The second week of September has been exciting for the cryptocurrency markets. Arguably the biggest news is that the price of Ethereum (ETH) fell below $200 for the first time since July 2017. The second largest crypto currently sits around $197, with a market capitalization of $20 billion. Short interest, evidenced by positions on exchanges like BitMex, continues to hit new highs. The overall sentiment for Ethereum remains highly negative, as traders expect further losses in the short term.
Here is the rest of the week in review:
Robot Cache, a blockchain-based video game retail startup, has secured $3 million in funding from Millennium Blockchain, an investment holding company. Millennium Blockchain will receive 10.5 million IRON tokens. The Robot Cache platform will use blockchain technology to enable second-hand sales of video games while promising higher revenue sharing for publishers and developers. Robot Cache plans to allow publishers to earn more revenue and ensure the ability to resell their listed products. When users are finished playing a game, they can sell it back, with gamers earning 25% of the initial purchase price in tokens.
The popular low-cost Binance exchange has hired Wei Zhou, a veteran Wall Street executive, spurring speculation that it is planning an initial public offering (IPO). Although Binance's CEO refused to comment on IPO rumors, he stated that top talent from traditional finance is always welcome at Binance. Binance is one of the most profitable cryptocurrency exchanges and manages the BNB exchange token. Its competitor Robinhood, which offers free equity and crypto trading, recently announced that it plans to go public in the near future.
Korea Post, South Korea's national postal service operator, has reportedly sought out the assistance of investment bank Goldman Sachs (NYSE: GS) in regards to learning about cryptocurrencies. Korea Post, which currently manages a $112 billion investment fund, will soon meet with a Goldman Sachs research team to discuss digital assets, artificial intelligence, and blockchain technology. Due to the fact that Korea Post has pursued investments in real estate and infrastructure assets abroad and Korea is a renowned crypto hub, it is possible that their intrigue into cryptocurrency may be part of the company's plans to diversify into a new asset class.
Crypto prices tumbled this week, catalyzed by rumors that Goldman Sachs will not create a crypto trading desk and strong bearish technical sentiment. In the top 100, the biggest losers are Emercoin (EMC), down 43 percent, ZClassic (ZCL), down 41 percent, and MOAC (MOAC), down 39 percent. The biggest winners are BitcoinDark (BTCD), up 186 percent, Bitcoin Diamond (BCD), up 33 percent, and Nexty (NTY), up 26 percent. The next week might be eventful as Bitcoin (BTC) remains above $6,000 while the other majors stumble to fresh lows.
The author owns a small amount of BTC.