Last week’s overview for the cryptocurrency sector

Last week’s overview for the cryptocurrency sector
Jul 23, 2018 by Rico Wise

In terms of price changes within last week, BTC has grown by almost 18 percent, escaping out of the continual downtrend. It reached the price level slightly above 7,500 US dollars. Analysts do not share their opinions on the ability of this positive trend to sustain itself for long. Arthur Hayes of BitMEX cryptoexchange has suggested that the price would probably continue to increase, although it will not reach 10,000 US dollars level. He also entertains the possibility for BTC to bottom out at 5,000 USD. Hayes’s view is contrary to the opinion of Barry Silbert, who suggests that BTC price has already bottomed out. He explains it by a significant inflow of institutional funds that are currently making up 56 percent of the approximately 248 million contributed to the Bitcoin. Other cryptocurrency enthusiasts speculate that the world’s dominant digital currency may be able to get to 15,000 USD by the end of the year, and even grow to the levels of 40,000 USD in a couple of years.

ETH has added 5 percent within the previous week, trading at 466 US dollars. The cryptocurrency managed to get to the 500 USD level, but underwent correction to the abovementioned price.

The global market capital has increased by 11 percent last week, subsequent to a significant BTC price growth and a slightly bullish run seen with the rest of the cryptomarket.

Speaking of the news regarding the major businesses in the cryptoindustry, South Korean Bithumb cryptoexchange has made an announcement about establishing its representative offices in Japan and Thailand, with the former choice explained by the lack of cryptoexchanges in the country, which occurred as a result of hacking attacks on domestic Coincheck cryptoexchange and Monacoin digital currency. Thailand was opted for because of the friendly environment for the development of cryptocurrency businesses.

Bitmain has established its office in the Silicon Valley, joining such successful startups as Okta, Decacorn WeWork and Cohesity. In addition, there were reports made regarding Bitmain’s decision to hire three times more people for its offices in Israeli.

As for the world of initial coin offerings, South Korean Shinil Group, which is a treasure-hunting firm, has released an announcement about holding an initial coin offering subsequent to finding gold in the amounts of approximately 130 billion US dollars in the Dmitrii Donskoi cruiser debris. However, doubts were expressed regarding the possibility for the token sale to be a scam.

Recent report of Satis Group showed that only nearly 19 percent of all the initial coin offerings ever held since last year have proven to be legit, while the vast majority of the projects were merely scams, with Pincoin, Arisebank and Savedroid scams raising the largest amounts of money.