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“When they come and they speak to us, and they understand what it really takes to be a bank, they kind of glaze over and often leave skid marks leaving the building.”
– Joseph Otting, Comptroller of the Currency
Happy Monday! I hope each of you had a great weekend. Bitcoin price back near $8,500 with the Cryptocurrency marketing rebounding after a poor week; the current market cap is around $385 Billion. We are in a consolidation phase with a bullish pattern forming; breakout could be soon just not sure which direction. Tom Lee owns up to his bad Consensus Bitcoin prediction and this is why you can never depend on the advice of thought leaders in the Crypto World; no one knows what will happen. Overall,
The talk of a Bitcoin flippening continues to come up. For those of you who might not be familiar with this concept, it is where Ethereum overtakes Bitcoin in market cap. I doubt we will ever see this happen but currently, Bitcoin dominance is around 37%. At the same time the 51% attack theory appears in the TV Series Silicon Valley and just like the flippening I doubt it will never happen; listen to Andreas.
One day we might see Blockchain and AI combined this will be a very interesting day. We are seeing the Blockchain applied to hardening mobile phones, potentially fixing the News and definitely helping commerce. More Millennials use Bitcoin marketplaces like Paxful to invest in Cryptocurrency market. Colorado proposes accepting Cryptocurrency for political campaigns. There is legitimate talk about a Crypto Utopia on a man-made floating Pacific island that will accept Cryptocurrencies.
Coinbase is continuing forward in their quest to acquire a federal banking license. Not only would they be an SEC-regulated exchange but also a full-fledged bank; times are changing. Goldman Sachs president to become the CEO by the end of the year which could mean more Crypto involvement expected. JP Morgan launches Cryptocurrency strategy. The company behind CoinShares is entering a custodian venture for institutional investors. This will open up yet another on-ramp for more money to enter Crypto.
The old tired story about Bitcoin using up all the electricity continues but here are five interesting facts about Crypto mining, according to Brave NewCoin:
- China is the largest Crypto miner
- Mining cost keep increasing
- Proof-of-Work vs Proof-of-Stake – more are using PoW
- Canada’s green mining revolution with the lowest rates in North America
- Bitcoin mining chips continue to evolve
The largest bank (Unionbank) in the Philippines showcase Bitcoin mining equipment; remember Bitcoin is legal tender in the Philippines. Since we are talking about other countries using Cryptocurrency, Norway Central Bank considers developing Digital Currency. Should the Federal Reserve do the same? One Fed leader things so. Iran and Russia discuss transacting in Crypto to avoid international sanctions. Meanwhile, there are others that are focused on the Blockchain. Jack Ma (Alibaba founder) is bullish on Blockchain and doesn’t care too much for Bitcoin. Dutch national Blockchain research shows new stopes of adoption in the Netherlands.
There is a lot brewing out there so check out all the articles by clicking HERE for all the articles from the past 72 hours.
Live Reports. CryptoMarket360 have launched our first ever Live Report on Stellar. Visit our newly relaunched website to learn more!
Happy Investing and Trading!
