Today’s market insights 05/02/2018
Banks Limit Credit Cards For Crypto Use, Waves To Bring Tokenization To Big Business And More…
Today’s Crypto Headline:
We can speculate as to the exact reasons for the late 2017 bull market but there is no doubt a number of investors were using credit cards to invest in cryptocurrency. The effects of this on markets is difficult to assess, but if access to credit did have a significant impact on increasing crypto prices, that is about to change. A recent Bloomberg report states that cryptocurrency purchases via credit cards issued from Bank of America, JP Morgan, and Citigroup will no longer be allowed.. The Bank of America ban is currently limited to credit cards — users who wish to purchase cryptocurrencies with a debit card will still be allowed to do so.
As governments become more active it in cryptocurrency regulation it appears businesses are responding by either distancing themselves from the market or placing clear rules for consumers. We expect this trend to continue throughout Q1 and Q2 of 2018 as governments are just beginning to dip their toes into the world of crypto regulation, and businesses are just start starting to self regulate as in the case of the major banks mentioned above above.
Today’s Coin News:
Waves has partnered with Tokenomy to help a variety of businesses in South East Asia tokenize their business models. CEO of Tokenomy had this to say, “We like the simplicity of Waves, since people can easily generate secure tokens and make fast transactions. Waves is also known to offer world-class Customer Service and personalized services to large companies, which can include deep customization for their token usage and account managers. Smart contracts will be active on Waves soon, and I see this is as a very valuable function for Tokenomy. By partnering with Waves, we believe Tokenomy can support token creation for many clients in the best way possible.” While Ethereum has become the go-to for crypto entrepreneurs launching novel tokens, Waves could be positioning itself as the go-to for corporate entities who seek to put their assets on the blockchain. As Waves is a more centralized platform, this may prove to be a beneficial match.
Today’s Market Insight:
With the United States conducting hearings in just a couple days and news of China banning citizens from using foreign crypto exchanges, its safe to say the hammer of regulation is coming down. The current crypto market crash is due to a number of causes, but increased regulation, while healthy in the long term, will likely cause panic leading to further negative impacts on price. We believe this is ultimately good for the crypto markets as valuations were highly inflated and a number of coins with little value were being pumped to extraordinary heights. Its due time for a returned focus on the technological merits of blockchain technology. Only then, and only after regulations are put in place, will a healthy crypto market emerge.