Volatility always seems to be synonymous with cryptocurrencies and this week was no different. After the damaging market crash we all witnessed last week, I will take a look at how currencies have fought back in recent days. Additionally, providing our weekly roundup of all things crypto and focusing on blockchain technology in real estate related projects. Without further ado, let’s take a look at this week:
A slightly better week for the “HODLERS” out there as Bitcoin has shown a steady upward trend over the last three days and is now above $6,500 with some experts showing a small support level at around the $6,200 mark. Hopefully, Bitcoin is recovering back up towards the $7,000 mark. Perhaps we will see more indications of upward momentum later next week.
September 12th proved to be a pivotal day for Ethereum also and although it has rallied from $172 to $226 in 3 days, it still has ways to go to the $288 position it held only 9 days ago. The future of Ethereum is not looking the greatest after the past few days. Many investors are losing faith in it. However, it is showing signs of recovery, moving upwards along with Bitcoin.
OKEx Founder Released and Blockchain Association
In Shanghai, the founder of the cryptocurrency exchange, “OKEx” and the coin “OKCoin”, Star Xu, was taken into custody. Xu’s project “Weecoin” is under investigation for fraud. “Weecoin” is a wifi blockchain sharing project. On September 12th, Xu publicly spoke to the investors and stated his innocence. The police investigations are still ongoing.
Great news for American blockchain-powered projects as on September 11th, the Washington Post reported that a group of US-based blockchain and crypto companies have announced they will form a Blockchain Association in Washington DC. This is the first known group representing the blockchain industry in the United States capital. The association is a lobbying organization that will represent the entrepreneurs and investors who are engaged in blockchain-powered projects.
According to Bitcoin.com, an array of new cryptocurrency exchanges launched in Indonesia, South Korea and Hong Kong. Bit One Trade in Hong Kong, will list 30 cryptocurrencies. Huobi, in Indonesia, will support 123 tokens. Furthermore, Probit, the new Korean exchange, will support 157 coins.
Lastly, back to China where despite the famous ban to invest in Bitcoin, crypto traders are still finding ways to invest. The most common form of sidestepping the ban is the use of VPNs and more commonly, placing their sites on foreign servers while trading. Web browsers such as Tor and other things such as plug-ins can help users find their way around banned websites.
There are plenty of workarounds for investors in countries that ban crypto trading. The internet is incredibly difficult to censor and control in its current form. Many governments fear the idea of cryptocurrencies replacing traditional fiat currency, or currency tied to a government such as the U.S. dollar.
AirSwap Partners with Propellr to Tokenize the New York Real Estate Market
This week saw the stunning announcement by AirSwap, a peer-to-peer trading network built on Ethereum, regarding their intentions to tokenize the New York Real Estate Market. The decentralized cryptocurrency trading platform publicized its new partnership with registered brokers, Propellr in order to obtain this goal.
The concept isn’t new. Recently, we reported on Indiegogo’s partnership with a broker-dealer to host its first Security Token Offering (STO). Only accredited investors can purchase the tokens and they represented equity in a luxury resort in Aspen, CO.
Similarly, Swarm recently began issuing equity tokens in privately-held companies. In order to make the class of secondary market securities more liquid.
Airswap and Propellr plan to leverage their strengths in order to get this done. The former is mostly seen as a decentralized market and the latter enables firms to raise, structure, and service capitals for discrete and pooled transactions through its broker-dealer. Together, they will utilize the peer-to-peer trading protocol combined with FINRA registered licensed brokers to tokenize securities.