Weekly Updates: Latest Crypto News (April 30— May 6)
Cryptocurrency transactions in banks, new mobile apps and crypto regulation in South Korea. Read TEOZ Weekly Updates for more fresh information.
Stay tuned!
- Goldman Sachs launches cryptocurrency transactions
The Goldman Sachs Bank approved transactions with derivatives for cryptocurrencies. The bank’s employees will begin investing in them on behalf of customers. In the future, the bank plans to launch its own forward contract. The decision was made under the pressure of investors who want to invest part of their funds in cryptocurrencies and thus diversify their investments. Under Goldman’s management is more than $1 trillion. If at least 1% of these funds go to cryptocurrencies, then we can expect the arrival of new 10 billion in the industry. At the same time, market capitalization, due to its low liquidity relatively to classical markets, can seriously increase even due to this “modest amount”.
We remind you that another financial giant Morgan Stanley is also getting involved in the cryptocurrency race. Read the article to find out more about the eternal rivalry between Morgan Stanley and Goldman Sachs.
Source: http://fortune.com/2018/05/02/goldman-sachs-cryptocurrency-trading-desk/
2. Ethereum: sharding is approaching
On April 30 Vitalik Buterin wrote a message: “Sharding is coming” and accompanied the text with an illustration. Sharding will help solve the problem of Ethereum network scaling. This means faster transactions for users. At the moment, Ethereum uses the Proof-of-Work (PoW) consensus algorithm, while sharding involves a partial transition to Proof-of-Stake (PoS). This will affect the ethereum mining, now the miners will receive less.
Ethereum is now in the turbulent zone. On the one hand, technological changes await him. On the other hand, the SEC and SFTC regulators are now defining the asset status. Both these events will have a significant impact on the dynamics of future prices. With a favorable scenario, we can expect explosive growth of the ethereum in a short period of time.
Source: https://github.com/ethereum/research/tree/master/sharding_fork_choice_poc
3. Coinmarketcap celebrates 5 years and launches mobile app
On May 1, the popular cryptocurrency resource celebrated its fifth anniversary. Coinmarketcap rebranded the logo and the website as a whole, and also introduced a mobile application. Currently it is only available for iOS devices, but is also expected for other platforms.
Coinmarketcap certainly is the leader among the crypto investors. According to Alexa, the website occupies the 181st place in the global rating. The site presents over 1,600 cryptocurrencies and tokens, over 10,000 exchanges and exchange platforms, there are historical accounts of the state of the market with a weekly interval, the market capitalization is also considered. Teoz Fund team congratulates the resource on its birthday and wishes further dynamic development in step with the market.
Source: https://coinmarketcap.com/
News on market regulation:
1. South Korea softens the regulation of the cryptocurrency and ICO
South Korea realized that the only prohibitive methods in the sphere of crypto currency are useless. There are political forces in the country that advocate a softening of the state policy towards ICO and cryptocurrencies. One of the ideologists is the representative of the Korean political party Hong Eui-rak. Hong has more than ten supporters in the parliament, and they intend to prepare a draft in the near future of the new regulation rules. So Hong himself comments on his initiatives:
“The bill is aimed at legalizing ICOs under the government’s supervision[…] The primary goal (of the legislation is helping remove uncertainties facing blockchain-related businesses.”
Also the quotation of the Speaker of the National Assembly Chung Sye-kyun is noteworthy:
“Blockchain and cryptos can be used in various public sectors for good causes. Given their potential, we need to work to help reduce political uncertainties they face.”
We expect that in the future, Korea will follow the path of a smooth softening of the law in terms of cryptocurrency regulation.
Source: https://www.ccn.com/south-korea-bill-pushes-legalization-of-new-icos-after-ban/
The TOP-10 cryptocurrencies this week
The composition of the top 10 has remained unchanged. Litecoin and Cardano switched places. In general, the dynamics are multidirectional: 6 currencies in the green zone and 4 in red one.
The Teoz fund’s Token increased from $ 2.68 to $2.81 (+ 4,85%).
TEOZ fund is an index fund created by financial market professionals with an in-depth understanding of the crypto industry and an underlying blockchain technology.
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