Monthly Crypto Outlook
As vacationing traders return, September is an important month for the global financial markets, including the crypto market. Virtual currencies had been reeling under the devastating effects of the slump seen in the beginning of 2018, when the total crypto market cap plunged from $800 billion to $200 billion.
August was, however, good for alt coins, in particular Bitcoin, which still holds the top rank as the largest cryptocurrency according to market capitalisation.
So, what should we expect this September for the crypto segment?
Coin Price Predictions
Bitcoin finished the month of August at $7,046 on August 30, 2018. The SEC’s decision to reject Bitcoin ETFs led to great volatility in the price of Bitcoin, with extreme price movements being somewhat of the norm in the crypto sector. That said, many experts predict that the bad period is over and prices will continue to steadily rise going forward.
Ethereum was trading at $290 per ETH on August 30, 2018. The coin suffered severe setbacks in the last few weeks of August. But improvements in the regulatory environment, better ICOs and innovative DApps might drive prices up over the next few months. The price could get as low as $200 in September, only to rise as high as $1,500 by October 1, 2018.
Bitcoin Cash is riding high on the surge in Bitcoin’s price, but experts are still not confident about it being an alternative to its parent coin. It finished August at $554 and may trade between $420 and $700 through September.
Other coins to look out for in September include Cardano. Experts are optimistic about its use as a privacy coin in the upcoming market recessions. It might settle at $0.12 by the end of September 2018.
Remember, if you are trading cryptos, make sure to only do so with FCA-regulated brokers like Blackwell Global.
Meeting of US Congressman with Crypto Leaders
US Congressman representing Ohio, Warren Davidson, has announced his intention to invite important players in the crypto market for a discussion pertaining to ICO regulations. Over 32 companies are expected to participate in this discussion, which includes Nasdaq, Harbor, Kraken, Ripple, CME Group, Coin Center and ICE. The event will take place on Capitol Hill, on September 25, 2018. Congressman Davidson has been in the news in recent times, when he said that ICO regulations need a “light hand.” He has been optimistic about the virtual asset class so far, stating that they are much easier to track than cash.
The meeting will be a great step forward for the pending cryptocurrency bill that is scheduled for the end of 2018. Proper regulatory framework will rid the market off bad actors and encourage innovation.
As countries like China try to limit speculation in digital currencies, banning promotional events in cities like Beijing, there are others like Venezuela, where hyperinflation has led to greater adoption for coins like Dash and Bitcoin. Regulation, on the whole, will be the game changing feature for the crypto markets in the coming months of 2018.
To start trading cryptocurrencies or to get the latest updates on the market, visit Blackwell Global.
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