As the saying goes: “What goes up, must come down.” After sustained gains for the past two weeks, the cryptocurrency market suffered a moderate setback this week, which was extremely entertaining for those who like trading.
Early Thursday, the market capitalization was of $268.25 billion USD, a loss of 12.87% _ or $34.52 billion dollars _ compared to last Thursday’s highest point.
On the other hand, the cryptocurrency Top-10 turned red, with Bitcoin’s price falling once again under the $8,000 USD mark. As we know, the volatility of the main digital coin is still the benchmark for all the other cryptocurrencies.
However, the market’s volatility makes sense due to the investor’s actions in this young economy. As I mentioned last week, the market is in a bullish trend that is still promising for the remaining of the year.
This week there were two interesting news that allowe us to see the course that Blockchain technology might follow.
The renowned Cambridge University released the second global study of the Blockchain industry 2018, aimed at showing an empirical perspective of the public and business use of Blockchain and Distributed Ledger Technologies (DLT).
The Cambridge Center for Alternative Finance (CCAF) invited all those involved in the Blockchain ecosystem to take part in the study.
The first edition of the study was held on September 2017, gathering data from more than 200 startups on DLT, established corporations, central banks and other public institutions.
Both the study and its results have been recognized by all parties of the industry, as well as regulators and policymakers, and were mentioned in several renowned publications.
On the other hand, Ripple announced former U.S. President Bill Clinton as the keynote speaker for the Swell Program.
The program is linked to several world leaders in politics, technology and payment processing. It must be mentioned that during his administration, President Clinton was part of the inception, adoption and massive growth of the internet.
By participating as the keynote speaker, Clinton provides some endorsement to the cryptocurrency world, which still generates some fear among those who aren’t very familiar with these technologic developments, innovations and regulatory processes.
The emergence of these financial and communication technologies has caught the attention from central agencies, forcing them to adopt policies to protect customers without hampering the technologic development.
The Swell Conference 2018 will take place in San Francisco, California, on October 1 and 2, with the additional participation of financial service companies that use Blockchain technology for production, remittances markets, e-Commerce and corporate markets.
President Clinton will also engage in a Q&A session during his opening speech, moderated by Gene Sperling, director of the National Economic Council and former advisor during the administrations of Clinton and Barack Obama.
By Omar Cortés
Graphics: Coin Market Cap.
Sources: www.jbs.cam.ac.uk y www.ripple.co