- A half of the fund collected via ICOs in Russia last year went to financial pyramids
- Georgia enters the top three countries in terms of cryptocurrency mining
- Ripple runs out of steam to continue climbing higher, a bearish engulfing bodes some downside around the corner
Russia is going to implement new cryptocurrency regulations beginning in July, and the latest news seem to offer a confirmation they’re undertaking appropriate steps. Namely, the Russian Association of Cryptocurrencies and Blockchain informed that while Russian ICOs attracted roughly $300 million last year, a half of the funds went to financial pyramids. The organization, which represents the virtual currency community there, added that it’s currently working on new ICO standards in order to help investors distinguish real projects from fraudulent activities. Do notice that Russian initial coin offerings account for 10% of global volume. It suggests that there is still a lot to do to provide more clarity for investors wanting to invest in ICOs in a more secure manner. This seems to be especially true when we take into account that Russian crypto-related projects are expected to attract between $1 and $1.5 billion this year.
While China is the biggest centre for cryptocurrency mining in the world there is much less recognizable country which has been ranked second lately – Georgia. This is a result of the country’s electricity subsidies and fair regulation. The inflow of crypto miners has been so notable that it has been compared to gold rush which took place in the US. Cryptocurrencies have become so popular in the European country that even one political party has started raising funds by mining them suggesting a push the country is taking in order to make itself a crypto behemoth. Even as cryptocurrency mining became less profitable than it was yet in December last year the low-cost mining suggests that Georgia-based miners are still able to make some profit.
From a technical angle Ripple might be subject to an extended pullback which could find its end nearby $7000. This level is also underpinned by a 50% retracement of the last wave to the upside making its yet more important. Thus, considering to enter a long it may be worth waiting until the price reaches this round level – it could reduce chances to get our fingers burned.