The market for cryptocurrency and crypto tokens marked an increase of 8,5 % last week, reaching a total market capitalization of 459 billion dollars. Throughout most of the week, the market demonstrated a sideways trend. A number of specific events occurred, as well, such as the influx of investments into Bitcoin, which rose to 18 % between the 26th of February and Sunday, 4th of March, and the withdrawal of funds from the less popular blockchain crypto projects. The price for one ETH increased by 3,5 % to $ 855.
It is important to note that this is not the first time we witness similar developments, as when the players in the market consider that the future of blockchain is “insecure”. We, at Belayer, believe that the increase in the regulatory and public interest in blockchain is beneficial to it. It is also important to mention that the market has been stable, with movements between 400 and 500 billion dollars. This could mean that there hasn’t been an influx of new funds. It is curious to note that there hasn’t been a time when it was easier for new non-professionals to enter the market with a wide variety of investment horizons and portfolios.
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A company supported by Goldman acquired Poloniex
The popular cryptocurrency exchange Poloniex, available in more than 100 markets, has been bought by Circle Internet Financial Ltd. – a company dealing with mobile payments, supported with 140 million dollars by Goldman Sachs Group Inc.
Details have not been announced. Earlier in 2017, Fortune magazine announced that the deal was worth 400 million dollars, citing an anonymous source familiar with the details. Both companies share a common vision for growth and acquisition of a bigger market share.
HSBC releases live trading on blockchain
HSBC, which is based in the UK, is close to releasing a live trading, using blockchain. The project started in 2015 with the aim to increase the effectiveness of the company and to provide it with access to the FinTech sphere and its products in the field.
According to spokesperson Joshua Kroeker, the bank is almost ready to launch the service after working for 2 years on issues. The company is now looking for customers interested in the pilot product and hopes to achieve wider integration in all products and networks by 2019.
JP Morgan recognizes crypto as a threat to their business
In its annual yearly report for 2017 for SEC, the financial giant defined the technology underlying virtual cryptocurrencies as one with enough potential to rearrange, threaten and fundamentally change their existing business.
Rakuten with its own crypto project
The leading Japanese platform for electronic trading, Rakuten, will reform its loyalty program, basing it on blockchain. This includes the release of Rakuten Coin, developed by the company.
Rakuten Coin will substitute the existing program “Super Points”, based in Tokyo, and which has long been considered as one of the strongest loyalty programs in the ecosystem of electronic trading. The clients of this program have earned around 9.1 billion dollars in points during the 15 year history of the program.
At present, it is not clear whether Rakuten Coin will work independently on its own blockchain or will use the blockchain and smart contracts of Ethereum, Stellar, NEM or NEO.
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.