Cryptocurrency Daily News Bulletin: July 27, 2018

July 27, 2018 1:18 pm Published by

General News

Autonomous Next: According to new research from the crypto analytics firm, the number of crypto funds has exploded to more than 300 in 2018, up 24 percent since January.

BitGo have released their new “predictive UTXO (Unspent Transaction Outputs) management” technology: the first mainstream crypto company adopting a spin on “coin selection,” a scaling technology that has been touted to lower industry fees. Coin selection more efficiently selects what coins go toward a transaction, and thus could have a significant impact on users the next time fees go up again; seeing fee reductions of up to 30 percent.

BRICS: Five major banks from each BRICS member state signed a MoU on the development of DLT.

Circle has snagged former Goldman Sachs executive, Benedicte Nolens, who joined the firm directly from Hong Kong’s Securities and Futures Commission. She has been named as Circle’s head of global regulatory affairs, as well as head of compliance for its operations in Europe and Asia.

The Chicago Mercantile Exchange (CME) will not introduce futures on cryptocurrencies other than Bitcoin (BTC) soon, CME CEO Terry Duffy revealed, whilst its main competitor CBOE is “definitely monitoring other markets,” CBOE’s director for product development Dennis O’Callahan claimed.

Coinmetrics recently released figures showing that more than 60 percent of daily BTC transactions have zero economic value. Most of the transaction volume bloating is caused by spam, shuffling by mixers, and the disbursement of rewards to members of mining pools.

Gemini founders, Cameron and Tyler Winklevoss, have had their second attempt to list a crypto ETF on a regulated exchange rejected by the SEC again. The U.S. financial watchdog has yet to approve a cryptocurrency-based ETF, highlighting issues with security, market manipulation and investor protection. BTC has fallen below $7,900 following the news after hitting a two-month high this week, which was partially fuelled by speculation that the SEC could approve a similar trading vehicle as early as August. Contrastingly, Commissioner Peirce dissented the ETF decision: “Contrary to the Commission’s determination, I believe that the proposed rule change satisfies the statutory standard and that we should permit BZX to list and trade this bitcoin-based ETP.

Galaxy Digital, the crypto merchant bank founded by Mike Novogratz, lost more than $130 million during the first three months of the year, a product of a bear market.

Malta Binance has signed an MOU with the President’s Trust to create the Blockchain Charity Foundation. The charity will use the blockchain technology to empower vulnerable communities and enhance transparency in charitable work.

India: The state of Telangana announced it will sign several MoUs with blockchain firms to implement the technology in “six or seven government applications.”

Korea’s financial regulators are urging lawmakers to quickly pass cryptocurrency legislation to protect investors from under-securitized exchanges, claiming that local exchanges are “rife with security flaws and money-laundering risks”.

Vietnam’s stock market watchdog, the State Securities Commission of Vietnam (SSC), has forbidden industry firms from engaging in cryptocurrency-related activities. They have ‘required’ the industry to not partake in “any issuance, transaction or brokerage activities related to cryptocurrencies” in a circular to all relevant institutions.

Cryptocurrencies

AdEx $0.384926 USD (-10.58 percent) has seen two solid days of record volumes following being listed on Upbit, but has since retracted a significant amount of its gains.

Bitcoin $29.04 USD (-6.46 percent) has pulled back from its recent rally to below $8,000, following the news of Gemini’s ETF application being rejected again. BTC has been reaching its most overbought conditions since December and is was closing in on the 200-day moving average; a key technical indicator that it has failed to break above over the last 4 months. Despite this, blockchain VC Spencer Bogart claims “Bitcoin is kind of a tinderbox right now, waiting for reasons to go higher”. A further catalyst could be that today is the date that BTC futures contracts offered by derivatives giant CME Group are scheduled to expire. History shows the price of BTC drops 7.89 percent on average in the five days prior to a contract expiration.

Bitcoin Gold $29.04 USD (-6.46 percent) has been added as a payment vehicle in one of the largest Azeri hotel booking platforms, Hotels24, in a bid to attract new customers.  

EOS $8.16 USD (-5.95 percent) block producers have voted to double the network’s supply of RAM, the resource that developers must purchase (with EOS tokens) to run applications on the blockchain platform. This comes after RAM prices spiralled out of control at several points since the network’s launch in June.

IOTA $0.979980 USD (-5.75 percent) have announced a partnership with AUDI Think Tank. This collaboration will look to explore Tangle-based use cases, build a low-level prototype and to gather customer feedback.Meanwhile, IOTA Foundation have announced the addition of Anes Hodžić, VP of Digital Transformation and Internet of Things division at Digital Transformation Office of Airbus, as an advisory board member. At Airbus Group, Anes was responsible for leading the engineering of electric and self-driving cars and served as a member of Board of Directors. His experience in digital transformation of major enterprises with deep expertise in Industrial Internet of Things (IIoT) will be valuable to IOTA Foundation.

Stellar $0.306006 USD (-7.09 percent) have partnered with TransferTo, a mobile money transfer firm with a global network, focused on B2B remittances.

Tron $0.036085 USD (-5.04 percent) have announced it plans to integrate BitTorrent and its huge user base (100 million+) directly into its ecosystem: “Tron aims to liberate the Internet from the stranglehold of large corporations, give data rights back to the individual, and reignite the early 21st century vision of a free, transparent, decentralized network to connect the world, because the internet belongs to the people.” Meanwhile, BitTorrent and uTorrent (a software client developed by BitTorrent) have both announced their candidacy to become Tron super representatives and help power Tron’s new proprietary blockchain.

Vertcoin $1.18 USD (-15.43 percent) price has been on the rise for the last 7 days, doubling in value out of nowhere, before falling over 15% in the last 24hrs. Its recent listing on Bitsane could be a contributing factor, however, it cannot account for the size of the pump.

VeChain $2.43 USD (18.76 percent) is one of the few coins in the green today, as trading of the cryptocurrency is now live on Binance.

WN.com, Jamie Saarloos



Have your say:

Your e-mail address will not be published. Required fields are marked *

*