After a few weeks, we can finally write with a more optimistic outlook, since the digital market had a positive week, with a solid recovery for most of the crypto assets.
It was last Friday when the market started to show a significant upward trend, getting to $236.43 billion USD of total capitalization, and managing to keep it up until Monday, when we saw another interesting peak, reaching a capitalization of $256.76 billion USD; and this Thursday morning, we woke up with a market capitalization of $ 275.02 billion.
Compared to last Thursday, at the time of writing this article the market had recovered $28.51 billion USD, a figure that gives hope to a market that had been bearish for the past month.
In the last 36 hours, the market had been inconsistent, and despite the aforementioned recovery, nine of the top 10 cryptocurrencies were running in red numbers on Thursday morning:
On the other hand, a piece of news from the South Korean government turned the spotlight on this financial industry, validating the legitimacy of the digital asset market for the first time, as the crypto news outlet 'The BChain' revealed that the National Statistical Office, the Ministry of Science and Technology, and the Ministry of Information and Communication, have been working to produce the final draft of a new Blockchain industry classificatory scheme.
The scheme will reportedly serve as a basis for policy making, notably aimed towards “Blockchain promotion and regulatory frameworks,” and covers areas including Blockchain systems construction, development of decentralized applications (DApps), and cryptocurrency exchanges and transactions.
A significant number of South Korean sectors, such as government ministries, municipalities, companies and the financial institutions themselves, the initiative is said to be drawing on consultations with over 160 institutions to assemble what will be the country’s first statistical survey of the sector.
For this purpose, the South Korean government has subdivided its industry classification scheme into three sectors, with ten further subdivisions under the guidance of the Korean Standard Industrial Classification (KSIC).
The industries that are contemplated in the Blockchain systems are:
- Financial sector
- Copyright management
- Supply chain managemen
- Medical services
- - Software development
Such news come at a pivotal time in the maturation process of the market, since Asia has marked the trend on the use of the Blockchain protocol and Bitcoin since back in 2009.
The fact that they are now taking steps to promote and boost the digital market, will surely set the tone for other governments and private institutions to take the same course, even if it's just for the simple fact of not being left behind.
By Omar Cortés
Graphics: Coin Market Cap