Mixed news has been coming out for the Crypto world this week with the market taking a definite upturn. The US government has still to decide if Bitcoin is an asset or a currency. The banking sector still has doubts and will take a positive stance if the US government votes on this. HSBC has reported that it is not interested at the moment in any dealings with crypto.
The Blockchain has also been under pressure with many of the ICO’s gong bankrupt. The numbers are still negative for ICO’s, and further regulation across the globe may help to regulate this grey area.
Coinbase has been pushing forward in different directions, one of which is to form a political community. The FEC has published Coinbases first quarterly report, but they have still yet to comment on this. Also one of the largest social media companies Facebook has reversed its position on placing Coinbases cryptocurrency ads.
Insurances companies are starting to report interest in helping the community by looking into possible insurance backed coins. If anyone is going to make real money on Cryptocurrencies, it will be the insurers.
From the featured monthly chart, it is possible to see a general gain. However, volumes are down overall. A run during the week has brought Bitcoin BTC up to the USD 7.5k mark and will see a slow move sideways for the moment. Stella XLM did make a gain on Litecoin LTC gaining more popularity amongst new investors. Ethereum ETH has also held its ground; however, this coin has not managed to sustain its self and is considered to be losing pace.