🆕 [Bitcoin/General] Time goes even faster, the crypto market is changing rapidly: September news review

icotelegraph (60)in #bitcoin • 6 years ago (edited)

ICOTelegraph presents the key events of the past month which (for sure) will change the cryptocurrency market in the future.

[Market] Record of the month: the biggest daily decline

On September 6, the cryptocurrency market lost at about $40 billion of market capitalization. This is an «outstanding» result over the past 3 years: money left the crypto space in less than 24 hours. Perhaps this is also one of the key points of the bear market. As for Bitcoin, the currency started from a fairly stable point at the level of $7,000 and finished this month with 6% down to $6,600.

[Media] Fake of the month: Goldman Sachs suspends "crypto trading desk" plans

In August, the community once again made sure that popular media often provide not only irrelevant opinions but also supposedly play a shady game. For example, the opinions presented by the CNBC can be used with 95% accuracy as reverse forecasts. In general, so far this trend has not gone away.

A long time ago the plans to build a crypto trading desk have been revealed by Goldman Sachs, and this caused a rather positive response, a little lower than Bakkt "huge news" by the importance level. The news was played out in the same chain with the arrival of institutional money and the attention of major players to cryptocurrency, but it seems that someone wanted to turn the wheel.

On September 5, taking into account the time zones, Business Insider reported that the bank now abandons plans to create a crypto/Bitcoin trading desk. The news was supported by all other media (except a few only), despite the fact that the article clearly indicated that the information received from "familiar to GS" sources.

On September 6, Goldman Sachs Chief Financial Officer Martin Chavez called yesterday's report as "fake news". The representative also reported on the continuation of work on cryptocurrency derivatives, clearly explaining that previous fud news was just a mistake. This situation did not affect the fact that "familiar sources" turned out to be the most cited and loud news during the month once and once again.

[Alts] Ripple's xRapid to go live in October and the biggest XRP marketing set-up

The altcoins market is still in a downtrend, and only a few coins were able to show an increase in prices. As a key point, XRP has risen to $0.58 from $0.34 over the month. XRP has become the exception, which strengthened on the background of positive news about Ripple, while the quite intensive advertising of currency in the media continues.

Sept. 9: PNC now supports Ripple payments;
Sept. 21: xRapid to appear during the next month (Oct.);
Sept 21: Ripple surpasses Ethereum in market cap

Something as it may be called as "Ripple's effect" made a great impact on the cryptocurrency market. The massive marketing hit on the media and a series of contracts with various banks to test the RippleNet platform made the project one of the most mentioned for this month. At the same time, a number of traders expect the same sharp price reduction, citing possible plans of its Ripple's CEO & co.

Other monthly gainers:

Tezos;
Dogecoin;
Bitcoin Gold;
Stellar.

Recent & relevant:

Ripple says 3 clients are putting xRapid into full commercial use.

[Trending] Vitalik Buterin: «There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore»

"There will be no 1000x growth" statement by Ethereum founder Vitalik Buterin became a matter of discussion for several days. Such famous personalities as CZ (Binance), Justin Sun (TRON), Joseph Lubin (Ethereum co-founder) also revealed their opinions. In a certain sense, such a statement can be called self-discrediting, at the same time, perhaps, the crypto-market is entering an acceptance stage in order to realize the core of Vitalik's theory as well.

«The blockchain space is getting to the point where there’s a ceiling in sight […] If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore»

[Alts] Ethereum falls below key $200

Looking back, namely in the period of December 2018 - January 2018, the number of Ethereum enthusiasts wasn't so small. And even many believed that Ethereum quite had the potential to climb on the 1st line of the marketcap list; however, already on September 24, the biggest withdrawal of ETH from exchanges was registered, Ripple surpassed Ether in market cap for the short time, and ICO projects provoked a number of hard sell-offs during the past days, etc., etc.

Recent & relevant:

[ETF] Bitcoin ETF

On Sept. 20, the U.S. Securities and Exchange Commission (SEC) stated that they need more information to make a decision on VanEck/SolidX Bitcoin ETF. The agency appealed to the community for more information regarding the BTC exchange-traded fund and received about 1,400 comments in total. All this gave a kind of positive sign with regard to the new crypto product, at the same time, the Commission was accused of manipulating its decisions: the question of ETF still cannot find a definite answer either among the regulative body's representatives or in society.

Opinion: ETF “will” happen following the appointment of new Securities and Exchange Commission (SEC) head Elad Roisman;
Forecast: the SEC to approve Bitcoin ETF during the next year's rally.

Other news:

Alibaba filled for about 10% of all blockchain patents overall — Sept. 3;
Gemini offers new USD-tied stablecoin — Sept. 9;
Morgan Stanley to offer Bitcoin swaps in the near future — Sept. 13;
Bakkt announces its first Bitcoin futures contracts — Sept. 25;
Bitmain officially launches its IPO — Sept. 26;
A number of cryptocurrency exchanges accused of money laundering, $88.6 million of "dirty money" passes through trading platforms in total — Sept. 29.