Several catalysts could come from cryptomonnaies support after the recent fall that saw fly over $ 70 billion in capitalization in ten days in the digital currency markets. In particular, 'MarketWatch' recalls that fans of the cryptocurrency and blockchain will meet in New York during the conference 'Consensus 2018' organized by CoinDesk. The conference takes place from May 14 to 16. It will have more than 4,000 participants.
Last year, the enthusiasm around the consensus conference was doped Bitcoin course of ... 69%, according to Fundstrat Global Advisors, quoted by MarketWatch ... Nothing, obviously, said that the BTC is able to reiterate such performance, but This event should attract the greatest interest.
The recent purge observed in the main cryptocurrencies does not seem to deter the big names in the financial industry. The inevitable Goldman Sachs has responded to the demand of its clients (hedge funds, foundations ...). The US investment bank now allows them to 'trade' Bitcoin futures through one of their desks in New York. This 'validation' by Goldman undoubtedly offers digital currencies greater legitimacy by facilitating institutional trade in Bitcoin.
Goldman Sachs advances progressively and prudently, raises 'Forbes'. Therefore, the investment bank will not initially allow trading in the real Bitcoin, but will offer the possibility of negotiating futures contracts in Bitcoin.
Bloomberg and its partner Galaxy Capital Management Digital LP, a firm founded by Michael Novogratz, launched classify cryptomonnaies of the BGCI ('Bloomberg Crypto Galaxy Index').
The index is designed to track the performance of the largest and most liquid part of the cryptocurrency market. BGCI is weighted by market capitalization and tracks the performance of ten crypto-currencies traded in dollars, including Bitcoin, Etereum la Moneo, undulation and Zcash. The index is diversified and covers different kinds of digital assets, which include stock stores, commercial vehicles, smart contract protocols and confidentiality assets.
At the time of the announcement, Bitcoin and Etereum each represent a weight of 30%, against the 14.14% of the undulation, 10.65% for the Bitcoin effective 6.11% for the EOS 3, 77% for Litecoin, 1.67% for Dash, 1.66% for Monero, and 1% for Ethereum Classic or Zcash.
The creation of the index marks an important step in the evolution of the digital asset space, facilitating a diversified exposure, as well as an independent comparative analysis for investors, the two partners indicated.
The BGCI uses a rule-based methodology and data from sources that have successfully completed the due diligence processes of Bloomberg and Galaxy Digital Capital Management.
The index is owned and managed by Bloomberg Index Services Limited and co-branded with Galaxy Digital Capital Management. As a new member of the Bloomberg index family, BGCI offers the first institutional benchmark for the cryptocurrency market, according to both firms.
The main cryptocurrencies have collapsed for a week, especially undermined by the Upbit case. For example, South Korea's main trading platform was raided on suspicion of fraud. Bitcoin has fallen by 10% for 7 days according to Coinmarketcap, back to $ 8,422. The Ethereum held up well, dropped just 4% in five days, but the Ripple corrected 12%. Bitcoin Cash plummeted 16%, EOS 25% and Litecoin 16%. El Cardano tripped 21% in a week.
After the year 2017 fever, after the fall observed between mid-December 2017 and the beginning of April 2018 due to fears related in particular to the tightening of regulation, the main 'cryptos' had registered a fairly large recent rebound. Therefore, Bitcoin had received support in the $ 6,600 to return in early May to approach the 10,000! Since then, things are getting complicated, even if financial institutions such as Goldman Sachs, Bloomberg or the Nasdaq market are now tempted ...
Last week, comments from several market gurus had sealed the 'cryptos'. Warren Buffett, CEO of the investment firm Berkshire Hathaway, said that Bitcoin buyers speculated that the only hope of finding someone willing to pay more of them ... The Sage of Omaha has comparison with the bubble bulbs of tulips in Holland in the seventeenth century is repeated, and said he believes that Bitcoin was "death-to-rat" and that its increase is mainly based on "fantasies" ...
Charlie Munger, the other guru of Berkshire Hathaway, went even further, saying that Bitcoin was "useless" and called it "artificial gold". "The fact that it is a science of intelligent computing does not mean that it should be widely used, and that respectable people should encourage others to speculate on," summarized Munger, still alive at age 94. On CNBC, Munger said: "Now it's not something that I think the world needs." Finally, Buffett's main associate has called bitcoin "dementia".
Bill Gates, co-founder of Microsoft, also violently attacked cryptocurrencies this week. According to Gates, Bitcoin and other cryptographic currencies would be a kind of absurd investment. Bill Gates even said he would "shorten" Bitcoin if he found a simple way to do it.
Bill Gates admitted to owning Bitcoin, someone offered it for his birthday. The founder of Microsoft would have sold everything a few years later. "As a class of assets, nothing is produced, so it should not be expected to increase, it is a kind of pure 'investment idol theory,'" he says. again he launched Gates. The theory to which the leader refers affirms that the price of an object is not determined by its intrinsic value, but rather by the irrational beliefs of market participants ...
In another note, Nvidia giant graphics processor said in the framework of its latest quarterly accounts that the demand for cryptomonnaies miners had been stronger than expected in Q1, resulting in $ 289 in revenues in millions of dollars. However, the group also warns that this 'crypto' sales volume should collapse by two thirds in the current fiscal quarter.
On the business side, the South Korean exchange platform Upbit has been subject to a search carried out by local authorities after accusations of fraud. Therefore, this important Korean platform is under investigation. On Thursday and Friday, the Korean authorities raided their offices. Upbit says he cooperates with the authorities. The firm ensures that the assets of its customers are safe. Transactions and withdrawals would always be possible.
Upbit is the first South Korean platform by volume of exchange and the fourth in the world, according to the data of Coinmarketcap.com ... Also remember that South Korea is now active, so clean up the digital currency industry and fight against illegal activity or speculation.
