Table of Contents
Bearish:
Arthur Hayes, the CEO of Hong Kong-based cryptocurrency exchange BitMex, told Yahoo Finance that the lack of volatility in Bitcoin (BTC) could continue in 2019 and 2020, while price might slowly fall to as low as $2,000. He further explained that Bitcoin requires volatility to gain mainstream adoption, but media writes about things that move, so “no movement, no coverage”. Reminder: in July, Arthur Hayes stated on CNBC’s “Fast Money” show that he still thinks BTC will reach $50,000 by the end of this year.
Bullish:
3 large South-Korean crypto exchanges expand overseas. Singapore-based Bk Global Consortium has acquired a controlling stake in the Bithumb exchange for about $354 million, and Bithumb has partnered with U.S. fintech company Seriesone in intended to create a regulated crypto exchange in the U.S. Another major crypto exchange, Upbit, has announced the official launch of its Singaporean exchange with 156 coins that supports trading in SGD, BTC, ETH, and USDT markets. Another South-Korean exchange, Coinone, has established a global crypto-to-crypto exchange CGEX in Malta that will share its order book with Coinone’s new BTC market.
Morgan Stanley’s research division has released a new report that highlights certain cryptocurrency trends of the last six months. According to a report, the number of retail investors stays stagnant, while institutional investors are increasingly getting involved in cryptocurrency market.
Legislation:
the Ukranian government released an official statement, confirming its plans to regulate and legalize crypto. Throughout 2018 and 2019, local exchanges will be required to implement KYC and AML systems. The government also plans to focus on mining, smart contract protocols, and taxation.
Celebrities:
Google CEO Sundar Pichai said at the New York Times DealBook conference that his 11-year-old son mines Ethereum (ETH) on a home computer. Earlier this year, the Google co-founder Sergey Brin said that his son had been mining Ethereum as well.
