Investor Money Ending Up In Cryptocurrency – Facebook Might Make it UnavoidableMarch 6, 2019
The total market cap in the cryptocurrency market arose above 15% in the past 24 hours early this morning. Is this just a price spike indicative of a crypto winter?
A sustained uptick in trade volume with an apparent shift in the trading volume considering the recent upward spike in the past month is suggestive of a sustained interest in the cryptocurrency. In several years, Bitcoin is showing a range of technical indicators.
Even if the current market is looking stagnant from the outside, there has been a shift over the past couple of months. A lot of parallels can be drawn between year 2015 and now. While the surface of the cryptocurrency markets might look, there are major interests in cryptocurrency seen in the market.
Behind the screens it has been witnessed that Bakkt has continued to move forward, JP Morgan have launched their own cryptocurrency, Fidelity is in the final stages of their cryptocurrency plans, and Julius Baer have announced their digital asset plans.
While several cryptocurrency investors have been pulled down in to the Rabbit Hole, several people are entering the cryptocurrency area as their businesses are considering a blockchain solution. There is an increase in the numbers of word of mouth from their acquaintances. It is not possible to invest in the blockchain technology without the investor money ending up in cryptocurrency.
The New York Times reported, “This is the most anticipated yet secretive project that is underway at Facebook. The company is working on a coin which users of WhatsApp that Facebook owns, can use to send to friends and family instantly, as stated by five people who briefed on the efforts speaking on the condition of anonymity because of confidentiality agreements.”
David Marcus is leading the project. Mass Adoption would be like a breeze as they already have over 3 billion in their user base. Taking care of security and privacy is the major thing in the process. We are yet to see how Facebook will handle this one. If the cryptocurrency from Facebook becomes a reality, cryptocurrency will be reaching out to a new level.
The R&D team for Facebook is set up in in Tel Aviv. This team will be looking for ways to leverage the blockchain technology. They are “Setting up a new team with the aim of discovering new ways to leverage blockchain technology. This is a small team that is quickly growing. The blockchain team is a startup within Facebook.”