My Coinbase Portfolio has seen a significant drop over the last three day, with an overall loss of €67.07. Litecoin LTC dropping down by -6.94% currently at 8.0862 LTC (€534.26). The general mod around the crypto world is positive. However, politics is now becoming a significant factor in the price fluctuations. The speed at which regulation is taking place depends on the country. The U.S. Securities and Exchange commision has delayed action till later this year. Most European countries are not even involved with cryptocurrency and the most prominent player being China is currently in a trade war. It would seem that education into the benefits of blockchain technology is either not understood or are regarded as criminal.
I have recently found that even trying to explain the fundamentals of the blockchain to close friends, that it is apparently not understood. Due to the nature of the programme and its usage. Far more damaging to the blockchain is the fact that the media attention is on the currency side of it. However, the application has far more depth to it than is shown.
The week has had good news from around the web. The biggest negative story was the Winklevoss brothers being rejected a second time by the SEC to list its ETF cryptocurrency on a regular exchange. The news did affect the crypto world bringing the top five coins down a few percent. Going into tommorow, Monday, as mentioned last week the typical Sunday drop-off has begun and the trading week comes with no real prediction. Coinbase is showing a profit of €25.32, and I will be depositing my usual amount but later into the week.
The G20 is still confused about the Blockchain and is looking towards government bodies to come up with possible recommendations for regulating the coins. The reports will be on the agenda next April, and further steps will be taken to clarify the Blockchain technologies. Individual countries are pushing forward with their systems, such as the United States and India. England has also started to look at how to implement the Law to protect themselves and the public. China is still leading the way with cryptocurrencies and the Blockchain, with subsidies from the government being dished out to encourage a more liberal attitude to this markets.
The Stella XLM chat for the week shows that the Bears did make a push, however the value at the time of writing was $0.31 and holding its position at number 6.
Lots of activity at the moment around cryptocurrencies, and around the markets in general. Most of the lesser known coins are showing gains over the week; however, going into the weekend there will be the usual drop off until Monday morning. Most countries are now into the summer vacation period so it will be interesting to see if the trend continues.
Coinbase is now offering gift cards to help people use their accounts to buy from some regular outfits. The Coinbase wallet is showing again back to the Tuesday high point.
The Abra wallet is showing significant gains with Stella XLM still holding its own in the top 10. 24-hour volume is at 204,664,000 USD, 24,834 BTC giving it an increase of 8.14% in the period. The news for Stella is its expanded use in the middle and far East. In particular, the UAE (United Arab Emirates) using the currency for payments. With the boost in value, I expect more investor to enter the coin market. The other coin I currently hold is the NEO and is also a top gainer. It is presently ranked 13 according to the CoinMarketCap with a 24 hour gain of 2.40%.
A late start for me today, but this helps me to show the current value of Stella XLM. As you can see in the Tradingview graph the month of July has seen a considerable increase in its value. Although the hype engine is mainly talking about bitcoin BTC and the top five cryptocurrencies, it is interesting to see the lesser value coins starting to appear. I hold 247.933 XLM in an Abra account, and each has a unit price of €0.26 at time of writing. With the top five cryptos being out of reach for small-time investors like me, it is good to see that the general media and the public are becoming more aware of the possibilities offered around the blockchain.
Other news not so high on the spotlight agenda, but one that should be considered carefully is the BIS Bank for International Settlements. Some rousing speeches coming out at the moment notably, Ms Marja Nykänen, Member of the Board of the Bank of Finland. Which takes on Banking in the digital age, in brief, they are looking more seriously at the implementation of crypto assets and payment services. A more in-depth look into money and payments have been taken on by Stefan Ingves of the Stockholm School of Economics. Somewhat a history lesson but none the less a vital view into where the future lays.