For those holding onto their cryptocurrency assets, August has been a fraught month to date with the charts for most coins staying in the red for the vast majority of time, with just the odd, shortlived flash of green catching the attention of those avidly watching. Not that they are scared, however – those holding their investments know that the tide is going to turn. The question is definitely when, not if and those who have had the patience to weather the storm as the cryptocurrency market finds a more settled position could well reap the rewards in the not to distant future.
All this aside, the weekend was favourable in the main part, with a pleasant spike to remind investors that there will be better days to come. This may well be, at least in part, attributable to the news that a Swedish Bitcoin ETN (exchange-traded note) known as Bitcoin Tracker One has become available to trade in US Dollars – a small but signifacant step towards providing a more Bitcoin-friendly investment climate in the US and whilst far from being a game changer, will certainly add to the credibility of cryptocurrency.
At the same time, Britain has been picked up in the news for all the wrong reasons, with one leading news site bemoaning what it eloquently describes as Britains “India Moment”. It is alleged funds acquired from cryptocurrency transactions are being held without official explanation, bank accounts being frozen and even homes being raided by the police.
Unfortunately for those converting proceeds from cryptocurrency sales into GBP bank accounts, the UK has some of the stictest anti money laundering laws in the world. The question arises as to whether or not cryptocurrency could become a mainstream element of the British economy without a major overhaul of current laws. To stir up the debate on whether Britain could ever become a crypto-friendly nation, it has also been reported that the majority of Britons completely distrust blockchain technology – probably without having any understanding whatsoever. The research carried out by carried out by IP EXPO Europe makes for depressing reading given the potential that blockchain has to shape the future. Clearly there is a massive need for education on the topic.
So, mixed views and news as we enter the latter half of August and begin thinking about Autumn. Let’s see what this week has in store!