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The cryptocurrency market cap has once again managed to cross half a trillion dollar mark. Most of the major cryptocurrencies including Bitcoin and Ethereum recorded large gains in the past two days.
In the past 24 hours, Bitcoin advanced 10% and at the time of writing the most popular cryptocurrency is trading at $10,897, which translates into a market cap of $183 billion.
In other markets, premiums in the South Korea have re-emerged by 2-3%. The reappearance of premiums signal an increase in demand for cryptocurrencies by local investors, which is an optimistic indicator of short-term recovery, especially in the Asian market.
Ethereum and the rest of major cryptocurrencies have more or less followed the price trend of bitcoin over the past week. Only a few cryptocurrencies such as NEO have outperformed Bitcoin in the past 24 hours and the majority of cryptocurrencies have struggled to match the strong performance of Bitcoin.
After this week’s announcement by the Swiss financial watchdog (more on this later), many ICO projects and tokens have increased in value due to some optimistic reports from Switzerland.
The mainstream businesses are slowly recognizing the potential of the value of blockchain technology. George Soros, for instance, who had earlier referred to cryptocurrencies as a “typical bubble” has invested in Overstock, through his investment fund. Overstock is one of the most pro-cryptocurrencies businesses, and its stock price has appreciated immensely as the cryptocurrencies skyrocketed.
However, a few old-timers are still skeptical of cryptocurrencies and the latest to voice his opinion is Berkshire Hathaway vice chairman Charlie Munger, who called Bitcoin “totally asinine.”
Bitcoin is still at a risk of a bear attack as long as it trades inside the descending channel. If the bears take over, the prices could fall back to as low as $7,800.
Top Stories from the Crypto World
1. US government not passing Bitcoin regulations anytime soon says White House Official
Rob Joyce, the special assistant to the president and White House cybersecurity coordinator, stated that although the government is concerned about Bitcoin and other public cryptocurrencies, officials are still a long way from developing an official regulatory framework.
“I think we’re still absolutely studying and understanding what the good ideas and bad ideas in that space are,” he said of cryptocurrency regulation. “So, I don’t think it’s close.”
2. Switzerland lays out guidelines in support of ICOs
Switzerland’s financial watchdog, the Swiss Financial Market Supervisory Authority (FINMA), recently published initial coin offering (ICO) guidelines that reveal the regulator will oversee the fundraisers and regulate them either under anti-money laundering laws, and as securities.
The guidelines show FINMA is looking to clarify how token issuers should proceed in the country, as the regulator notes a sharp increase in the number of Switzerland-based ICOs also led to an increase in the number of inquiries about applicable regulations.
Commenting on the announcement, FINMA CEO Mark Branson stated:
“Our balanced approach to handling ICO projects and enquiries allows legitimate innovators to navigate the regulatory landscape and so launch their projects in a way consistent with our laws protecting investors and the integrity of the financial system.”
3. New Steam game to offer 1 Bitcoin to first player who cracks 24 ‘Énigmas’
A new Steam game Montecrypto: The Bitcoin Enigma will feature an in-game world players navigate in the first person, solving 24 ‘enigmas’ in order to claim the ultimate prize. The game is over once a player has solved all the puzzles for the first time, while the sale price of the game will be $1.99.
Think you’ve got what it takes? Play here: http://store.steampowered.com/app/768750/MonteCrypto_The_Bitcoin_Enigma/