Make sure you check out our previous edition , now let’s go over what happened in crypto this week. Also, make sure you subscribe for this weeks edition of The CCN Podcast on , , , , , , or wherever .
Price Watch:
- bitcoin is up 0.82% to about $6,300 following a fall of and following a multi-week price drop. Analysts have cited as a reason for the recent drops. One thing more striking about bitcoin’s recent price movement is that the downward movements have been much less dramatic than the rest of the market. This could be, as , because “bitcoin is the best house in a tough neighborhood.” Others have continued to blame the of the Winklevoss’ ETF. In any case, so far it’s clear that bitcoin has historically performed best in in settlement volume despite its 70% price drop.
- Ethereum is down 11% to $287 following a fall of and . Aside from arguments that explain the whole market’s downturn (e.g. , , etc.), analysts believe ethereum, in particular, is falling because . As analyst , “The problem when you give millions of ETH to ETH competitors is that they can unload the ETH on the spot market and short ETH on the futures market before that, so they’re not only securing the funding but also manipulating the underlying spot market in favor of their shorts”. The analyses follow news that BitMEX shorts of ETHUSD are at an all-time high. As far as movements this week, ether has been all over the place, dropping as low as to the crucial $300 level. The rally correlated with the issuance of , indicating the price increases could be due to new capital entering the market.
- The entire cryptocurrency market cap is flat this week despite intermittent price drops by . The market briefly before returning to the $208 billion mark. Some altcoins have been doing well, like VeChain, which had its price spike nearly . Other coins such as Ontology and PundiX recorded .
Exchanges:
- Cash Futures– U.K.-based launched a product that allows investors to bet on the future price movements of bitcoin cash, as well as hedge risk in their overall cryptocurrency portfolios. The launch marks the appearance of the first regulated, USD-denominated bitcoin cash futures.
- – , the world’s leading cryptocurrency exchange by volume, has partnered with (LCX) to create and launch a cryptocurrency trading platform that allows users to trade directly against fiat currencies such as the euro. The Malta-based company Binance LCX would be at the forefront of their trading operations in the Central European economy.
- Payments System – Crypto exchange Coinbase recently filed for a patent detailing a new system to enable online users to make bitcoin payments more securely. The patent, published on August 14, will allow users to make payments directly from their bitcoin wallet. Coinbase’s patents have drawn criticism in the past from those who say they are “seeking to create a monopoly on bitcoin services,” an accusation CEO strongly denied in a . These accusations are resurfacing after a recent from stated that if traditional firms did not act soon, they risked .
- – reports that , an exchange-traded note (ETN) that has been listed on Nasdaq Stockholm since 2015, can now be traded in U.S. brokerage accounts under ticker symbol CXBTF. Technically, bitcoin Tracker One will be publicly-quoted as a foreign debt instrument on a U.S.-based over-the-counter (OTC) market, the same type of platform that lists Grayscale Investments’ popular (OTC: GBTC). This product does offer an advantage, in that it’s not likely to have a premium like the bitcoin Investment Trust does.
- – , the open source DApp browser and wallet designed by Coinbase will now be known as Coinbase Wallet. In a Medium published on Wednesday, the company says the name change is beyond branding, and more of a “larger effort to invest in products” that will shape the future of the decentralized web.
- – Ethereum Classic of $18.50 earlier this month, the same level it had reached on July 7 when the Coinbase announcement made further rounds. The also had an effect in boosting ETC’s price.
Startups:
- – Pantera Capital, which has pioneered investments in cryptocurrency assets, has set its goal for its third venture fund at $175 million, surpassing the $25 million raised for its second fund and the $13 million from its first one, according to . A for a Pantera venture fund offering with the Securities and Exchange Commission notes the company has already raised $71.4 million in commitments from 90 investors.
- Rewards – , responding to falling bitcoin mining rewards for its customers, is offering a discount to help customers withstand the current downturn, the company announced in a . The company’s Radiant bitcoin mining upgrade price per 1 TH/s has been lowered from $285 to $180. Operating time has been changed from open-ended to five years, incurring no termination. In addition, the daily maintenance fee has been cut to $0.14.
Enterprise:
- – Capital One has applied for a patent entitled “Blockchain Systems and Methods for User Authentication.” The patent was filed in Virginia, USA, with and listed as the inventors of the authentication system. The move comes as the latest blockchain use in the banking industry, with already implementing blockchain systems. , , and have also filed blockchain patents.
- – Australian-based Demand Film a new virtual currency to reward users who promote and watch movie trailers. Demand Film is officially releasing the cryptocurrency, known as ‘Screencreds,’ before the company launches in Germany next Tuesday.
- – According to the Deloitte 2018 global blockchain survey, almost 39% of the respondents were of the view that blockchain technology was ‘overhyped.’ The study polled over 1,000 blockchain-savvy executives at firms boasting annual revenues of $0.5 billion or more in the United States, the United Kingdom, Canada, Mexico, Germany, France, and China. Nonetheless, respondents did see benefits, with 84% of those polled saying blockchain was more secure.
- – According to documents published by the US Patent & Trademark Office (USPTO) on Thursday, the Georgia-based UPS has applied for a that utilizes blockchain and distributed ledger technology (DLT) to route packages throughout an international supply chain that may include multiple carriers. Once a package has been scanned into a packaging facility, the system will automatically select a route based on the service offerings of network-connected shipping providers. As the package travels to its destination, information about the shipment will be recorded in the blockchain ledger, allowing the system to rate whether service providers are meeting the obligations of their respective service offerings.
- Investor Sues AT&T for $224 Million after Mobile-Linked Theft – According to , California resident has filed a 69-page complaint against in U.S. District Court in Los Angeles, in which he alleges that he lost $24 million worth of cryptocurrency after the cellular service provider negligently allowed a hacker to obtain unauthorized access to his cell phone account. In addition to the $24 million he lost in the two thefts, Terpin is seeking $200 million in punitive damages from AT&T, which is the world’s largest telecommunications provider and the second-largest mobile services provider.
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Published at Sat, 18 Aug 2018 23:15:52 +0000
bitcoin News in Review
