The cryptocurrency market marked a decline in the past seven days. The price for one ETH has lowered by 15 %, and the price of one BTC has lowered by 11 %. The total market capitalization of all the cryptocurrencies and crypto tokens has lowered to 423 billion dollars. More and more investors start to transfer their assets into Bitcoin and Ethereum, thinking they are “safer” projects with less volatility.
The total amount traded is still relatively low for a second week in a row. This could partly mean that investors are now more cautious, looking for informed decisions above all. The market for ICOs is weaker in comparison to what it was a month ago. There are a few projects that have shown potential, but the majority of the new ideas do not reach their hard cap as fast or as easily as we were used to.
It is possible that the lower pace of new and successful ICOs means an end to the correction that lasted almost two months. The market changed its nature in the last couple of weeks, and it seems like it is now better prepared for an influx of funds from players with bigger investment potential.
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VW Group in cooperation with IOTA
Volkswagen Group formally announced their cooperation with IOTA. The crypto project, based in Berlin, is currently working on a new generation DLT (Distributed Ledger Technology), called Tangle. It would allow virtually free transactions, fast verification and offline transactions. Their solution has targeted the issues in the IoT ecosystem. Johann Jungwirth, CDO of
Volkswagen, also announced that IOTA’s solution can be integrated in the future Connected Car Systems of Volkswagen. Jungwirth has become a member of the Supervisory Board of the IOTA Foundation and is going to work in close relations with them towards the future integration of the project with Volkswagen. Last year, IOTA received funding from Bosch, as well.
South Korea much closer to regulations for crypto assets
The Korea Accounting Institute plans to categorize Bitcoin and other cryptocurrencies and crypto tokens as liquid assets in an attempt to classify them in financial statements. The attempt to apply an accounting standard came as a response of the ever increasing significance, widespread distribution and use of the virtual currencies in the Korean society. The decision and the guidelines are expected to be issued next month.
Earlier last week, on Tuesday, the governor of the Korean Financial Supervisory Service stated during a press conference that the government will support “normal transactions” of cryptocurrency, and added: “The whole is in a process of reconsidering its position and searching for a regulatory framework for virtual currencies, with the expectation to make the usual transactions easier, instead of obstructing them with inappropriate regulations.
Before his statement, Choe had a meeting with the Korean Blockchain Association and members of the local exchanges. He also announced his support for the cooperation between banks and exchanges.
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