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Sunday, August 5, 2018

August Crypto Forecast: Focus to shift to regulations and security...

Another month, another set of opportunities for crypto traders! Contentworks, the go to agency for forex and cryptocurrency content marketing is here with your monthly outlook.

July was a good month for cryptocurrencies. The combined value of all cryptocurrencies rose by more than $100 billion. This happened after Blackrock released its second quarter earnings report. In the report, Blackrock announced that it would form a committee to explore future investments in cryptocurrencies.
This was a big news for cryptos because of the value Blackrock would bring to the space. The company has more than $6 trillions in assets under management. Therefore, even if it allocated a tiny percentage of its assets into crypto, the value would be a lot. In addition, other competing asset management companies like Vanguard, Blackstone, and PIMCO would likely follow Blackrock into these investments.

As this news came in, it emerged that some companies like VanEck were pursuing cryptocurrencies ETFs with the Securities and Exchange Commission (SEC). These ETFs would make it easier for large institutions to invest in cryptocurrencies without the fear of hacking and dealing with the vulnerable cryptocurrencies’ exchanges. Without the ETFs, large investors are forced to use the few OTC exchanges, which too are unsafe.

This month, the focus will remain on the SEC, which is expected to give its opinion on the ETF proposal by VanEck. Last month, it declined another proposal submitted by the famous Winklevoss twins. However, VanEck is one of the largest ETF companies in the world, which means that there are chances that their proposal will be accepted.

Cryptocurrencies traders love blockchain-related events. During these events, they love hearing the opinions of large blockchain investors and regulators. As such, during these events, the price tends to be volatile. Two months ago, an event in New York called Consensus failed to excite traders leading to a huge sell-off in cryptocurrencies. This month, a few major events will take place.

Mid this month, crypto enthusiasts in Canada will meet in Toronto for the Blockchain Futurist Conference. This will be the biggest blockchain event in Canada this year and will feature top people in blockchain like the CEO of Dash, Larry King, and the founder of Ethereum.

At the end of the month, the Black Hedge event in Asia will happen in Bangkok. This will be the third edition of an event that attracts participants from all over Asia. The event will have participants from top blockchain companies like Monero, Everex, CEX, and CoinGeek.

This weekend, the International Blockchain Congress will take place in India. This will be the second edition for an event that attracted more than 3000 people in the first year. Among the key people who will address the event will be Tim Draper, India’s IT minister, head of international business for Binance, and the founder of Altonomy.

Other than these events, traders will focus on regulations and hackings. Yesterday, the SEC announced that it will seek to enhance the security of cryptocurrencies. In response, all the cryptocurrencies fell with bitcoin falling by more than 4%. Other statements by the SEC and other global regulators will be of importance to traders.

Every day, hackers are trying to find vulnerabilities in major exchanges. In the past, traders have reacted to hackings by selling off their cryptocurrencies. This month, any news of an exchange hacking will take cryptocurrencies lower.

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Information provided via press release