Automata’s Crypto Quick Hits
A recap of all things crypto from the last week
Bitcoin Loses $7,000 Support After ETF Delay, Altcoins Suffer Large Losses
Widely acknowledged assumptions that the SolidX-VanEck ETF decision would be delayed until February 2019 still had major market impacts with Bitcoin falling through strong support at $7,000. The majority of other cryptocurrencies followed this downwards trend, further being exacerbated by continued negative market sentiment that has constrained growth in the cryptocurrency market throughout 2018. With multiple other ETF applications still currently under consideration by the SEC, the race to become the first Bitcoin ETF approved remains well and truly underway.
Facebook’s Marcus Steps Down From Coinbase Board
Facebook executive David Marcus has resigned from the board of leading exchange Coinbase, citing a potential conflict of interest. Marcus was recently promoted at Facebook to ‘Head of blockchain strategy’, further solidifying recent claims that Facebook is actively seeking to make a move into the cryptocurrency market. While this news could be seen as a loss in the short-term, the confirmation that Facebook is actively pursuing blockchain strategy should be welcomed by all in the cryptocurrency sector as increased interested should provide a flow-on effect.
Crypto Unicorn Bitmain Weighs $18 Billion IPO, One of World’s Largest to Date.
Cryptocurrency mining giant Bitmain has recently registered to conduct an ICO that could raise as much as US$18 Billion. In the context of traditional markets, this would displace Facebook as the largest initial public (or coin) offering in the history of sovereign markets. With Bitmain profits reaching US1.1 Billion in 2017, further diversification is expected from Bitmain as it expands and grows. Blockchain enthusiasts should watch developments on this front closely.
https://www.coindesk.com/crypto-unicorn-bitmain-weighs-18-billion-ipo-one-of-worlds-largest/
