Cryptocurrencies have been the best-performing financial assets this year. Bitcoin has risen by almost 150% while Ethereum and Litecoin have risen by 20% and 95% respectively. These gains have reversed a sharp decline that happened in 2018, when the mood in the market turned bearish. In August, the cryptos had a tough month, with Bitcoin, Ethereum, and Litecoin declining by 8%, 25%, and 32% respectively. These declines happened at a time when stocks too were declining. The S&P 500, Dow Jones, and DAX declined by 3%, 3.5%, and 2.3% respectively as the trade war continued. In this article, we will look at the key expectations in the month of September.
The Craig Wright saga will likely continue this month. Craig Wright is an Australian who has claimed that he is Satoshi Nakamoto. Satoshi founded Bitcoin in 2009 but his identity has remained unknown. In the past few months. Wright has claimed that he is indeed Satoshi Nakamoto. In the final week of August, Wright was ordered by a court to surrender cryptocurrency worth more than $4 billion to the Kleiman estate. Before the interview, Craig warned that if he loses the suit, the price of Bitcoin would drop sharply as he unloaded his holdings. However, he has also claimed that he doesn’t know where the crypto is being stored. Still, this is a story that is not going away any time soon.
Libra will also be in the limelight this month. This is a cryptocurrency project that was unveiled in July this year. Facebook announced that the new currency will be launched in 2020. The currency will help people from around the world make transactions through a currency that is backed by a group of stable currencies like the euro, dollar, and yen. Last month, the Global Times, the Chinese-owned blog asked the Chinese government to allow its companies to participate in it. The editorial argued that such a currency would be accepted widely internationally and that it could be a replacement for the dollar. Also, it was announced that some of the original backers of the currency had started to pull back.
China will also be in focus this month. A recent report by Forbes said that the Chinese government was continuing to develop its cryptocurrency. According to the report, the Chinese government will issue the currency to Alibaba and other large institutions like Tencent, Union Pay, and Agricultural Bank of China among others. These institutions will then be used to disperse the currency to the Chinese citizens. The currency will be known as DC/EP (Digital Currency / Electronic Payments), and the Chinese government hopes that it will be adopted internationally.
Meanwhile, crypto enthusiasts will be looking at a number of events that will take place in the month. The OECD Global Blockchain Policy Forum will take place in France in the second week of the month. The event will feature more than 1000 senior industry experts, government officials, and education experts to discuss the policy frameworks necessary for the industry. In the same week, the IEEE Global Blockchain Summit will be held in Washington. IEEE is the world’s largest technical professional organization for the advancement of technology. The Shanghai International Blockchain week will take place in the final week of the month.
At Contentworks, our team of financial professionals closely follows market movements for FX, Crypto and other tradable instruments. We are proud to serve some of the biggest crypto and fintech companies in the world by delivering high-impact articles, videos, PR and white papers. -------
Information Provided via Press Release
Distributed by Global Crypto Press Association Press Release Distribution for industry.
No comments
Post a Comment