News Review – The Week Through August 3
Welcome to Crypto Outlook, our own review of the news of the week. We will unpick the buzz words of this past week and see what has transpired in the world of crypto news. You will quickly find quite a few items that will be worthy of your attention. Don’t like the rest? Chalk it up to gossips! We have tried to keep you well-informed about the future of cryptocurrencies and blockchain. Here is what this past week had to tell us as well.
Crypto Outlook – Goldman Sachs Aren’t Happy
Goldman Sachs have posted their latest report arguing that the cryptocurrency mania is indeed quite unstable. No good can come out of investing copious amount in Bitcoin, the report read. Published in July 2018, Goldman Sachs Investment Strategy Group maintain their gung-ho approach towards cryptocurrencies, and nobody can blame them for that. Especially when the claims are backed by facts.
A lot can upset cryptocurrencies right now. The word mania is one of the best ways to describe what bother most investors currently. People do tend to ebb and flow in their purchasing habits of cryptocurrency, and there’s no two ways about this.
However, the market scares also quickly overturn the currency making it not quite as useful as before. The lack of stability is exacerbated by multiple and varied factors that are truly upsetting in the long term. You should also consider the terrorism, Goldman Sachs warns.
Yes, terrorism has taken quite the proportions. Terrorist organizations have been using their hackers’ resources to tap into rich crypto veins and stave off the proceedings to finance their nefarious activities.
In conclusion, Goldman Sachs is right to fear the oncoming changes.
Iffy Bitcoin Trading
According to New York Stock Exchange trader who spoke to Yahoo Finance in an interview on August 3, Bitcoin was indeed iffy. Iffy meaning that Goldman Sachs are quite right. It’s not a simple matter of the cryptocurrencies being far from stable. The trader had this to say when taking questions from the media outlet:
“How do you protect your Bitcoin? These wallets seems very iffy at best. If someone hacks into them, it’s like losing cash, you are out. So, I think Bitcoin [has] a long way to go for the average person to get involved. Maybe in some emerging markets you’ll see it take hold with that currency could be a little stronger, it might work. But I think here for trade, I mean, we had at $20,000. Will it get there again? Anything is possible. But I’m not so sure.”
A new initiative, Bakkt, is now trying to solve the problems of the majority of such problems. However, regulating the Bitcoin market is not really simple nor easy, but it may just work.
However, the critic continues to pile on and there’s no respite in sight, which dispirits much of those who are trying to endorse cryptocurrencies in full.
Ethereum Moves on a New Domain
Ethereum is now signing a new agreement with Minds + Machines Group limited, which will let the Ethereum name Service (ENS) to obtain a new top-domain, which will give the company even more exposure.
The agreement will allow to register a new MMX’s top-level domain, luxe. Let U Xchance Easily. Effectively, Ethereum is plunging into the world of DApps more easily. Why? Because any .luxe registered domain will effectively introduce reliable solutions for the majority of players out there who want to integrate smart contracts or decentralised apps across a number of devices.
The move was much welcomed by the MMX CEO Toby Hall: “We already know from Ethereum’s test in its non-ICANN authorized .eth zone that there is a real proven demand for word-based identifiers that are blockchain enabled, ENS having received deposits of over $28 million on approximately 300,000 seven character words and above in the .eth zone. We look forward to working with ENS to allow those .eth registrants the opportunity to claim their equivalent .luxe name before the Company launches .luxe for sale to the general public in late October.”
Sony to Boost Blockchain Hardware
Sony is now in the game of delivering much needed solutions to those who seek them! If you are looking for a chance to really make a difference, you will definitely want to be a positive change in the world.
It’s time to boost blockchain technology in a manner that it will secure it quite easily. Building a proper blockchain hardware is step one on this way to success. Sony is issuing patents right this moment, hoping to safeguard its solutions.
Sony is developing two separate solutions. The first one is called Electronic Node and Method for Maintaining a Distributed Ledger. In the second patent, Sony is developing something known as Device and Systems, which means that Sony are trying to create a new way for the maintenance of blockchain – an ambitious goal that is difficult to uphold, but Sony seem to be on the job.
Intercontinental Exchange (ICE) Gets Feet in Bitcoin
It’s time to shed some serious investment. The Intercontinental Exchange (ICE) is one of the major exchange operators the world over. With this in mind, it’s worth noting that they are also in charge of the New York Stock Exchange (NYSE) and they intend to operate a number of related activities.
This time, however, they are diving right into Bitcoin. A major Bitcoin exchange to introduce a semblance of balance. Known as Bakkt, as previously clarified, this new solution will allow trading and conversion of Bitcoin, which will bring the cryptocurrency closer to the whole industry.
The official statement read as follows: “As an initial component of the Bakkt offering, Intercontinental Exchange’s U.S.-based futures exchange and clearing house plan to launch a 1-day physically delivered Bitcoin contract along with physical warehousing in November 2018, subject to CFTC review and approval. These regulated venues will establish new protocols for managing the specific security and settlement requirements of digital currencies. In addition, the clearing house plans to create a separate guarantee fund that will be funded by Bakkt.”
The involvement of serious companies in cryptocurrencies will actually allow institutional investors to feel much more at home with the entire segment, creating opportunities for all and sundry. Especially the individuals interested in developing their own cryptocurrency-based or blockchain-founded businesses.
First Crypto IPO Firm Raises $32m on London Stock Exchange
It has been quite the news from the old country. A crypto company dedicated to kickstarting IPOs has managed to add $32.5 in fresh capital at the London Stock Exchange (LSE).
For the majority of companies, such a move has been unthought. Not much regular investors bank on crypto firms, but the market of IPO has proven particularly tempting. It’s a possible breach between ICOs, the coin alternative of IPOs as we know them.
Jonathan Bixby had this to say: “Argo’s admission to the London main market is a major step in the company’s development and will put us in a strong position to execute our long-term growth strategy. We are delighted with the strong response from investors which will enable us to grow our business in multiple jurisdictions.”
Bixby has been talking to quite a few media outlets, including Financial Times where he stated: “More than 90 percent of crypto mining is done by elites on industrial scale because it is technically very difficult to do. It is incredibly expensive to buy, up front, the hardware you need at $5,000 a machine.”
The launch of crypto projects that actually want to break into the playing field of known financial markets is both dangerous but it also shows that a common language could be found. The truth of the matters is that with proper backing and planning, everything is possible.
Bitcoin Price Plummets Below $7,000
Well, it is what it is, and Bitcoin has been in the habit of freefalling a lot recently. This is quite understandable and we can see the point of the crypto fluctuating so rapidly. However, a dip from 7,400 to below-7,000 is not as bad as doom-mongers may suggest. Still, there’s much to be worried about and it does matter for you and your well-being to be in fact ahead of developments that may affect your bankroll.
With the fluctuations of Bitcoin just 24 hours ago, we will see what happens on Monday. Chances are that Bitcoin will recover slightly and continue to climb up again.
This concludes our overview of the news for this week. It’s been definitely interesting to follow the latest developments of the week. To speak the truth, there have been quite a few events that we would have loved to cover, but time limitations wouldn’t allow us.
The bottom line is that the world of crypto is indeed developing rather rapidly and we can all see the benefits that this entail. We will soon be able to see the benefits of crypto and blockchain shaping the very world we all live in. Stay tuned for more breaking news from the world of cryptocurrencies!