It has been a relatively quiet week in crypto news. Compared to the previous week, Bitcoin price rose 3% to around $3,750 and Ether price was up by 11% to $280 on light trading volume.
The market is now in a “risk off” mode, with investors shifting money from altcoins/tokens back to the major currencies as they are getting more cautious. This has caused many altcoins and tokens to retract in value.
A few recent ICOs that were sold out quickly (e.g. Decentraland, Blackmoon) dropped below their ICO price after only a few days of trading, which is unusual.
Generating a 2 times return in just a few days or weeks for popular ICOs was fairly common only a short while ago. However, it is going to become more difficult to find these high return opportunities. I attribute this to two reasons: 1) ICO projects, especially the promising ones, are raising more and more money, thus limiting upside potential, and 2) the increasing number of ICOs makes it harder to stand out from the crowd.
Does it mean that the ICO craze is over? Probably not, but it means that you will need to be more selective when it comes to choosing which project to contribute into.
This is what Crush Crypto is for – our mission is to help you find the good projects and avoid the shady ones. We will continue to do what we do best, whether in a bull or bear market.
P.S. – We have a big announcement coming up soon. It is going to be a big step forward for Crush Crypto, stay tuned for it!
Developments in the Cryptocurrency World
The Pirate Bay is pirating your processor for Bitcoin mining: https://cointelegraph.com/news/the-pirate-bay-is-pirating-your-processor-for-bitcoin-mining
Vitalik Buterin says Ethereum will scale to Visa levels capacity in a “couple of years”: http://www.trustnodes.com/2017/09/19/vitalik-buterin-says-ethereum-will-scale-visa-levels-capacity-couple-years
Putin's Internet Adviser calls for US-Russia cooperation: https://www.coindesk.com/blockchain-truce-putins-internet-adviser-calls-us-russia-cooperation/
China bans Bitcoin executives from leaving the country: http://www.trustnodes.com/2017/09/19/china-bans-bitcoin-executives-leaving-country-miners-preparing-worst
Raiden release on Ethereum's testnet: https://www.coindesk.com/raiden-release-simpler-micropayments-go-live-ethereums-testnet/
Two days later, Raiden announced its own ICO which drew heavy backlash: https://medium.com/@raiden_network/announcing-the-raiden-token-rdn-a43fe264dcf1
Ray Dalio, founder of the world's largest hedge fund, says 'bitcoin is a bubble': https://www.cnbc.com/2017/09/19/ray-dalio-says-bitcoin-is-bubble.html
Blog post – a pre-history of the Ethereum Protocol by Vitalik Buterin: http://vitalik.ca/general/2017/09/14/prehistory.html