May was one of the best months in the cryptocurrencies industry this year. In the month, the price of Bitcoin and all other cryptocurrencies rose by double digits. Say what?? Yes really. Bitcoin rose by more than 60% while Ethereum and Ripple rose by 60% and 40% respectively. The combined market capitalization of the currencies rose to almost $300 billion, which was the highest level since September last year. This year alone, Bitcoin, Ethereum, and Ripple have risen by 140%, 100%, and 25% respectively.
The recent gains can be explained in technical terms because there was no major news in the month. In the month, there were two key events, where regulators and industry players met to
deliberate on its future. In the US, the Consensus event attracted thousands of people, who included company executives, regulators, and fans. In Cyprus, the IFXExpo attracted thousands of people, who discussed the recent trends.
Another major news item was that Facebook is continuing with the building of its own cryptocurrency. Reports indicated that the company’s currency will be released in 2020, mostly for the Indian market. According to Cheddar, Facebook expects to use its currency to facilitate international money transfers. The company will also use the underlying blockchain technology to power its other products. However, there is skepticism on why the company has decided to follow the blockchain route instead of creating tools to enable transactions on its platform. There is also curiosity over how this will impact Bitcoin and other currencies. Marketers are somewhat bemused by the move following years of overzealous anti crypto and blockchain ad policies by the network.
A common headache among the crypto community is on the Bitcoin ETFs, which have been talked about a lot in the past one year. The ETFs have been proposed by several companies like VanEck, which also runs hundreds of other ETFs. After declining to accept the ETFs last year, the SEC announced that it will deliberate on the decision. With more investors and regulators talking about the currencies, there is a likelihood that the SEC will either accept or decline the ETFs in June.
The role of Bitcoin as a safe haven continues to be perpetrated by investors. In the past few weeks, the world has been on edge after the US and China restarted their trade war. This war
has seen the stock market decline sharply because investors are not sure about what will happen in the future. As this happened, the price of Bitcoin and other cryptocurrencies has continued to rise. In June, as the trade war escalates, investors will want to see how currencies will react.|
In June, investors will likely pay attention to Block.One, a leading crypto group. On Friday, the company, which has raised more than $4 billion said that it will release a social media platform on EOS blockchain. The company hopes to shine in an industry that is now dominated by the big companies like Facebook, Twitter, and Snapchat. However, there are concerns over whether the company’s platform will have any market share. In the past, companies like Brave and other social media platforms failed to convince users to make the switch.
This month, there will be several blockchain events that enthusiasts will be looking at. These include the ABC Conference in New York, which will be hosted by Coindash, Next Bitcoin Conference in New York, Blockchain for Financial Services Global Summit in Toronto, and Tokenized Assets in London.
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Information provided via press release
Distributed by Global Crypto Press Association Press Release Distribution Service for industry.
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