Market overview: 21–28 May
We saw the ongoing correction on the cryptocurrency market last week. Many investors and analysts were expecting positive changes in the light of the world’s largest Consensus 2018 conference (May, 14–16). It attracted the record number of participants, 8500 people. But it’s already been two weeks since that conference and there are no positive changes so far. Although some people assume that the market is under the pressure of institutional investors who are willing to pay less to join this attractive market. So we should expect the increase in prices in June.
As far as figures are concerned, cryptoassets’ total cap dropped from 387 billion dollars to 312 billion dollars. And Bitcoin hit a psychological level of 8000 USD and is now traded at around 7300–7200 USD(-15% per week). It’s quite likely that it hits the lower level of 7000 USD accompanied by the next support level of 6500–6600 USD. Ethereum could not stay above 700 USD at the beginning of the week; and in a week it lost about 25% of its value trading now at 540 usd. EOS feels the best among Top10 cryptoassets having lost only 12% because of the upcoming net launch this week. Cardano was the worst having lost 28% in usd in a week. Next worst is Bitcoin Cash having lowered by 26%.
This week we’re expecting EOS and Tron main net launches scheduled for June 1 and May 31 respectively. EOS investors must register their tokens before June 1 as they’ll be frozen in Ethereum blockchain when the net is launched. The other option is to transfer the tokens from their wallets to exchanges supporting automatic token exchange, like Binance for example.
There was no major news affecting the market last week, but there was something important for Russians: State Duma adopted cryptocurrency bill on first reading. To be more precise, they passed the bills “On digital financial assets”, On attracting investments using investment platforms”, “On digital rights”. But the approval of all the documents was accompanied by the note “please provide amendments”. Amendments to the bills on digital financial assets and investment platforms should be provided by June 4, on digital rights — by June 20. Before the President signs these papers they should pass second and third readings in Duma and get approval of the Federation Council.
The global conference Russian Blockchain Week 2018 featuring our fund’s analyst Alexandr Muradov as a participant was held in Skolkovo technopark, May 22–23. More than 70 speakers discussed all the significant issues from investments, trading, mining, and up to tokensales legal issues and cryptoassets legalization in particular. We can mention that the bills mentioned above were met controversially by the conference participants. Many think that they were accepted in a hurry and won’t let Russia create an attractive cryptocurrency ecosystem.
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