13/06/2018: Biggest Stories in the Cryptosphere

by BlockEx

1. Banks Are Budgeting for Blockchain — More Money, Employees, and Projects

In 2017, the financial services industry spent $1.7 billion on blockchain development. U.S.-based market intelligence firm Greenwich Associates published their research on Tuesday. The number of staff dedicated to blockchain also doubled during this period, and major banks now have about 18 full-time employees dedicated to blockchain. Meanwhile, 14 percent say they have already deployed a blockchain solution. Over 75% of these projects are meant to move from proof-of-concept to live production within the next two years. Yet over 50% of the executives interviewed said that implementing the technology “was harder than they expected.”

2. Bears Still Roam in the Bitcoin Market

Bitcoin could head further still, after hitting four-month lows today. This has bolstered bearish sentiments, and raised the odds of a drop to $6,000. Longer term, this seems like a definite possibility. Only a close above the 10-day moving average, currently seen at $7,214, would undermine bearish sentiment.

3. Litecoin Sinks to New 2018 Depths

It’s been a bearish day for the crypto markets in general. The total market capitalization of all cryptocurrencies dropped below $300 billion for the first time since April 12. Litecoin (LTC) fell to $97.04 on Bitfinex today, it’s lowest level since December 8th in 2017, which followed its all time high at $379. The price has depreciated by 60% since the beginning of the year. The price decline followed creator Charlie Lee announcing that he had sold off Litecoin.

4. Thomson Reuters Now Tracking Top 100 Cryptocurrencies

By monitoring more than 2,000 global news and 800 social media sites in real-time, Thomson Reuters was able to create a bitcoin date feed with MarketPsycho Data LLC back in March. They were able to use this to gauge sentiment in the crypto market. The technique will be used with 99 other cryptocurrencies now, to help investors make strategic decision. The digital nature of cryptocurrencies mean that online sentiments can be a particularly relevant indicator of where the market is going.

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