Cryptocurrency Daily News Bulletin: August 7, 2018

August 7, 2018 1:11 pm Published by

General News

Bitmain has announced construction plans for a new blockchain data centre and cryptocurrency mining facility in the city of Rockdale, Texas, as part of an ongoing North American expansion drive. The facility is part of a projected $500 million investment into the area, and it is expected to bring in up to 400 new jobs to an area devastated by de-industrialization and job losses.

Canaccord Genuity, the Canadian wealth manager, posits that a long-awaited approval on a bitcoin ETF likely won’t come until 2019.

Coinbase has hired Amazon Web Services veteran Tim Wagner as its new vice president of engineering, as the exchange expands on their available products and services.

Goldman Sachs is holding discussions about becoming one of the first mainstream financial institutions to custody cryptocurrency assets. Such custody services exist, but they have largely been offered by crypto startups such as Coinbase — not the Wall Street giants with whom institutions prefer to work.

Juniper Research, the market intelligence firm, released a report showing that by deploying blockchain technology financial institutions stand to generate savings amounting to over US$27 billion on cross-border settlement transactions before the end of 2030. Costs will be reduced by over 11% for on-chain transactions.

LedgerX, the bitcoin derivatives trading provider, says it saw a “record” amount of trading volume over the last two months. The firm cleared $50 million in derivatives volume in July alone.

Japan: The Japan Virtual Currency Exchange Association (JVCEA), which was formed by 16 exchanges in March and registered with the FSA in April, has applied to become a “certified fund settlement business association”. This would effectively allow the JVCEA to impose self-regulatory rules on the cryptocurrency trading market as part of an effort to create stricter industry standards, including regularly conduct audits and the prohibition of certain anonymous crypto’s from being traded such as monero or dash.

United States: The chair of the Judiciary Committee of the U.S. House of Representatives, Congressman Bob Goodlatte, reported that he owns between $17,000 and $80,000 in digital currency. We can expect more disclosures to come after the U.S. Ethics Committee issued new rules about disclosing digital currency holdings.

West Virginia is rolling out a blockchain-based mobile voting app to all of the state’s 55 counties so that military personnel stationed abroad can more easily cast their ballots in the midterm elections. This follows from a successful pilot and 4 rounds of audits.


Bitcoin $7,074.83 USD (0.99 percent): There are now over 3,500 bitcoin ATMs installed and operational around the world. About 99.9 percent of all the machines installed around the globe support bitcoin, while 52.7 percent support altcoins, with litecoin being the most popular.

Cloakcoin $2.53 USD (0.87 percent): Cryptocurrency price manipulation is largely conducted by organized “trading groups” using services such as Telegram, the Wall Street Journal claimed in a study. In the first six months of 2018 alone, trading groups generated revenues of $825 million. The WSJ looked at 175 schemes trading 121 different coins, stating “many more such groups exist, potentially adding millions or tens of millions more in activity,” adding that these “operate in private chat rooms, accessible only by invitation, generally overseen by an anonymous moderator.” The WSJ takes Cloakcoin as an example, stating the sudden growth spurt July 1 on Binance was the result of a trading group called Big Pump Signal. “The price of cloakcoin skyrocketed on […] Binance shortly after Big Pump Signal sent a message on Telegram to followers telling them to buy.”

Ethereum $410.92 USD (0.51 percent): Interactive financial markets technology platform LevelTradingField is launching a crypto derivatives exchange using the ethereum blockchain, set to go live in September. CADE exchange will list ERC-20 tokens which track bitcoin, ether, litecoin, bitcoin cash, ripple and monero, with more to be considered on a rolling basis. All derivative tokens on CADE are to be priced in LUSD, a stablecoin pegged to the U.S. dollar and guaranteed for by the company.

Meanwhile, a new Ethereum Improvement Proposal, EIP 1167: Minimal Proxy Contract, will likely be finalized in the next two weeks. Clone contracts are simply smart contracts which are duplicated for re-use—and this puts a heavy load on the Ethereum network. The new proposal will reduce the gas costs as EIP 1167 allows clone contracts to redirect transactions to one ‘master contract’ that reuses addresses.

Ethereum Classic $18.79 USD (8.69 percent) is the sixth cryptocurrency listed on Robinhood’s recently-launched crypto trading platform, providing investors in eligible U.S. states with the ability to hold ETC in their portfolios alongside their traditional equities investments. ETC is one of the few coins in the green this morning following the announcement, as well as Coinbase making ETC available for trading this week

IOTA’s $0.790794 USD (-11.32 percent) upcoming Qubic project report claims we should expect the release of the project by the end of the month, which should clarify much of the hype surrounding the project. Qubic endeavours for having the worldwide standard through its effort for IoT, which focus on “messaging” and “payments.” Despite the release of positive IOTA developments, its price declined significantly overnight following its recent bull rally. This also follows the announcement by Sirin Labs, the creator of the upcoming blockchain-based smartphone Finney, that they have chosen to use the Ethereum blockchain over IOTA., Jamie Saarloos

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