Crypto Watch: Ethereum Classic Soars, Bitmain IPOs, Wall Street Skeptical

This week, crypto markets have experienced a significant downturn, with Bitcoin and Ethereum prices dropping by 12% and 24%, respectively. Contributing to the decline is the SEC's rejection of the Winklevoss brothers' second ETF. Meanwhile, positive news includes the listing of Ethereum Classic on Robinhood and Coinbase Pro, and Bitmain's $18 billion IPO. Additionally, reports indicate that Facebook has met with Stellar, and Goldman Sachs has downgraded its outlook on Bitcoin.

Ethereum Classic's Resurgence, Bitmain's Mammoth IPO, and Wall Street's Skepticism: A Crypto Weekly Recap

The tumultuous cryptocurrency market has witnessed a rollercoaster of events this week, ranging from the resurgence of a forgotten coin to a major mining giant's record-breaking IPO and a sobering outlook from Wall Street's behemoth.

Price Volatility: Bitcoin's Plummet and Ethereum's Tumble

Bitcoin, the undisputed king of cryptocurrencies, has endured a tough week, plunging 12% after losing 15% the week before. The SEC's rejection of the Winklevoss twins' second ETF attempt, coupled with dwindling trading volume, has cast a shadow over the market leader. Analysts had hoped for a rebound, but the price continued its downward spiral to mid-$6,000 levels.

Ethereum, the second-largest cryptocurrency, has fared even worse, plummeting 24% this week to $308. This decline is amplified by Bitcoin's dominance reclaiming 50%, sending altcoins into a downward spiral.

Market Sentiment: A Collective Selloff

The entire cryptocurrency market has witnessed a significant decline, with the total market capitalization shrinking by 19% to $206 billion. This massive drop is attributed to both the Bitcoin and Ethereum price falls, as well as a substantial decrease in trading volume.

Exchanges: Major Players Embrace Ethereum Classic

Robinhood, the popular stock trading app, has added Ethereum Classic (ETC) to its cryptocurrency lineup, making it available to users in 19 U.S. states. Similarly, Coinbase Pro (formerly GDAX) has commenced accepting ETC deposits, with trading against USD and other crypto assets expected later in the year.

Coinbase, one of the leading cryptocurrency exchanges, has renewed its state-level money transmitter license in Wyoming, allowing it to resume operations in a state where it had been prohibited for over three years.

Barclays, the British banking giant, may be considering entering the cryptocurrency trading space. An employee's LinkedIn profile indicated that he had been tasked with developing a plan for integrating a digital asset trading desk into Barclays' operations, although the profile has since been modified to remove any reference to digital currencies.

Coinbase is exploring the addition of Ripple (XRP), Monero (XMR), and EOS to its custody services, according to a statement on the company's official blog. However, this consideration does not imply any imminent launch of trading-related products or services.

Startups: Bitmain's Mega-IPO and Blockchain Innovations

Bitmain, the Chinese mining giant, has achieved a remarkable valuation of $18 billion after securing $1 billion in funding from Tencent and SoftBank Group. This IPO is a testament to the growing prominence of blockchain technology and the mining industry.

Facebook's blockchain research team reportedly held discussions with Stellar, exploring how the social media giant could leverage distributed ledger technology in its potential plans for a payments network.

Brave, the privacy-oriented web browser founded by Mozilla co-founder Brendan Eich, is preparing to integrate a cryptocurrency-based tipping system into its platform, enabling users to reward content creators on Reddit and Twitter using the browser's native cryptocurrency payments system.

Enterprise Adoption: Blockchain's Growing Significance

Overstock, the online retailer, has secured $270 million from GSR Capital for its subsidiary tZero. This investment represents a 10% stake in tZero and a 10% stake in Overstock itself, demonstrating the growing interest in blockchain-based securities trading platforms.

Accenture, the professional services firm, has filed a patent aimed at enhancing the speed and security of blockchain transactions through the use of patented hardware.

Despite rumors to the contrary, Starbucks has clarified that it will not be accepting Bitcoin payments directly. Instead, it will collaborate with Bakkt, a platform that allows customers to convert digital assets like Bitcoin into U.S. dollars, which can then be used at Starbucks.

Upwork, one of the world's largest freelancing platforms, has reported that blockchain was the fastest-growing skill in its Q2 2018 Skills Index, surpassing over 5,000 other listed skills.

Wall Street's Bearish Stance: Goldman Sachs Weighs In

Goldman Sachs, the investment banking giant, has adopted a bearish outlook on Bitcoin. In its midyear economic outlook report, Goldman's strategists predict that Bitcoin's price will continue its downward trend, despite having already lost over $12,000 since December's peak.

Conclusion

The cryptocurrency market has experienced a week of mixed fortunes. While Ethereum Classic's resurgence and Bitmain's mammoth IPO are positive indicators, the overall market decline and Wall Street's skepticism have cast a pall over the industry. As the market continues to evolve and mature, it remains to be seen whether the bear market will persist or pave the way for a renewed wave of growth and innovation.