It has been a beautiful few days, with lots to be excited about.
Those big green candles did ignite a feel similar to the run in 2017. For a market which has been on a long bear course, it is exciting and as well surprising how the overall market sentiment as quickly changed.
The spark in price on the 2nd led to a small rally that resulted to the highest price point and overall market cap we saw yet in 2019. Volume was also very decent and doubled up during the short period, 'a good indicator that something good is cooking up'.
As expected, 4th and today are seeing some needed correction, which in my opinion is not a big dent in price.
As a very busy industry with lots happening here and there, I bring you some news and updates that surfaced from different outlets throughout the whole of yesterday.
The Digest
Yes, cryptocurrency is so big it will one day be adopted by the government for some purpose yet not-forecasted. But this Man has a different opinion about how the government will approach its underlying technology.
Nouriel Roubini the well known America economist and crypto critic argue that if at last the central bank decided to adopt cryptocurrency, its underlying technology won't be base on the blockchain.
Looking deeper into this perspective, central banks and the government are well known and accustomed to keeping everything under their reach in their own control. As Nouriel Roubini purported, crypto won't be an exception when government own currency is implemented. Here is how the Man summarised his opinion on Cointelegraph
The FOMO is real
ICOs were the rage in 2017, now the table has turned to the recent buying frenzy of IEO (Initial Exchange Offering).
Those days, pushing the gas transaction fee to the extreme was how whale bought their way into many ICOs, it was a war of gas then.
With the whole marketing, user verification and sales regulation being done right on the exchange in what is now becoming the new opportunity for speculators, IEO is turning the game around with records of coins being sold out in seconds instead of minutes known with the peak days of ICOs.
This recent speculative opportunity has given exchanges more power to expand their bound and usage. Exchange coins are getting more usage as the basis for purchasing during an offering and some even implemented a lottery system to narrow the gate to entering.
Read more on how IEO is becoming the new trend on news.bitcoin.com
No Stopping For Stablecoins.
Tether was the unrivaled stablecoin that sorted the volatility problem for many traders.
As cryptocurrency has shown to have no tendency for the existence of a single asset in a particular category. Stablecoins are on the rise now more than ever, both in decentralized from like the DAI stablecoin or centralized like Tether.
In the news - another stablecoin, the first in its region, is in the background being developed by the well known Canadian exchange coinsquare. As a project from Canada, the stablecoin eCAD would be pegged to the Canadian dollar (CAD). Read more about coinsquare and eCAD on Coindesk
Positive stance on regulation
The cryptosphere in its current state is an unregulated landscape that allows just anybody to do whatever he/she pleases to do. This is as a result of the decentralized moved the masses calls for, but government disagrees with this as they believe human by their free nature should be kept under some restrictions in order to attain some order and maintain peace and good moral behaviors.
2018 saw some strict laws being passed by some top countries with the intent to safeguard their citizens against the risk associated with cryptocurrencies.
After some period of examination, some governments are now re-evaluating their stance on cryptocurrency.
The government of one of the top leading cryptocurrency country "South Korea" with the most active speculators has made a recent move to revise its current regulation stance calling for more chance to allow for maturity and development of cryptocurrency and blockchain applications against its current stiff regulation rules that limited her citizens from participating in ICOs and other related activities.
Song Hee-kyong, co-president of the 4th Industry Forum of the National Assembly, said:
"The government has misunderstood the virtual currency and tried to meet the real currency standards, so there are various problems. The industry does not stand still while waiting for the regulatory sandbox authorization, so it is just like keeping it in the box."
Continue the in-depth read about this regulation revision on cointelegraph
Other interesting happenings in the news
Australia primary school cryptocurrency course continues to strive, the old days of profitable mining are gone as Canadian mining firm Hut 8 layoff half of its staff, are the bulls finally setting to pick their race? Google search for bitcoin tripled during the recent price spike, two brothers running a crypto Ponzi scheme were granted an interim bail in India, Austria's largest energy provider announced the development of a blockchain fridge, blockchain is even being considered in gold mining by a real mining project to maximize land rich in precious metal and natural resource.
Today's crypto digest about yesterday's news and update has come to an end.
Thank you for reading all to this point.
Remember to visit my blog for more daily digest.
Cheers :-)
Friends! This is my first issue in this daily digest. I would like to plead for feedback on the quality of the digest, how it can be improved and what pit or parameters to avoid.
I know you understand my concerns. Thank you for your continued support.
Disclaimer
The content of this post is intended for information purpose only and should never be taking as an investment or trading advice. All information contained here-in are linked to their respective sources without being taking word for word in quotes and references.
