Updated: 09/17/2018 10:11
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cryptocurrency weekly overview
Find out the latest news from the crypto-currency market, Ethereum and Bitcoin trends, forecasts, exchanges news, opinions, assessments and other events
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Find out the latest news from the crypto-currency market, Ethereum and Bitcoin trends, forecasts, exchanges news, opinions, assessments and other events

As the new week starts, we sum up anything related to the cryptocurrency market written within the previous seven days, everything that is relevant for the fans of crypto-currencies and decentralized technologies. This week Etherium made a comeback, Vitaliy Buterin denied his pessimism about cryptology, and the Winklewoss brothers launched Stablecoin.

Opinions and assessments

On September 12, Vitaliy Buterin, the co-founder of the Etherium, said on Twitter that he never claimed that there was no place for the growth of the crypto-currency ecosystem. On the contrary, he noted that a 1000-fold increase in the recognition of crypto-currencies and their real use is very likely. Recall that on September 8 at the Ethereum Industry Summit in Hong Kong, he said that there is hardly a "1000-fold increase in anything [from crypto-currency]".

One of the most ardent supporters of the crypto currency, Mike Novogratz, believes that the digital market is on the verge of a new "explosion". Novogratz is sure that we will not see a bigger collapse of the bitcoin course and the rest of the coins.

One of the pioneers of venture business Tim Draper made a forecast, according to which the total market capitalization of crypto-currencies will reach $ 80 trillion in 15 years.

Gregory Van den Bergh, the founder and head of Bankorus, the world's first private platform for managing the state with the use of blockade and artificial intelligence, believes that the popularity of the blockchain is growing, people are beginning to not only follow the price jumps, but are really getting to know this technology. In his opinion, tokenized securities - is the next wave of Crypto-currencies.

The crypto-currency market analyst Kevin Rooke said that the vast majority of altcoins is "almost dead" - they do not show any activity. Rooke's conclusions are based on the data from the market aggregator OnChainFx. Although OnChainFx data can not be described as exhaustive, they are able to give an idea of the number of people using different altcoins.

Entrepreneur John McAfee, who continues to wage war against HitBTC, said that from the mathematical point of view, by 2020, the price of bitcoin should be close to $ 1 million. According to him, this conclusion is based on the data on the number of bitcoins and complexity of mining, especially now, against the background of the approaching reduction in the compensation for mining (from 12.5 bitcoins per block to 6.25).

The chief economic adviser of the Allianz concern, chairman of the Global Development Council and popular writer Mohammed A. El-Erian said that the crypto-currencies are not dead, although they are overvalued. According to him, the price of bitcoin should be about $ 5000.

Chief commercial director of the crypto-currency payment company Bitpay Sonny Singh said that the general state of the crypto-currency is not a concern and that the overall dynamics of this industry looks positive. He believes that the crypto-currencies are now on the verge of new progress, which will become a "defining moment" for the industry in terms of development and recognition as a payment tool.

Professor of Economics at the University of Berkeley, Barry Eichengreen, considers Stablecoin to be a "dangerous west". According to him, such coins are not the best investments due to a number of weak points.

In a new poll conducted by SharesPost, more than 70% of investors who own a crypto-currency said they are ready to increase capital investments in digital assets. 72% of respondents who have digital coins in their possession plan to increase their investments in the nearest future. However, among this category of respondents there are those who are not ready to rush to make a decision, since the digital market has recently shown a decline. Many crypto-currency holders have told the researchers that, in their opinion, 2025 will be a turning point in the history of the global market.

Ethereum and ICO

According to Autonomous Research, over the past month ICO was able to attract only $ 326 million, and this corresponds to a minimum of the last 16 months. For comparison, for the first three months of 2018, token-sales attracted about $ 3 billion on average. Experts believe that ICOs, using Ethereum blockchain, became the main catalyst for the growth of the Ethereum last year. Also, according to a study conducted by the analysts of Diar, 40% of the funds raised from the initial offers of coins remain on the accounts of the ICO founders. These funds are not invested in digital projects, for the sake of financing of which token-sales were conducted.

As the Trustnodes portal informs, ICO-projects massively sell their stocks of Ethereum. So, over the last ten days, the projects sold 160,000 ETH, and over the previous 20 days they got rid of another 120,000. As a result, during the month holders dropped about 280,000 coins, which is $ 54 million.

