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The cryptocurrency market is developing!

Mar 19, 2019

Analyzing the previous week, it can be characterized by a simple expression – moderate optimism.

Most of 12 cryptocurrencies, with a capitalization of more than $1 billion have modest figures. Four of them recorded a loss in the range of 1% – 4%, two went up by 2% -3% and another two showed a good result: + 14.5% (ADA) and + 21.5% (XLM).

It is also noteworthy that Monero (XMR) is showing a systematic increase in the capitalization, which has almost reached $0.9 billion. At the same time, the overall market capitalization is approaching $140 billion.  Restrained growth, indicates the end of the “winter” in the cryptocurrency market. However, it is very important to bear in mind that local trends of BTC and ETH are still bearish.

BTC trading volumes

On Friday, March 15, the daily trading volume of the largest cryptocurrency exceeded $11 billion. It has been the highest figure since April 25, 2018. It is noteworthy that the BTC trading volumes have a high correlation with the price. Therefore, it is important to take into account the fact that the price of BTC, on April 25, 2018, was 2.2 times higher than the price on March 15 of the current year. Based on this, we can assume that a further increase in value will be accompanied by a significant increase in trading volumes.

The increase in BTC trading volumes with no significant increase in its price, indicates its payment instrument function. This is a very good sign for the cryptocurrency market in general.

Winklevoss brothers about the need of cryptocurrency market regulation

Cameron Winklevoss explains that the cryptocurrency itself does not need rules, however, companies need these rules. Arguing his position, he focuses on the huge number of vulnerabilities and, as a result, the hacks of various cryptocurrency exchanges, wallets and so on. In his Twitter, he attached a screen with an excerpt from the third report presented by Ernst & Young to the Supreme Court of Nova Scotia. It deals with 14 identified accounts that were created on the exchange outside the normal process. It is also stated that Identified Accounts may have been artificially created and subsequently used for trading on the Quadriga platform.

Considering these facts, the regulation of the cryptocurrency market will contribute to its development, increasing security and reliability.

“You wouldn’t store your funds in an unregulated bank, and the same should be true for your crypto.” – pointed Cameron Winklevoss.

Cameron Winklevoss also emphasizes that all incidents in the crypto industry until today were a human problem, not a cryptocurrency problem. Consequently, the regulation of the cryptocurrency market will reduce these risks.

Bitcoin is trading above $4000

Another little win bitcoin. It is obvious that the breakthrough and fixation of the BTC price over the psychological resistance level of $4000 does not indicate a trend change. However, the ability of buyers to overcome the marked resistance indicates their advantage over sellers. In addition, further growth and breakthrough of the resistance range of $4300– $4450 may be a signal indicating a change in the global trend. Earlier, CoinDesk analyst Omkar Godbole expressed the opinion that the $4220 level would confirm the beginning of a new long-term uptrend.

IBM executives: “quantum computing poses a threat to cryptocurrency”

“It’s reverse engineering the private keys which represent the control of your wallet. Your public key is essentially your wallet which holds balances. And I think that’s a real, credible threat. Bitcoin is a public ledger. So you can go out and see which public keys are holding the largest balances and you could go out and target those (the hundred or thousands of bitcoin in there) and say I’m gonna spend effort (computing resource) to reverse engineer the private key from the public key, which is exposed. I think that’s even a near term threat.” – stressed Jessie Lund, head of the blockchain development at IBM.

In his opinion, quantum computers will be able to calculate private keys using the available public keys as a template.  Moreover, about half of the existing blockchains could be at risk. However, in this case, it is necessary to take into account the threat not only for the cryptocurrency market, but for systems using encryption.

“Companies need to be aware of quantum and the potential risk that it will bring so they can take actions today so that they are not hackable at some point in the life cycle of their products.” –  stressed Nev Zunic, the technical director of data security at IBM.

A similar opinion was expressed by Michael Osborne, a manager of information security at IBM Research in Switzerland. He noted that the new quantum era we are entering will mark a shelf life on almost all cryptography currently in use.

At the same time, it is important to take into account the development of cryptography, because, with the development of technology, the level of encryption also increases.

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