The crypto and blockchain world is always in continuous motion. As the market and the technology is still nascent, more and more developments are being made each day. Here are the highlights of what you need to know from 19th November 2018.
Talent Migration
Naval Ravikant is one of the most influential personalities in the blockchain arena. As reported by a news site, Naval pointed out that the blockchain industry is now taking up most of the tech talent from the Silicon Valley. He also suggested that the rate at which this is happening is more than any other boom that happened since the internet. More and more people in the valley are getting attracted to this technology faster than ever.
People are leaving their jobs at the top-notch companies of the world such as Facebook, Netflix, Amazon, Apple etc. to try their luck in the nascent technology of blockchain and to explore the opportunities that lie in the currencies native to the internet.
Negative Hype
Linda Pawczuk, a part of Deloitte Consulting’s recently suggested, as reported by a news site, that its clients are getting afraid of all the negative news that is percolating around regarding the world of crypto and blockchain.
Company boardrooms are getting afraid of the technology blockchain, as it is the one associated with the world of crypto, bitcoin, and altcoins. News about ICO scams that is coming out continuously has marred the reputation of this world.
All the hype that is associated with the world of bitcoin and crypto set up by the media is largely negative, due to which the trust in this world is not very large. There are in fact a lot of illegal activities affiliated with this world. Underlying all of the crypto world is the blockchain technology. Companies are now more alert and concerned regarding this technology as well as they want the protection of their investors.
The ICO Boom Ends?
The Initial Coin Offering (ICO) boom took the financial market by storm as more and more startups stepped in to raise money for their projects. But with ICOs came a lot of scams and irregularities that caught the attention of the regulatory body, the Securities and Exchange Commission (SEC).
Recently, the SEC settled its charges with two startups in the announcement that was made on Friday. The settlement required both the startups to register their ICOs as securities offerings, alongside some other requirements that were put forward. SEC is now stepping on the gas regarding its enforcement of rules in this space. The SEC has also set up rules for compliance for the startups in the crypto world to make sure that they do not violate any securities laws. These are also for startups who have done their token sale.
With this, it likely seems that the ICO boom is now moving towards the end. With the SEC stepping in and enforcement being made, this might signify the end of the ICO wave. Venture capitalist Nic Carter is also of the view that the ICO party is over.
Price Drop
After staying relatively stable for an extended period of time, bitcoin also suffered major price changes this month. 19th November saw bitcoin float around in the range of $5,000 and now, at the time of writing, bitcoin is floating around $4,499. It has come down from a position where it enjoyed the $6,000 range in the last month. With all eyes, set on the asset, it will be interesting to see what happens to it next.
SEE ALSO: Bitcoin Price: Might be Heading Towards $3,000, Suggests Thomas Power
