Overall Market Weekly Review 44
Before the end of October, Bitcoin did it again and crossed the $10,000 USD barrier for the first time in over a year. Just to mention that bitcoin first crossed $10,000 in November 2017 and then everybody knows what happened next.
Once more time, a political influence did pump the whole crypto market by more than 20% on average. The whole dedication goes to the Chinese President Xi Jinping, who gave a speech about seizing the opportunity offered by blockchain.
Slightly after the news, the market saw mass adoption and movements. But this time things are different, it didn’t go to new heights, the Token Offerings (ICO, ITO and IEO) didn’t go crazy. Crypto Holders believe that not only people learn but even the market does. No crazy amounts being raised by these projects and more logic soft caps and hard caps are being funded.
When China says something, they do mean it. China’s central bank decided to act and start working on a gold-backed cryptocurrency. Looks like they are taking us back in time where currencies where pegged by gold. Exactly before 1971 when President Nixon abandoned the system entirely, transitioning the whole economy to an unbacked fiat currency.
Coming to Europe, Opera added Bitcoin-BTC and Tron-TRX to the built-in crypto wallet in their web browser, allowing users to send and receive these cryptocurrencies instantly and without charge.
Back to the United States, despite losing important backers like PayPal, Visa and Mastercard, Facebook from one side, is waiting for regulations and the CEO is struggling with the lawmakers.
It is indeed, a competition in adoption in the whole world but it is special between China and the United States. One thing for sure: These proposed digital assets would disrupt the whole global financial system.
In my personal opinion, following legit news platform and keeping up with the coins halving calendar, will surely give a good estimation of when the next bull run will occur. Demand and Offer are the healthiest while it comes to determine the price.
One thing before leaving, try and follow decentralized news platforms like GCNews where you can get true opinions and true news without any influence or click baits.
I am hodling and I do name Bitcoin and all the cryptocurrencies: The Currency of the Free. Financial Freedom is taking all your money everywhere you go and spend it on anything you want without the fear of losing it or getting it frozen.
Zied on ICOBench