Last Crypto Week In Review
Here we go again, with the most important (in my opinion, at last) news from last week in crypto.
Monday- Spanish Government To Use Blockchain In Country's Administration
The ruling party in Spain proposed to use blockchain in country's administration, according to a news published on Cointelegraph
The bill was introduced to the Spanish Congress on June 22 and published on the official website of the legislative branch on June 26. It hasn’t been reviewed by other deputies yet. The Congress website has not provided any further information on the bill’s details so far. [...] Partido Popular considered to give tax breaks to companies that use Blockchain technology. The relevant legislation was set to be finished by the end of the year.
All in all a very interesting development, which could hint at further (de)regulation of crypto in Sain.
Tuesday: IBM Blockchain, Based On Hyperledger, Finalizes First Commercial Inter-Bank Transactions
we.trade, a financial platform which aims to create frictionless bank transfers cross-countries, using blockchain, confirmed that the first live trades have taken place on the platform. Over the last 5 days, 20 companies have executed trades, via 5 banks.
we.trade was set up by a consortium comprising: Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Societe Generale and UniCredit.
Wednesday: STEEM Trading At A 20% Premium On Bithumb
During last week, STEEM was trading abnormally high on Bithumb, with orders as high as $2/STEEM being executed on a regular day.
This trend continues even today, where the price was, at the moment of writing, $1.98/STEEM, but Coinmarketcap stopped including Bithumb price feed in the main markets area.
Thursday: Malta Just Regulated Crypto, By Passing Three Major Laws About DLT (Distributed Ledger Technology)
According to a news published by Malta Today, the House (a.k.a. Parliament) voted on a series of bills, enacting them into laws. What really interests us from this event is a group of 3 bills, namely: the Malta Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act.
Without going into details, these three laws are basically making crypto legal in Malta.
Friday: Binance Looking For $1 Billion In Profit This Year
In an interview aired by Bloomberg, Binance, the number one crypto exchange announced they are expecting profits up to $1 billion this year.
It's not yet clear if the profits will come solely by margin trading, or if the Binance token - which is basically "money out of thin air" - will play a relevant role in these numbers.
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I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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Great summary for very interesting week , keep up
A prominent steemian made a prediction a while back, that STEEM would bypass Bitcoin and become the top cryptocurrency by 2019. Are you familiar with that prediction? What you wrote about STEEM trading abnormally high, reminded me of it. Do you give the prediction any credence? What do you attribute the abnormally high trading price of STEEM that you mention?
So, there are two questions here:
1. Will STEEM overcome Bitcoin by 2019?
My answer is NO, I don't think so. There are many, many differences between those two assets, starting from technical, going through governance and ending with real use cases. With that being said, I'm extremely bullish on STEEM. Please understand that I'm not doing any predictions (that's a full disclosure, by the way, don't trade based on my opinions, make your own) but I can throw an educated guess every once in a while. You seem to have caught me in a good mood, because I'm going to throw one of these now: I see STEEM between $10 and $20 by the end of this year, and somewhere between $80-$100 at the end of 2020.
2. STEEM trading at $2 in Korea
The price is abnormally high because of the "kimchi premium". Korea traders are very bullish on crypto, generally speaking, and sometimes they push the price very high. It's a bit difficult to trade on Bithum because the price that we're talking about is on the STEEM/KRW pair, which means you have first to buy a lot of Korean Won and this might be a bit difficult to do by the millions...
Thanks for your answers. Since we're past the midway point of 2018, I've gotten less optimistic for STEEM to overtake Bitcoin in what's now less than 6 months. The answers you gave certainly are good to still have optimism for the future. Thanks again for your answers, and I'm glad to have caught you in a good mood! Cheers!
Happy to see Binance is making such a good profit... which is really good for the growth of the whole crypto market and Malta becoming the crypto heaven..
I hope that need week will be very green week after that
Country's Administration :o
That a great news if they are applying blockchain in their administration.
Why is coin market cap not including the price of bithumb? it's to sad.
That was such a great week for crypto currency. This kind of decessions make an great impact on crypto
That was such a great week for STEEM
It's been a pretty active week for us here. I remember the Malta and IBM news from your posts. I think the Malta news specially, could be a start of something great. Thanks for sharing man.
Plenty of good news, hopefully it will put good impact on crypto market.
Nice series @dragosroua, crypto week review...
It gives a bird's eye view of what's happening in crypto world....
Thanks for keeping us up-to-date...
My regards...