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Crypto Week in Review: Mar 23 - 29, 2019

Dave Jackson Dave Jackson, Stockhouse
1 Comment| March 29, 2019

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Over the course of the past week, the valuation of the crypto market has remained relatively flat…increasing marginally from US$140 billion to US$143 billion.

However, at press time, Bitcoin’s (BTC) had jumped to a five-week high of US$4,125, reinforcing the bullish view put forward by the recent bounce from the crucial 30-day moving average support.

The minor movement in the price of Bitcoin, despite the significant surge in the price of alternative cryptocurrencies, suggest that existing money in the cryptocurrency market is moving – but new money is not flowing in.

Although the persisting bear market – which has been dubbed the “crypto winter” by analysts and traders – is likely far from over, it’s important to note that BTC has been able to stay well above its 2018 lows in the low-US$3,000, which may signal that this region is a long-term bottom.


Bitmain Blues

The long-awaited blockbuster Initial Public Offering (IPO) of major bitcoin and cryptocurrency miner Bitmain Technologies appears to have been put on ice, causing consternation amongst the burgeoning cryptocurrency industry.

China's bitcoin mining giant Bitmain Technologies this week appeared to abandon its IPO ambitions after it allowed its Hong Kong stock market proposal listing to lapse—some six months after Bitmain filed an IPO prospectus.

Bitmain did, however, say it plans to reapply “at an appropriate time in the future.”

Bitmain posted a net loss of $395 million in for the Q2 2018, in wake of reports the company spent US$500 million on failed chips over the past 18 months.

Crypto Palladium Play

According to the richest man in Russia, Vladimir Potanin, digital tokenized metals and other commodities have great potential. And he said that there is a massive demand for cryptocurrencies backed by metals.

According to a March 29thBloomberg report, Potanin, the billionaire oligarch and CEO of the Board of Management at Norilsk Nickel – the world’s largest producer of palladium – is looking to include cryptocurrency tokens for the rare earth metal.

Norilsk Nickel currently operates a palladium fund in Switzerland and is in talks with Swiss authorities to issue tokens backed by palladium. Potanin further added that this trading concept would be expanded to include other applications.

Potanin is also lobbying the Russian government to set-up a concrete framework for the regulation of digital currencies in the country. The latest information from the Kremlin suggests that a hearing to discuss crypto-regulation had been pushed to April 2019.

The Russian billionaire hopes that a positive bill is approved in the summer so that his operations can commence by the close of the year. Potanin added that if the bill is passed by lawmakers, the effect of the same would be “enormous” for the country.


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