The senior developer of the Rocket Pool platform Darren Langley analyzed the roadmap of Etherium 2.0 in his Medium blog. Its most important aspect is that it will combine the algorithms of Proof-of-Stake (PoS), eWASM and shading. After the launch, it will be able to support a significant number of blockchain transactions.

Against the backdrop of the fall in the Ethereum price, the mining of this crypto-currency becomes an unprofitable measure, which ultimately led to a decrease in the network hashrate to a new low. If in August this figure was 300 trillion hashes per second, now it has fallen to 270 trillion hashes. This is one of the biggest falls in the activity of Ethereum miners.

The South African Central Bank announced its intention to use the network of the Ethereum to service interbank operations. The regulator has already completed testing the platform in the framework of Project Khokha.

Chen Min, a former developer of the Canaan Creative chipset, launched a new company called Linzhi, designed to create super-productive devices for crypto-currency mining. Her first project is aimed at the Ethash algorithm used for the etherium and Ethereum Classic mining. The line of ASIC-miners will be released next year.

Duncan Chiah, an adept of the Crypto-currency and a trader in derivatives with ten years of experience, explains in detail in his recent post, what factors the Ethereum price has gone down in recent months, how much it can last and how to be investors in this situation.

Jeff Dorman, Arca Funds' trust manager and former Wall Street trader, in an article on Hacker Noon, analyzes the events in the market in recent weeks, denies similarity to the collapse of 2014 and explains how the upcoming renewal of the Ethereum can open prospects for its growth.


New York crypto-exchange Gemini Trust announced on September 10 the launch of its own Stablecoin. The so-called Gemini dollar (GUSD), which will be linked to the US dollar in a 1: 1 ratio, will become the world's first regulated stablecoin and allow users to send and receive US currency through the Ethereum network using ERC20 standard tokens. Following the announcement of the Winklewoss brothers, the New York-based company Paxos made a similar announcement.

On the night of Monday, September 10, Dogecoin fell into the list of top 20 major digital assets by the CoinMarketCap website version. The coin rate rose to $ 0.006, and the market capitalization reached $ 715.38 million. Now the asset is on the 20th line of the rating, ousting the Zcash crypto currency by the 21st place.

At the beginning of the week, the Waves crypto-currency development team launched a new system protocol for its blockchain platform. This increased the attractiveness of the coin in the eyes of investors, which sharply increased capital investments in the digital asset. In the near future, the protocol will create smart contracts on the platform Waves, if it is supported by all the miners.

The IOTA Foundation team continues to expand its cooperation with leading high-tech corporations. Bosch, Volkswagen and Fujitsu are long-time partners of the start-up, only now the parties are tasked to expand cooperation in the implementation of projects to launch joint applications and products.

French football club Paris Saint-Germain (PSG) announced its intention to create its own crypto currency Fan Token. Coins will be issued in partnership with Socios. Also, the Brazilian club "Awai" announced the readiness to launch the crypto currency.


On September 11, it was reported that the founder of the OKEx crypto exchange, Star Xu, was taken into custody in Shanghai on suspicion of participation in a swindle with the WFEE coin. On September 12, Xu was released. Preliminary investigation found that his company in Shanghai is not related to the WFEE token. The alleged fraudulent scheme was carried out in Beijing, so the investigation materials will be handed over to the Metropolitan Police.

The company Huobi Group has set a goal to gain a foothold in the Japanese crypto-currency market. The press center of the company announced that its subsidiary Huobi Japan Holding Ltd will repurchase the lion's share of the BitTrade crypto currency platform.

Bittrex Exchange has concluded a new deal and launched a global company called Bittrex International, aimed at blockchain technology. The exchange platform also plans to move to Malta, which conducts a friendly policy towards the crypto-currency business. In addition, Bittrex plans in the near future to begin servicing operations with digital currencies, Litecoin and Tron, paired with the US dollar.

The largest Canadian crypto exchange NDAX began to operate transactions with digital coins EOS.

The Japanese company GMO Internet has launched a platform for crypto-currency trading. Its launch was carried out through the subsidiary structure of the giant - GMO Coin. So far users of the trading platform are only allowed to complete transactions with bitcoin. Commission for the withdrawal of funds from crypto-exchanges are absent.


