Cryptocurrency Latest: Is YouTube the answer for budding millennial traders?
Is a new YouTube series the way to get more millennials investing? The Tradefair team brings you the latest cryptocurrency roundup...
"As the blockchain and crypto space become more mainstream, we plan to bring viewers a quick look at the latest developments and important news each day so that millennials can become better informed about a space that is unnecessarily complex and fraught with misinformation."
- Shawn Newsum, Founder and CEO of ICO Watchdog.
The cryptocurrency market is one of the most difficult to predict, leaving some investors anything but interested, while for others it's part of the thrill. Bitcoin and altcoins continue to spark interest in veteran traders and also attract people to the world of investment for the first time.
Here are some of the biggest stories happening in and around cryptocurrency investment this week:
Crypto is sparking financial awareness in millennials
The uprising of cryptocurrencies is causing younger people to take an unprecedented interest in the financial sector, Forbes suggests. This is not only sparking an interest in the possibilities of digital currencies, but also creating an opposition to traditional financial powerhouses.
To help more inexperienced traders navigate the unpredictable market of cryptocurrencies, a new YouTube-based series has been launched by ICO Watchdog and Emmy Award-nominated company What's Trending. The five-minute daily shows aim to provide useful information on digital currency trading in a much more engaging format than what is currently available.
Shawn Newsum, Founder and CEO of ICO Watchdog, explained the idea behind the series: "As the blockchain and crypto space become more mainstream, we plan to bring viewers a quick look at the latest developments and important news each day so that millennials can become better informed about a space that is unnecessarily complex and fraught with misinformation."
What's Trending Founder Shira Lazar said female investors will be a particular focus for the series, highlighting women who "are flying under the radar".
Ripple again overshadows its nearest rivals
CCN analysis shows that Ripple has once again outshone its main rival Ethereum, recording a 7% increase and taking it to a market valuation of $24.28 billion. Market leader Bitcoin fluctuated around $6,500, at one point surpassing the $6,700 mark but falling again before it could touch the all-important $6,800 resistance level.
It is thought that this positive performance is indicative of a short-term trend for digital currencies, but is unlikely to last for any extended period of time.
Prominent crypto trader Luke Martin discussed the closure of Bitcoin at $6,550 and its impact on the wider market: "Would be a bullish sign for BTC to get the daily close above $6,550 zone. Since they're still highly correlated would be positive for alts too and could make a stronger case that the recent higher lows would hold."
Could Wyoming be the new hotspot of trading?
Caitlin Long, a 22-year Wall Street veteran who formerly led Morgan Stanley's Pension Solutions Group, has spoken to CCN about the future of crypto investment.
She said that many firms have taken an "intermediary step" towards embracing blockchain technology and digital currencies.
"Let's just try to tokenize, to try to improve and cut costs and all this duplication and reconciliation of information that we have to do among all the different counterparties on Wall Street," Long commented.
She went on to describe this strategy as "private walled garden-type blockchains".
Long also went on to talk about her hometown of Wyoming and why it could be the next hotspot for crypto trading. With no income tax and very little sales and property tax, it provides a competitive environment for budding investors.
She highlighted the problems caused by the utility token bill, which is causing many people to be "afraid of the SEC and running afoul of the SEC". This is leading to many businesses leaving the US to trade elsewhere. Long said this has stunted a lot of the potential of Wyoming, especially in the short term.