving the state of Washington and issued an angry statement: https://info.shapeshift.io/blog/2017/08/27/notes-leaving-state-washington
Lightning Network testing for Litecoin: https://twitter.com/SatoshiLite/status/903675777048121344
SEC appoints new ETF chief, Dalia Blass, a lawyer from the firm that advised Winklevoss in their Bitcoin ETF bid: http://www.trustnodes.com/2017/09/01/bitcoin-ethereum-etf-chances-increase-sec-appoints-new-etf-chief-dalia-blass-lawyer-firm-advised-winklevoss-etf-bid
Russian sign with Ethereum Foundation for supporting development of the Ethereum protocol: https://www.coindesk.com/ethereum-foundation-strikes-deal-russian-development-bank/
AMD and Nvidia GPUs are sold out in minutes thanks to cryptocurrency mining: https://www.coindesk.com/new-amd-graphics-card-sells-minutes-amid-cryptocurrency-mining-boom/
After contact by SEC, Protostarr token shuts down post-ICO: https://www.forbes.com/sites/laurashin/2017/09/01/after-contact-by-sec-protostarr-token-shuts-down-post-ico-will-refund-investors/
Articles From Crush Crypto
Analysis of Cindicator ICO: https://crushcrypto.com/analysis-of-cindicator/
Analysis of Red Pulse ICO: https://crushcrypto.com/analysis-of-red-pulse/
Analysis of ChainLink ICO: https://crushcrypto.com/analysis-of-chainlink/
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