Large crypto-currency companies and veterans of the US technology sector intend to create a Blockchain Association. The organization will become the first group of lobbyists of this kind in Washington, representing the interests of investors and entrepreneurs working with this advanced technology. The mission of the new organization is to stabilize the relationship between the crypto-currency start-ups and legislators. Means of achieving this goal are called education and changes in norms.

Indian media recently reported that in the state of Telangan the first "blockchain district." will be created with the help of Tech Mahindra. The authorities continue to take similar steps. In particular, recently the New Delhi City Council conducted a campaign to plant 10,000 tree seedlings. To monitor their growth and development, blockchain technology will be used, as well as geotagging. It should be noted that the blockchain sector is developing successfully in India.

Cryptocurrency Guide

On September 7, the Supreme People's Court of China published rules clarifying the procedures for judicial proceedings for a new type of court that would specialize in cases involving the use of the Internet. The document says that the so-called Internet courts will recognize digital data as evidence if they are confirmed by digital signatures, timestamps and block-records.

The government of the Australian state of New South Wales is going to test the program of digitizing the driver's license with the help of blockchain. In the statement, the state government announced that it will conduct a pilot program for 140,000 drivers.


On September 9 the Securities and Exchange Commission (SEC) reported the temporary cease of trade in two investment products tied to crypto-currencies. The office specified that they caused confusion among investors who could take them for ETF. These are Bitcoin Tracker One and Ether Tracker One products, quoted by the Stockholm branch of the Nasdaq exchange. Trades they suspended in the US until September 20.

The Central Bank of India finally spoke on the legal status of digital currencies. The bank statement says that since bitcoin and other virtual currencies do not exist in physical form and are not represented in Indian rupees, the definition of "Indian currency" is not applicable to bitcoin.

The central bank of Mexico promulgated an order in which it announced its intention to tighten control over all types of crypto-currency transactions. The regulator, together with the Mexican government, set the task of minimizing the risks of legalizing criminal incomes using bitcoin and other coins.

Ashley Fox, a member of the European Parliament from the UK, believes that the creation of a single legislative framework for the ICO will make them more "accessible" in the territory of the European Union. Fox said that his proposals are designed to stimulate the ICO and receive their declared profits of 8 million euros, to promote compliance with the law on customer verification; In addition, they will help crypto-cash start-ups gain access to the entire EU market. Vice President of the European Commission Valdis Dombrovskis said that many members of the commission express their readiness to support the crypto-currencies and start developing the legislative base.

The International Monetary Fund is giving pressure on the authorities of the Marshall Islands to refrain from issuing state crypto currency. The IMF fears that, following this island nation, many countries will start issuing their digital money.

In the United Arab Emirates, crypto-currencies can be recognized as securities. The relevant decision is being prepared by the UAE Securities and Commodities Authority. The Office conducted a major study and decided to launch a set of mechanisms for regulating relations in the crypto-currency market with the application of experience in regulating transactions in securities.

South Korean banks continue to follow the instructions of the authorities and now intend to limit or completely stop the service of anonymous crypto-currency traders. We are talking about individuals who have not yet provided banks with detailed information about themselves and their crypto-currency accounts.

Other events

The world's oldest fiat currency, the British pound sterling, has lost more than 99% of its value. It is believed that the pound was created in 1158 by the decree of Henry I. The fact that this venerable currency lost almost all its value, the founder of InterchangeHQ and the former employee of the company Uber, Dan Hedl, indicated on Twitter.

Bitmain has a serious competitor. They are the Chinese Bitewei company from Shenzhen, which is headed by Yang Zosin, who previously served as the Director of Development for Bitmain. It is already known that the new company was able to attract investments of up to $ 20 million to develop new chips.

The trustee of the currently inactive bitcoin-exchange Mt. Gox announced that corporate creditors can now file demands for the return of their bitcoins on the basis of a recently approved court procedure for rehabilitation and restoration of rights. On September 12, the attorney and trustee for the rehabilitation of Mt. Gox Nobuaki Kobayashi said that prior to October 22, former corporate users of the exchange must provide evidence confirming their claims for reimbursement of crypto-currency assets.

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