The cryptocurrency and crypto token market had a very turbulent week, in which it fell with more than 10% in just 12 hours, but soon after recovered its previous position. We witnessed an increase in some particular crypto projects, which may be indicating that the larger investors are putting their funds back into blockchain. The volume traded is still relatively low, and we are witnessing a nervous tension that will most likely prolong the period of apparent calm before the market is again taken by a wave of general positivity for a longer amount of time. The total market capitalization of all crypto projects rose to 343 billion dollars in the evening between Saturday and Sunday, ending the last 7 days with an increase of 12%. The price of an ETH remained almost unchanged, ending the week at $ 540. The price of BTC reached almost $ 9 000.
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G20 agrees to 'monitor' cryptocurrencies but will take no action
Financial policymakers from the world’s top 20 economies reached an agreement to keep a close eye on the developments in the crypto market, but will not take decisions that could decide the course that the technology might take while it is still in its early stages of development. They announced their support for prospective standards and frameworks that would protect investors and limit the wrongful use of crypto assets.
At the talks it was also pointed out that in its peak, the crypto market constituted less than 1 % of the world’s economy, making it too small to be a factor in the financial markets.
Binance moving to Malta
Binance, the world’s largest cryptocurrency exchange by traded value, is seeking a fresh start in Malta. The company, which was established in Hong Kong a year ago, will open doors in Malta and will also start trading in fiat money. Word has it that the company has found partners in the face of some of the local financial institutions.
Malta is successfully positioning itself as one of the EU member countries that plans to become a technological and financial centre for the registration and operating of crypto organizations.
Mark Carney: Cryptocurrencies Do Not Pose Serious Risks
Mark Carney, governor of the Bank of England and chairman of the Financial Stability Board (FSB), announced that the use of cryptocurrencies and crypto tokens as a means to trade in value is still very limited and does not pose a risk to financial stability. He added that the crypto market should be held to the same standards as the rest of the financial markets. Carney gave an example with the average volatility of the top ten cryptocurrencies by market capitalization, which was more than 25 times that of the U.S. equities market in 2017. He also insinuated that whoever succeeds him in his position as a governor of the Bank of England will likely run a more “open” operation, concentrating more on reviewing current rules and regulations, rather than implementing more strenuous standards that could slow down the development of the technology.
The news and other materials, published here, are for educational purposes only and do not provide recommendations or suggestions related to making deals with cryptocurrency, crypto tokens, smart contracts or other products of the blockchain technology. The products of blockchain technology (cryptocurrency, crypto tokens, smart contracts and others) are not regulated or protected by the legislations of the EU or the Republic of Bulgaria at present. Deals with products of blockchain technology (cryptocurrency, crypto tokens, smart contracts and others) have a high degree of risk.