By LongHash
Updated on August 17, 2018, 17:12 PM

What Happened in Crypto: August 10 to August 16




1. Friday, August 10: The World Bank is preparing for the world's first blockchain bond

"'Blockchain has the potential to streamline processes among numerous debt capital market intermediaries and agents. This can help simplify raising capital and trading securities; improve operational efficiencies; and enhance regulatory oversight,' a joint release from [the World Bank and Commonwealth Bank of Australia]  said."

LongHash Take: Active adoption of blockchain technology by heavyweight financial institutions is always a welcome sight, although plans and preparations must come to fruition for markets to really take notice amidst all the noise.

2. Monday, August 13: Bitcoin Investors Eye Turkey As Lira Plummets 20%

"Koinim, Turkey’s largest exchange, has reported a 63% increase in Bitcoin trading volume, while the BTCTurk and Paribu exchanges have said their volumes are up 35% and 100% respectively, according to CoinMarketCap data."

LongHash TakeThe latest instance of a tumbling fiat currency followed by citizens flocking to crypto. If this were to happen with a larger economic power, the market impact could be considerable.

3. Monday, August 13: Ether Tumbles as Concern Increases That ICOs Are Cashing Out

"'Investors are increasingly disillusioned with tokens and ICOs, most of which have been launched on top of Ethereum and we’re seeing this play out in the market with continued downward price pressure,' said Spencer Bogart at Blockchain Capital LLC."

LongHash TakeThe correlation between ICO fundraising amounts and ETH's price is proving to be uncanny. Ethereum co-founder Joe Lubin has remained unflappable given the number of Ethereum-based projects under development, but ETH's blood-curdling performance has dragged down the greater crypto market with it.

4. Tuesday, August 14: SEC Charges Perpetrator of ICO with Fraud

"The SEC’s position on ICOs depends on its use. According to previous statements by Chairman Jay Clayton, if cryptocurrencies are replacements for several currencies such as the dollar, it is not a security, but if tokens or digital assets are used to raise funds from investors in return for a potential profit they are a security that the SEC will regulate."

LongHash TakeThe SEC’s enforcement actions are kicking the ICO market while it’s already down.  Even non-scam ICO fundraisers can’t help but notice and wonder if they’re next.

5. Tuesday, August 14: Cramer: The “tide has turned” Against Bitcoin

"Cramer pointed to a recent interview with Udi Mokady, chairman and CEO of CyberArk, who highlighted some nefarious uses for the cryptocurrency. 'This thing has really become like an outlaw currency,' Cramer said.”

LongHash Take: Finance televangelist Jim Cramer parroted one of the oldest (read: outdated) arguments in the book against crypto, but he speaks loudly and also carries a big stick. His pessimism reached many a mainstream consumer. Just pile it on.