After suffering a deep plunge throughout the last week, the cryptocurrency market registered a mild bounce back this Monday, starting the day with a global market capitalization of $319.166.000.000 USD and reaching the $351.910.000.000 mark by Wednesday night.
At the same time, the Top-5 cryptocurrencies reflected a slight improvement over the last week.
The turnaround has been the result of a series of important news, which gave a boost to the digital market capitalization.
One of them was the announcement by the South Korean Financial Services Commission (FCS) of a plan to bolster Blockchain technology, and specially, to work closely on the development of FinTech, aiming at encouraging – instead of regulating – the implementation of advanced technologies in financial services. The FCS chairmain said the innovations of FinTech companies will help in the creation of more job opportunities.
Another important news was the announcement that Charlie Lee (founder of Litecoin) made through his Twitter account, saying that Abra Global will be in charge of the new smart contracts of the digital coin:
“Second piece of good news today. @AbraGlobal has chosen to launch its newest product on the Litecoin network after a long and thorough research. Abra lets you invest in all sorts of cryptocurrencies all hedged with smart contracts on Litecoin!,” posted Lee on the social network.
On another front, Bitcoin Magazine published a list of important businessmen from all over the world, that might be involved in the development of Lightning.
“In conjunction with the software release, Lightning Labs announced a seed-funding round of $2.5 million to fund continued development of lnd. Investors include big names in the Bitcoin, blockchain and broader tech industry, such as Litecoin creator Charlie Lee; BitGo CTO Ben Davenport; Square and Twitter CEO Jack Dorsey; former PayPal COO and Yammer founder David Sacks; Tesla and SpaceX angel investor Bill Lee; head of Square Capital and Square’s People Lead Jacqueline Reses; Eventbrite co-founder Kevin Hartz; Robinhood co-founder Vlad Tenev; and The Hive, Digital Currency Group and others.”
Another piece of news that may not seem so relevant, but could have driven the capitalization of the market, was the letter published by the Financial Stability Board (FSB), established by members of the G20, ahead of the meeting of the group in Buenos Aires, Argentina.
“The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time”, said the chairman of the board, Mike Carney.
However, Carney acknowledged that the financial market tends to evolve in an accelerated way, something that may change eventually.
These and other news were responsible, in some way, of the recovery in the cryptocurrency sector. If the trend keeps up, Bitcoin could get close to the $10.000 mark in the next few days or weeks.
By Omar Cortés
Sources: Revista Bitcon; Infobae