Crypto Market Summary: Week of 6Aug18
Prices fell significantly this week. Considering developments in the space, long BTC at $5.5k+ and ETH at $250+ should be risk-return prudent, paired with a 1-2 month horizon.
Business:
- Starbucks, ICE and Microsoft are collaborating on a venture called Bakkt which seeks to facilitate bitcoin and other crypto payments at Starbucks.
- Commonwealth Bank of Australia issues blockchain bond on a private blockchain built on Ethereum. Node operators are stakeholders in the bond issue. This is similar to JPM, ABC, BBVA efforts.
- Distributed GPU mining. Good idea.
Markets:
- Total crypto market cap hit 8.5 month low.
- SEC delay decisions on crypto ETFs, adversely affecting prices.
- Turkish Lira weakness is driving funds to Bitcoin and other cryptos.
Tech:
- Lightning network facilitates fast payments without mining-related delays. However initial set-up is tedious.
- EOS forks are happening.
Link:
https://www.forbes.com/sites/norbertmichel/2018/08/13/new-bakkt-venture-could-make-bitcoin-as-mainstream-as-starbucks/#5c7ec37636c8
https://www.coindesk.com/world-bank-taps-australias-commbank-to-issue-its-first-blockchain-bond/
https://www.coindesk.com/bitcoin-gpu-crypto-mining/
https://www.coindesk.com/the-crypto-market-just-hit-a-new-low-for-2018/
https://www.coindesk.com/the-sec-will-decide-on-9-bitcoin-etfs-in-the-next-2-months/
https://www.coindesk.com/turkey-crypto-exchanges-bitcoin-lira/
https://www.coindesk.com/bitcoins-open-secret-lightning-is-making-better-online-payments-possible/
https://www.coindesk.com/fed-up-and-forking-rival-eos-blockchains-are-becoming-a-reality/