Cryptocurrency Daily News Bulletin: August 6, 2018

August 6, 2018 1:19 pm Published by

General News

Goldman Sachs issued a report titled “(Un)Steady as She Goes,” which highlights “cryptocurrency mania” as one of several factors that could affect their initial market outlook for this year. Other factors listed included terrorism, the rise of populism, rising geopolitical tensions, and an increasing threat of cyberattacks. The investment bank expects crypto markets to “further [decline] in the future given our view that these cryptocurrencies do not fulfill any of the three traditional roles of currency… a medium of exchange, a unit of measurement or a store of value.”

Intercontinental Exchange (ICE) made the big announcement last Friday, claiming they will list a physically settled bitcoin futures contracts and form a new company whose mission is to make bitcoin a mainstream financial asset. The new platform — Bakkt — has been developed in partnership with a variety of blockbuster names, including Microsoft, Starbucks, and BCG. Despite this announcement, crypto markets plummeted over the weekend, with BTC dipping under the $7,000 handle.

Caitlin Long, a Wall Street professional with 22 years of experience including running Morgan Stanley’s pension solutions business, claims the decision to launch Bakkt is a “double-edged sword.” It will bring much needed liquidity through new investors like institutional investors and is beneficial to the space. However, this will also be done through leverage financialization. This also improves liquidity, but it does so artificially. Long likens this to the 2008 financial crisis, since when this practice has become all too familiar.

JP Morgan CEO, Jamie Dimon, says JPMorgan will use blockchain ‘for a whole lot of things’.

OKEx has issued an official statement in response to its forced liquidation of a colossal misfired BTC futures trade worth a notional $416 million that was initiated by an unidentified problem trader last week. The exchange froze the account after numerous messages to the trader to liquidate his position had been refused. The value of BTC then tumbled and the trader was forced to liquidate. OKEx have now injected 2,500 BTC (around $18.5 million) into an insurance fund to help mitigate the losses incurred by the force-liquidated trade.

India’s IT department of the Telangana state government has signed a MoU with Tech Mahindra that will see the two teaming up to build what they claim will be the country’s first “blockchain district.” The blockchain district will occupy an area inside Hyderabad – the state’s capital city – with physical buildings to house and incubate blockchain startups from India as part of the government’s push to advance the tech’s development.

Thailand: The Bank of Thailand (BoT) has recently allowed local banks to issue digital tokens, provide crypto brokerage services, run crypto-related businesses, and invest in cryptocurrencies through subsidiaries. While banks are now allowed to establish crypto-dealing branches, those branches are prohibited from offering crypto-related services to its customers and the public and can only interact with other businesses that are approved by Thailand’s SEC and the Office of Insurance Commission (OIC).

United States: The New York State Department of Financial Services (DFS) has stated its opposition to the U.S. Department of Treasury’s endorsement of regulatory “sandboxes” for fintech companies that essentially allow fintechs to receive special bank charters; showing the continued dispute on regulations for financial innovations.

Cryptocurrencies

Bitcoin $6,997.02 USD (-0.87 percent): Starbucks have clarified following the ICE announcement that “customers will not be able to pay for Frappuccinos with bitcoin,” but rather the company is part of a new venture creating a platform, Bakkt, to “convert digital assets like Bitcoin into U.S. dollars, which can be used at Starbucks.”

Ethereum $408.49 USD (0.10 percent) has entered into an agreement with a provider of end-to-end domain services, Minds + Machines Group Limited (MMX), that will let Ethereum Name Service (ENS) get a top-level domain name. Ethereum’s consumers will be able to register their addresses with MMX’s top-level domain. luxe, which is set to enter its pre-launch phases soon and go on sale to the public this October. Any domain registered within the. luxe zone can reportedly be integrated with the Ethereum blockchain and all associated services like DApps, distributed storage, or smart contracts, along with traditional internet activities. Users will be able to choose any “user friendly” domain name, which will carry all functions of the identification of an individual’s ETH asset, instead of existing 40-character identifiers.

Meanwhile, a new way to short the crypto market is coming from dYdX, a decentralized financial derivatives startup. In two months, it will launch its protocol for creating short and leverage positions for Ethereum and other ERC20 tokens that allow investors to amp up their bets for or against these currencies. dYdX recently closed a $2 million seed round led by Andreessen Horowitz and Polychain.

Ethereum Classic $17.28 USD (3.77 percent): Coinbase has announced that it is in the final stages of testing support for ETC as it prepares to offer support for the cryptocurrency across its different services. Final testing is expected to finish tomorrow and Coinbase will allow 24–48 hours of inbound transfers through Coinbase Pro and Coinbase Prime before enabling trading.

IOTA $0.880892 USD (-4.34 percent) Foundation announced the launch of IOTA Hub. IOTA is originally built on a special architecture that has made it quite challenging for service providers such as crypto exchanges to integrate IOTA. The IOTA Hub will offer a standardized and open-source solution to all the challenges faced by service providers by using a simple gRPC API in an environment that is hardened and audited. With this Hub, the process of integrating IOTA will be easier for any service provider; being ready to support IOTA in a matter of weeks rather than months.

KickCoin $0.093190 USD (-13.16 percent) have announced a planned airdrop to reward current KICK token holders. Key details of this upcoming coin distribution have not yet been disclosed by the U.Community team, however, it is estimated the pool value may reach $40 million.

NEO $26.84 USD (-0.65 percent) will be supported on LocalCoinSwap following its upcoming launch of its Hong Kong-based decentralized, P2P exchange.

Ripple $0.427481 USD (-0.80 percent): Coinbase announced that it is exploring the addition of 40 new assets to its custodial service, Coinbase Custody. Among the new assets being considered for storage are Ripple, EOS, Monero, VeChain, Cardano, Bitcoin Gold and Telegram. Although this is just for the custody services, including Ripple may be a step forward for future work despite the currencies issues surrounding security regulations.

Tron $0.029510 USD (-0.15 percent) is cementing its status as one of the most popular cryptocurrencies on social media, as Cointrendz finds Tron ahead of Bitcoin as the most talked about coin on all of Twitter. Ethereum is after Bitcoin, followed closely by XRP.

Meanwhile, twenty-thousand stores across Spain and Italy will soon begin selling TRX directly to customers. Shoppers will be able to buy the Bitnovo crypto card to receive TRX in an instant. Once the card has been purchased, the cryptocurrency can be redeemed instantly online by entering a pin number and the TRX address where you would like the crypto to be sent.

VeChain $0.013365 USD (0.33 percent) is scheduled to appear at the China International Import Expo (CIIE) at the request of the Chinese government. VeChain and its partner DNV GL, a risk management and quality assurance company that provides certification services for big pharma companies and hospitals in Shanghai, will present blockchain solutions to improve medical standards and security in China. VeChain’s vaccine traceability solution is designed to create a trackable system that can eliminate pharmaceutical fraud and fake medicine.

Verge $0.018447 USD (-2.05 percent) has decided to move forward with the integration with Pundi X ecosystem around the globe. With the partnership, any physical asset store across the world have the right to accept Verge through the Pundi X card or by using Pundi X mobile app.

WN.com, Jamie Saarloos



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