The current market situation seems to be slowing down. Prices are hitting a low, but I think that the drop in prices is on the low end. The concern is that the market capitalization of $100 billion is likely to collapse. As of the afternoon of december 17, it's reaching the $100.3 billion mark, but it's not showing any signs of increase. Even if prices don't go up, I believe that a recovery is possible with an increase in trading volume and market capitalization. But a $100 billion collapse would have a short-term impact.
U.S. President Nominating ' Cryptocurrency Advocates' to the White house acting chief of staff
U.S. President Donald Trump nominated Mick Mulvaney as the new acting chief of staff of the White House on his Twitter account on Dec 14. Mick Mulvaney is well known for his support for Bitcoin and blockchain. It was revealed in an article released on Dec 16 that he is the leader of Block Chain Caucus, a consultative group that proposes policies regarding blockchain technology and deals with effects on the cryptographic currency market.
Currently, the U.S. regulates the cryptocurrency market such as SEC's ICO-related regulations, ETF approval, and STO-type investigations of various token projects such as SALT. That has also caused a significant decline in investor sentiment.
However, many experts predict that the White House will have a positive atmosphere about cryptocurrency market through the nominating to acting chief of staff. If the U.S. financial community which is the most influential in the cryptocurrency market has a positive attitude toward cryptocurrency, It is likely to be a force to break through the current frozen market situation.
BBVA supports €150 billion in loans through blockchain platform
According to Coincryporama, a Spanish multinational financial group BBVA has lent 150 billion euros to sports car maker Porsche through a blockchain platform in Spanish banks. It is the first corporate loan made through blockchain technology. The funds are known to be used for the strategic acquisition of distribution networks in Europe and Asia.
Each bank is currently piloting or linking blockchain platforms. Block chain systems such as xRapid, which Ripple created to counter SWIFT system, are now becoming a very attractive item in the financial sector. The current international trading system between banks is extremely complex and time consuming. As a case in point, there are usually five banks that you have to go through when sending money abroad. Deposit bank, foreign exchange bank, transit bank, withdrawal bank etc. If you change the overall aspect of the inconvenient and time-consuming system to a simple, secure blockchain system, I think that's another big change in the banking industry.
As you can see in these articles, the current market is frozen but the blockchain and cryptocurrency markets are getting deeper and deeper into people's life. And Governments in each country are also starting to change. I believe that if the tide of this change gets stronger, cryptocurrency market will grow even more.