While the cryptocurrency market has been in a long-trend of bearish sentiment for a while now – ever since Bitcoin hit its peak of $20,000 in December 2017 – lately there have been some intriguing news that have been playing a part in the recent developments of the crypto universe. One of the most notable and recent being how Ripple surpassed Ethereum to take the number 2 spot in the crypto market cap on September 20, 2018. By the day that this article was written, though, (October 3rd, 2018), Ripple is back on spot number 3, having again being left behind by Ethereum by a difference of around $1.6 million. We also saw a number of other cryptocurrencies recording gains, such as Tezos, that recorded a high of $1.79 on September 21st, 2018.
Now, onto some of the other biggest news stories in September, 2018.
1. DOGE rises in price with over 100% gain recorded as the public seeks to benefit from a recent airdrop
During the first week of September, we witnessed how DOGE coin, a cryptocurrency that was invented as a joke and mainly for fun (hence the dog symbol on their coin), soared up to the sky by more than doubling its price, despite spending the month before rather flat in the $0.002 range.
This was thought to be a result of a positive sentiment that had many of DOGE’s holders and enthusiasts share after there are talks linking DOGE coin with the Ethereum network through a smart contract. It took DOGE only 36 hours to make up what it had lost during the bleeding out period as a result of Bitcoin’s downtrend since December 2017.
2. Bitcoin gets a new language in its latest software update – crypto keys will benefit from this
Still in the same week, we heard that the infrastructure of Bitcoin was going to – again – be improved to ease the use of it. With their 17th software release, the developers of Bitcoin are implementing a new language to allow wallet users to name their accounts. With this, users will also be able to move their keys from one of their wallets to another, should they wish to do so.
This can be generally seen as positive news, since Bitcoin is the father of all cryptocurrencies, and what’s happening in its development team can affect the state of the crypto universe as a whole. It remains to be seen though whether Bitcoin will soon break ATH again, with it now sitting comfortably at a price range of around $6.4k per BTC.
3. Stanford publishes journal on blockchain and its laws
Yes, you read that right. Stanford university has decided to publish its first law journal on blockchain. The journal provides essays and features that are peer-reviewed, plus comments. This journal will be published via pubpub, which is an open-source publishing platform that is affiliated with MIT Media Lab.
Stanford’s take on this more or less would probably influence people to see blockchain on a more serious scale.
4. Bitcoin added to Scrabble’s official dictionary
The “legitimacy” of Bitcoin is not only about its products being approved by the SEC, sometimes, it can involve something that’s rather “small” and easily forgotten, such as the board game “Scrabble”.
Scrabble’s decision to add “Bitcoin” to its official dictionary came to a surprise for its players, as it was the company’s first update in the last 4 years. With the word being officially added to Merriam-Webster’s Official Scrabble Dictionary, it now gives players 11 points when played as it is. The definition itself, reads as follows: “A digital currency created for use in peer-to-peer online transactions”
5. Google partially ends its ban on cryptocurrency ads
This might be one of the biggest news stories that happened in September, when Google decided that it would reverse its previous decision of banning all crypto-related ads in March 2018, which was soon followed by a ban on crypto-mining apps from their PlayStore in July 2018. This reversal though, only applied to some extent, having been ensured that this new policy only caters to ads that can be run strictly in the US and Japan. Any parties that are interested to apply for ads within Google’s network would also apply for certifications, otherwise they would not be deemed qualified.
The ads are, at the time of the writing of this article, also limited to only regulated cryptocurrency exchanges. This new policy most likely will be enforced starting in October 2018, which is when Google plans to update their Financial products and services policy.
All in all, September was a month full of interesting news as crypto investors and believers all around the world kept their eyes glued to announcements from influencers who could sway the crypto market. The effects of all this news, if any, would still warrant a “wait-and-see” approach as things seem to work at a slow pace for Bitcoin and friends at the moment. We do, however, seeing how these news stories have developed, hope that cryptocurrencies will continue to be a part of our daily lives for years, and even decades to come.
As professionals ourselves, we also have our own DinarCoin, which is more like a stable currency that utilizes the wonder of blockchain technology. Since its price is pegged to gold’s spot price, it provides less volatility, therefore giving more security to its investors. Check it out further here and see for yourself.