Cryptocurrency and Bank officials who started the war?

  • And
  • +A

Cryptocurrencies continue to be “saving mode”. Bitcoin shows virtually no dynamics, respectively, at rest and all the rest of the coins. However, behind the scenes, things happen that can determine the future of crypto assets. The total Hasrat the largest mining pools Bitmain (and Antpool BTC.com) fell from 42% to 29%. The company closes offices lays off staff, and an application for the IPO may not approve. As you know, the cost of mining bitcoin in many countries has been higher than its current rate. Some miners mining the coin at a loss, someone who spends past a windfall, but always can not continue.
The volume of transactions in BTC network actually grow, however, they will be associated with the return of popularity in the Darknet, this will hardly be a convincing argument for bankers and regulators to give a green light to this technology. Rather, at the moment cryptocurrencies in General and bitcoin in particular, have become a kind of salvation for countries like Venezuela. It became known that the citizens of this country, the regime which is now, apparently, living out their last months, bought last week is almost 2000 BTC, that is $6.8 million at the current rate. It should be noted that at the moment for $10 in this country you can buy 1000 liters of petrol.
The intention of the company Ripple to introduce their products in the traditional banking sector now have encountered serious obstacles. Bank officials do not understand the blockchain better than existing technologies. The participants of the Paris Fintech Forum came to the conclusion that crypto rush is really over: all members realize the “earthiness” of the new trend due to technical and regulatory restrictions.
Moreover, the same SWIFT, quickly saw the emergence of competition. Already implemented a Protocol that allows you to track the movement of translation and to shorten delivery time up to several hours. Yes, it’s not a few seconds or minutes, as when sent to the blockchain. However, there is no need to use a transaction in the volatile cryptocurrency. Taking also into consideration the full compliance with the rules of regulators and close relationships with major banks worldwide, we can safely say that the prospects of Ripple visibly shaken.
As for regulators, they are clearly not in a hurry. So, the SEC has only now started to look for a company that would be for them to transaction analysis the basic cryptocurrency. Most likely, this slowness stems from the fact that regulators want to see where “crypto project” in General and whether it makes sense to spend large resources.
_____________
Alexander Kuptsikevich,
Analyst
FxPro