Shortly after leaving his position as a chief economic advisor in the White House, Gary Cohn focuses his attention on cryptocurrencies.
Cohn is a former president and a chief operating officer at Goldman Sachs where he was perceived as the next CEO of the investment bank.
Mr. Cohn says he is watching closely what happens on the crypto market and says there are many disruptions to be expected. On one occasion he told Bloomberg: “I’m not keen on what’s going on. I’m keen on what I think could be the new world of crypto, but it’s got to have a use. It can’t just be a store of valuation; there are other more practical ways to store value,’’.
This is surely not the first time that Mr. Cohn is showing how uncomfortable he is with cryptocurrencies. But because he quit from his position at the White House after various high tariffs on aluminum were implemented, he started getting more interested in cryptocurrencies saying that this year a new huge cryptocurrency will likely show up and that won’t be bitcoin, unfortunately for some users. Cohn argues that bitcoin has a very complicated nature and this kind of nature is what works against bitcoin itself. He also predicted that the one global cryptocurrency of the future can only be one that people can easily understand it and also one that people won’t have to mine it to get it.
He indicated that he still hasn’t invested in this cryptocurrency and that he is hoping for a better, more mainstream digital currency that will preferably have lower transaction costs.
The 30% Share Battle: Hundreds Of Crypto Exchanges Compete For Market Share
“In a stagnant market, the head effect (a Chinese market concept similar to the 80-20 effect) is now more evident for cryptocurrency exchanges. The top 6 exchanges have over 3 billion in trade volume each and takes up 58.9% of the total trade volume. The top 14 exchanges have over 100 million in daily trade volume and takes up 73% of the total trade volume.”As we can all conclude from the above mentioned, the rest of the two hundred (or so) cryptocurrency exchanges only have in total - less than 30% of the entire market share. Moreover, the visits to these exchanges are declining month by month, just like the bitcoin and altcoin trading activity. Bloomberg had recently reported that the leading exchange, Coinbase, has been hit hard and that its consumers trading activity has decreased by around 80% compared to last December. According to other statistics from CoinMarketCap, Binance trading volume peaked in January 2018 and has fallen 80% since then.
South Korean Exchange UpBit to Launch In Thailand And Indonesia
“Both countries appreciate the growth potential of the cryptocurrency industry. Thailand and Indonesia are very interested in blockchain and cryptocurrency, so we thought it would be a good thing to have an online presence before launch.”Operated by Dunamu Inc. which is an affiliate of Kakao Corp. which operates the country's most popular chat app Kakaotalk, Upbit is affiliated with the US exchange Bittrex. As the news outlet shows, the exchange was also planning an expansion move overseas, quoting the CEO stating:
“From the outset of the Upbit business, the company had a blueprint to become a global foreign exchange, not limited to the domestic market.”The current websites confirm that Upbit will be available in Thailand and Indonesia soon. For Thailand, there will be 131 coins and 241 pairs listed - while Indonesians will benefit from 156 coins and 276 trading pairs, accordingly.
Bitcoin Falls To $6,300, Recording Two Sell Candles On Its Daily Chart
“High cap alternative cryptocurrencies starting to look bearish and not enough low caps are decoupling with BTC. This is by no means an ‘alt season.’ Better setups will likely come on 90% of alts out there, don’t rush into trades right now.”If Bitcoin drops below the $6,300 mark and makes its way to $6,100, tokens are also expected to suffer from a downward trend, especially in a period in which the US Securities and Exchange Commission (SEC) is cracking down on Initial Coin Offerings (ICOs) and projects considered as security offerings. Currently, Bitcoin is trading at $6,351.
New Study Says Demand For Crypto From Millennials Is On A Rapid Rise
“Anyone that has crypto tells me they wish they bought it sooner.”Her study on millennials revealed that more than 25% of them are already using or holding digital assets. Moreover, 30% of the respondents disclosed an interest in investigating and studying cryptocurrencies with plan to invest in the near future - which makes up to 55% of millennials who already invested or are planning to invest in the emerging asset class. The study also saw that millennials do not trust banks, mainly because of the inefficient systems and outdated models that fail to address the needs of younger investors. The use of cryptocurrencies by millennials in other markets such as the US, South Korea and Japan with established exchanges, payment processors and all types of crypto-friendly platforms is expected to rise as well. For instance, the government of South Korea has recognized cryptocurrency exchanges as a legitimate financial institutions and is leading many initiatives to convince young talents to enter this market, especially the blockchain industry.
Join us on Facebook
- Bank Of America Secures A Patent For Crypto Aggregation Systems
- China’s Ping An Insurance Group To Build A ‘Smart City’ By Using Blockchain Technology
- Blockchain ‘Smart Money’ Trialed By Australia’s Science Agency And Commonwealth Bank
- The 30% Share Battle: Hundreds Of Crypto Exchanges Compete For Market Share
- Researchers At McAfee Spot A New Russian Malware That Mines Monero And Zcash
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
wed05dec9:30 am5:30 pmDigital Asset Investment ForumExploring the Emerging Asset Class.9:30 am - 5:30 pm The St. Regis Washington, D.C, 923 16th and K Streets, N.W., Washington, District Of Columbia 20006 USA
Bitcoin News4 days ago
Tim Draper Is Confident: Bitcoin Will Reach $250k In 2022
Blockchain News4 days ago
ConsenSys Creator: Blockchain Is Much More Complicated Than The Internet And Will Take A Little Longer To Develop
Blockchain News4 days ago
Colorado State Securities Commissioner Issues A Cease Order To Four ICOs
Altcoin News2 days ago
Australian Exchange Co-Founder: ‘Stablecoins Are A Game Changer’
Blockchain News5 days ago
Swedish Man Found Guilty After Sending A Mail Bomb To A London Based Bitcoin Firm
Bitcoin News3 days ago
Bitmain Releases The Antminer S15 Bitcoin Mining Chip: How It Ranks Among The Competition
Bitcoin News3 days ago
20% Of UK Residents Think that Bitcoin Will ‘Inevitably’ Be As Common As Cash
Altcoin News5 days ago
The ‘NEO Super’ Fork: A Scam Or A Promising Blockchain?