Crypto Market Developments That Will Shape 2019

It is hard to believe, but it has been an entire decade since Bitcoin was created and launched into circulation. While many think that Bitcoin, like crypto market itself, is nothing more than a bubble, the truth is that this technology is still very much alive. Not only that, but it keeps growing and developing, with new altcoins appearing all the time. A lot still has to be done for the industry to reach its full potential but the market has grown and matured a considerably since Satoshi’s initial endeavour, and there are the reasons to celebrate.

Later in 2018, it became clear that the European Union started to take the lead in crypto market. London Stock Exchange along with other companies decided to participate in the development of exchanges that support security tokens. As a result DX.Exchange is set to become the first regulated tokenized securities exchange. Powered by the NASDAQ exchange protocol this platform will offer several existing securities listed on the NASDAQ, NYSE, Hong Kong Exchange and Tokyo Stock Exchange in a tokenized format.

Intercontinental Exchange, the operator of the New York Stock Exchange is planning to launch Bakkt, a federally regulated market which will enable institutions and consumers to buy, store and sell crypto assets. Bakkt recently raised $182.5 million from Microsoft, the Boston Capital Group, and other 10 partners and investors, and aims to bring high levels of trust and transparency to the market.

Online retail giant Overstock has announced plans to pay a portion of its annual taxes in Ohio using Bitcoin. Ohio became the first state in US to allow taxes to be paid in Bitcoin, and Overstock became the first major company to take advantage of Ohio’s openness to cryptocurrency.

ConsenSys has partnered with computer chip maker AMD and Abu Dhabi-based investment firm Halo Holdings to develop a new cloud computing infrastructure based on blockchain technology. AMD chips have been popular in running blockchain networks, in particular by retail customers looking to mine cryptocurrencies.

The China Banking Association, the country’s self-regulatory body for the banking sector, is launching a new blockchain-based platform for trade finance. Over 10 major banks in the region have signed up for the platform, including HSBC (China), Bank of China, China Merchants Bank, China Postal Savings Bank, among others.

21 cryptocurrency exchanges have joined the Japan Virtual Currency Exchange Association, a self-regulatory organization that oversees the crypto sector, aiming to create industry-wide investor safety standards.

Currently, Ethereum is the market’s best performing altcoin, as it is trading up over 15% at its current price of $162. Ethereum’s bullish performance over the past several weeks is the result of its upcoming Constantinople upgrade scheduled to occur around January 16th, which will make Ether more efficient.

A top executive in the PricewaterhouseCoopers (PWC) crypto division predicts that more institutional players will announce cryptocurrency projects in 2019.