Cryptos have been holding steady since the latest selloff, mostly due to China's decision to shutter Bitcoin exchanges(https://www.theverge.com/2017/9/11/16288898/china-shutdown-rumored-bitcoin-exchanges-crackdown). The selloff was relatively light compared to all the other selloffs, which saw 20-45% declines in a few days. Here is a snapshot:
A somewhat troubling issue with China's decision is the strength and interest of the mining pools. According to the Verge article,
"China is home to vast and lucrative cryptocurrency mining operations for both Bitcoin, Ethereum, and other cryptocoins. Three Chinese exchanges — Bitfinex, OkCoin, and BTCC — made up over 45 percent of the global market share over the last 30 days, according to Bitcoinity.org. Bitcoin’s growing popularity in China may have caused the government to begin to perceive it as a threat to local currency, especially as Chinese investors bought up bitcoin and bet against the yuan last year."
It is no wonder that Bitcoin has grown exponentially in the past year, considering this interest from Chinese miners and investors. We might see another couple dips until Chinese cryptocurrency rules have been formalized and the trading recommence. As you can see, Bitcoin Holding Steady, while Bitcoin Cash is still lagging.
In other news, Ethereum's ERC-20 Token Standard Has Been Formalized:
"The standard that governs how new cryptographic tokens can be launched on top of the Ethereum blockchain has been finalized. The ERC-20 standard establishes a common set of rules for tokens issued via Ethereum smart contracts and currently serves as the basis for the many tokens that have been released through Initial Coin Offerings(ICO's). The standard has now been formalized on the Ethereum GitHub page."
IOTA is trailing all other cryptos, up about 17% today from its massive 35% correction during the selloff. So almost back to its pre-selloff price. IOTA still has a lot of room to run, and its applications are being expanded every day, so I am curious where it will move from here. If you have thoughts on IOTA, please do not hesitate to put them in the comments below!
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