In “This was the NEWS” we take a look at the most important news of last week. What has happened in the crypto space over the last 7 days? News items that you may have missed and you really need to read. You will find it here!
Cryptocurrencies Are Here to Stay
In September, Greenwich Associates released a report titled ‘The Institutionalization of Cryptocurrency.’ Of the 141 institution’s executives interviewed (asset managers, brokers, hedge funds, and investment banks) 70% believe that cryptocurrencies will survive and will be a part of the future of institutional investing. Of that 70%, 38% that cryptocurrencies will become regulated and those regulations will help lead to more growth while the other 32% believes that most currencies will fail but a few will survive and thrive, similar to the dot-com bubble.
Read more about this report here: https://altcoinbuzz.io/cryptocurrencies-are-here-to-stay/
2. SEC Shuts Down Blockvest ICO Over False Regulation Claims
The SEC announced that Blockvest, decentralized exchange, crypto index fund, and ICO, has been shut down. The reason for this is because Blockvest falsely claimed that it was approved by the SEC.
“We allege that this ICO is using both the SEC seal and a made-up crypto regulatory authority to trick investors into believing the ICO was approved by regulators. The SEC does not endorse investment products and investors should be highly skeptical of any claims suggesting otherwise.” -Robert A. Cohen, Chief of the SEC Enforcement Division’s Cyber Unit
Read more about the false claims made by Blockvest here: https://altcoinbuzz.io/sec-shuts-down-blockvest-ico-over-false-regulation-claims/
3. Cardano Foundation Removed as Partner from Cardano Project’s Development and Business Arms
According to Charles Hoskinson, the Cardano Foundation has been removed from the Cardano project as rumors of ‘civil war’ within Cardano spread. His decision to remove them was due to alleged lack of financial transparency, material representations, and wrongful statements. Overall, the Cardano Reddit group seems to agree with his decision to remove the Foundation from the project.
“Unexpectedly, the Foundation decided to back out the week before and claimed in an email to IOHK’s communications director that it – without any basis or underlying agreement – was to be the single guardian of the Cardano brand and protocols.” -Charles Hoskinson
Read more about Charles Hoskinson’s decision here: https://altcoinbuzz.io/cardano-foundation-removed-as-partner-from-cardano-projects-development-and-business-arms/
“This was the NEWS” summary!
In the past week, the market cap has fallen about $18 billion, currently hovering around $200 billion, and Bitcoin has fallen from $6,600 to around $6,300. The main reason for this fall seems to be that US Equities markets took a dive earlier this week. We are currently experiencing the usual Bart patterns and I don’t expect that to change much.
With the recent report released by Greenwich Associates, it is clear that the majority of institutions believe cryptocurrencies are here for the long run. Institutions see value in cryptocurrencies and it is inevitable they will enter.
With the SEC continuing to clear up the space by taking out clear scams, more people can feel comfortable investing. Scamming people is wrong and it is good to see the SEC trying its best to clean up the space. It is also important for Cardano to distance themselves from any potential unlawful activity as it is touted as one of the best projects in the space. If this space is to grow more, there needs to be a sense of confidence amongst investors, we seem to be moving in that direction.