This month we saw the cryptocurrency asset class contract for a consecutive 3rd month with the market capitalisation reducing from $459 Billion to $269 Billion.
Some notable events contributed to this dip which was largely fueled by Fear Uncertainty and Doubt (FUD) around the cryptocurrency landscape. The horde of negative news that hit media outlets during March and we firmly believe had a significant impact on the market and the price adjusted accordingly. Some key events and information include:
- The SEC sent subpoenas indicting a crackdown on Initial Coin Offerings
- Poloniex Crypto Exchange was purchased by Goldman-Backed Circle
- Cryptocurrency is “A Disruptive Threat” to existing banking models was admitted by JP Morgan and Bank of America
- Wellington, a $1 Trillion Money Manager, Just Joined the Crypto Frenzy
- Marshall Islands to issue own sovereign cryptocurrency
- HSBC Nears Blockchain Deployment for Live Financial Transactions
- E-Commerce Giant of Japan Rakuten to Launch Cryptocurrency Rewards Program
- BlackRock indicating crypto use to grow as the market matures
- Auto Giant Behind Mercedes-Benz Launches Crypto Coin To Reward Eco-Friendly Driving
- SEC to release findings that US based cryptocurrency Trading Platforms must be registered with them
- Rumours Mt Gox Trustee Sells $400 Million in Bitcoin and Bitcoin Cash
- Coinbase gets e-money license in the UK
- AirAsia Is Building Own Payment Platform, Looking Into Launching ICO
- Report: South Korea Could Ease Its ICO Ban
- French Government to Create Flexible, Yet Safe ICO Framework
- Since Embracing Bitcoin, Robinhood App Value Jumps to $5.6 Billion
- G20 leaders to hold fire on cryptocurrencies amid discord
- Twitter and Square’s Jack Dorsey: Bitcoin Will Be World’s Single Currency
- TMX to launch cryptocurrency platform focusing on Bitcoin, Ether
- NYC hotel hopes to launch $400 million coin offering
Its our view at Cryptochain Capital that the cryptocurrency asset class is a solid long term investment and should make up a portion of any well diversified investment portfolio.
