This Week in Cryptocurrency — #007
Market crash, Millennials positive on cryptocurrencies and Grayscale bets big on Horizen
Overview
Welcome to This Week in Cryptocurrency for the week of September 2nd to 8th, 2018. This week, we announced the development of our API, which will allow our community to create and deploy projects using Matchpool services. We plan to release full documentation for the API in the coming weeks.
This past week in crypto has been marked by a price shock in the market, which seen Bitcoin crash from $7,380 USD to as low as $6,199 USD. Despite the decline in price, many positive developments have been happening in the space, from Millennials showing approval for cryptocurrency to a high-profile investment into Zen, theres plenty of good news to round out the week.
US Millennials open to Crypto
It’s no secret that Western Millennials love technology! It’s not surprise that nearly half of US Millennials are positive on cryptocurrency and open to using them for day-to-day transactions. In fact over a third surveyed stated that they would be interested in converting over to a crypto-only method of monetary transacting, while the majority still would like to stick with the US Dollar as their primary medium of exchange. It makes sense that Millennials would be interested in cryptocurrencies, since they are still feeling the effects of the 2008 housing collapse and relentless government spending and ever-rising o US debt puts the long term value of the US dollar into jeopardy. Only time will tell if Millennials become more interested in cryptocurrency, or if fiat is their favorite way to transact.
Market crash
This week has been defined by many in the Cryptocurrency community as a bloodbath in the market. Bitcoin, Ethereum and other prominent cryptocurrencies fell by double digits, dragging the rest of the market down with them. Many in the space are still holding onto optimism as Wall Street has been taking interest in providing institutional capital as well as speculation over approval for a Bitcoin ETF. With the large market movement, many are now predicting Bitcoin to rebound to $8,000 USD while others are suggesting that we could go as low as $2,000 USD or even straight to $0. Crypto has always been a market of pure speculation, and every week brings something new to the space, good or bad, so anything could happen between now and next week in terms of bitcoin and the crypto market’s prices, as a whole.
Grayscale invests in Horizen
Horizen, formally Zencash, has been a favorite crypto investment by many retail and institutional investors thanks to it’s focus on privacy and unique secure-node ecosystem. Grayscale, a well-respected crypto investment firm, has decided to bet on the future of Horizen by purchasing nearly 6 and a half million dollars worth of Zen, the token used on the Horizen blockchain. This investment will propel Horizen, which is a relatively smaller project, to new heights due to both the clout of Grayscale as well as the fact that they made a sizeable purchase of the coins.
Conclusion
Though the mood of the past week in the cryptocurrency space has been negatively impacted by sharp price decline in the market, many positive developments, such as the release of our API, millennial approval of crypto and Grayscale’s investment into the crypto-space. Tune in next week for another round of of news in the crypto-space!
Interesting Links
Thanks for Reading,
The Matchpool Team
