Three big pieces of news today for the Cryto world.
One is that George Soros and his investment fund are getting ready to invest in the cryptocurrency market. Soros had been bearish on Cryptocurrencies calling them a “bubble” in January(he wasn’t wrong here) but now since cryptocurrencies have undergone a correction, he has turned somewhat Bullish and is preparing to take a dip into the cryptocurrency market. This represents possibly hundreds of million of dollars worth flowing back into the Cryptocurrency market from traditional money and could lead to a price increase when it does happen. Also, it represents another one of the “old guard” switching over to the new market of Cryptocurrencies. Make no mistake, these old guys aren’t worried about the safety of other people’s money, they’re only concerned with making more money and they smell opportunity now that the market has corrected itself.
Second, Spain wants its crypto exchanges to hand over user data so they can collect proper taxes on crypto earnings. This is sort of like what the IRS forced Coinbase to do late last year as Coinbase turned over the records of those trading over $20,000 in 2017 to the IRS for tax purposes. I do not think this should have a large impact on the Market as I do not think most people in Spain are into cryptocurrency for money laundering or tax evasion purposes and I personally agree with paying your taxes if you made money via trading.
Third, Korea’s largest banks have continued to be pro-crypto(unlike Chile and India) and OmiseGo, an Ethereum based startup, has secured a partnership with Shinhan. This should be refreshing news as traditional banking institutions and old money are partnering with Cryptocurrencies giving them both financial backing and legitimacy in people’s eyes. Korea’s regulations were one of the main drivers to the Crypto crash earlier this year and as Korea starts to outline guidelines to make ICOs legal and its financial institutions start to become more friendly towards Crypto, hopefully it will be the catalyst to the Crypto Market’s recovery.
That the important news roundup for today.