Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Weekly CryptoReport: 15-19 January
Bitcoin could be here for 100 years but it's more likely to 'totally collapse' - Robert Shiller, Nobel laureate, Yale University Professor of Economics, co-founder of Case-Shiller Index
This week demonstrated us the real collapse of Bitcoin, but what else happened on the cryptocurrency market, let’s sum up.
- Bitcoin is under tax. Israel is going to tax companies who get profit from cryptocurrencies. Furthermore, individuals whose profit is at the business level will pay too.
- Bitcoin is not a competitor for Visa. The Chief Executive Officer of Visa Alfred Kelly claimed that. Kelly said that Visa will not work with this currency too because Bitcoin is not confirmed to be a real currency by the government.
- Two cryptocurrency ETF-funds were launched by the stock exchange “Nasdaq” despite the reluctance of the SEC. They will invest in blockchain start-ups.
- Ethereum in the Space. NASA gave a grant of $330K on the development of a communication system between satellites with the use of blockchain Ethereum.
- A new leader on the crypto stock exchange market appeared. The South Korean crypto stock exchange Upbit is the first by volume of daily trading. An important fact is that it was launched just in November 2017.
- The hugest Japanese bank Mitsubishi UFJ Financial Group is expanding on the crypto market. It applied for its own crypto stock exchange. Also, it plans to create service for traders. But what is more, it is going create its own cryptocurrency MUFG Coin pegged to the JPY.
- Scientists of Cornell University compared Bitcoin and Ethereum and found out that Ethereum network nodes are better internationally located than Bitcoin nodes. It means that Ethereum is more decentralized than Bitcoin. However, decentralization is under the big question.
- The most expensive. ICO Telegram is planning to engage $1,2 billion, it never happened in the history. However, the thing is that this information is not confirmed.
- BitcoinCash is growing. Currently, the number of transactions is 110K, that is the half of Bitcoin transactions.
- Fenbushi Capital lost, Ethereum won. Vitalik Buterin is not a General partner of a Chinese venture fund Fenbushi Capital that invests in blockchain start-ups anymore. We hope that it will give him more time for Ethereum project.
- Lightning Network has started to work. It was launched on 35 nodes, that is too little. But it gave good chances for the realization of the project of payments with minimum commissions.
- Joint venture. A.P. Moller-Maersk and IBM claimed their interest to form a joint venture with the use of blockchain.
- El Petro is under the US ban. The US government forbade American investors to support the Venezuelan cryptocurrency because of the sanctions.
- BitConnect – financial pyramid. BitConnect officially announced the termination of work. However, the website BitConnect.co will serve e-wallets and present news.
- It seems like the Alibaba Group does not care about the possibility of cryptocurrency ban in China. Alibaba launched a platform of cryptocurrency mining. But the information is unofficial.
Now traders follow the economic events with new vision as inflation in the US seems like decreasing. Let’s see what releases will influence the market due to that factor.
The week will have the biggest event in the US political process over the last two years. How will the elections affect the Forex market? We covered the most important news of this week in this report.
The Reserve Bank of Australia (RBA) will make a statement and release a Cash Rate on February 7, 05:30 GMT+2. It's among the primary tools the RBA uses to communicate with investors about monetary policy.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.