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Make sure you check out our previous edition here, now let’s go over what developed in crypto this week. Also, make sure you subscribe for this week’s number of The CCN Podcast on iTunes, TuneIn, Stitcher, Google Play Music, Spotify or wherever you get your podcasts.
Premium Watch:
- The bitcoin price is down 15% this week step into the shoes of strong gains of 9% last week and 18% the week in the presence of that. The coin had been hovering around the $8,000 mark since it elementary hit the crucial price level on August 24th. The $1,200+ price drop has fundamentally been blamed on the SEC’s rejection of the Winklevoss’ second ETF rejection. On its way down, the rate flirted with the $7,800 support level before failing to fight for that level. The bearish pattern has continued all the way down to the $7,000 draw a bead.
- Ethereum is down 14% this week hovering around the $400 constant. The coin has been moving in tandem with bitcoin as far as down changes go recently, but not mirroring up moves. As we discussed on last week’s podcast event, ethereum is representative of lots of altcoins that have mostly charmed heavy losses.
- The entire coin market cap is down 14% this week. The cap strike down below the crucial $300 billion level earlier this week and floor to the $255 billion level mid-week. The price drop falls in defiance of nice gains by major currencies such as tezos.
Source: CoinMarketCap
- Bulls:
- Banknote Miller’s Bullish – Billionaire Bill Miller, the founder, and CIO of Miller Value Comrades compared bitcoin to gold and was bullish.
- Hedge Fund Manager: Bitcoin Consequence Headed to $500,000 – Mark Yusko, the founder of North Carolina-based Morgan Burn Capital Management, said that he is sticking by his year-end bitcoin cost target of $25,000. Yusko originally made this prediction in April, combining that he expects bitcoin to march to $75,000 by 2020, $200,000 by 2022, and at the end of the day eclipse $500,000 by the end of 2024.
- Bitcoin Could be ‘First Worldwide Currency’: NYSE Holder – Speaking with Fortune, ICE founder, Chairman, and CEO Jeffrey Sprecher delineated that he believes that — bolstered by Bakkt’s (ICE’s crypto subsidiary) infrastructure — bitcoin could adorn come of the currency of choice for global payments.
- Bitcoin Price Headed to New Highs: Crypto Hedge Scratch Manager Spencer Bogart – Speaking on CNBC’s Fast Money, Spencer Bogart of Blockchain Excellent reinforced his prediction that bitcoin is bound for higher price levels in the just about future as he thinks that the pullback momentum may have been wiped out.
- Tom Lee: Bitcoin Price Recovering from Winklevoss ETF Rejection a Positive Banner – On July 27, upon the rejection of the Winklevoss bitcoin ETF by the U.S. Securities and Trade Commission (SEC), the price of BTC fell from $8,300 to $7,800, by more than six percent in a three-hour aeon. Tom Lee says the quick recovery is a sign of a bullish sentiment.
- Bears:
Startups:
- Factom Files Grant for Validating Documents on the Blockchain – Factom (FCT) has filed a new patent with the U.S. Unmistakeable & Trademark Office that allows verification of documents on a blockchain with multiple digital signatures.
- Hedera Hashgraph Removes $100 Million At $6 Billion Valuation – Hedera Hashgraph, a U.S. based spoon out public ledger that plans to offer a cryptocurrency, a file storage waiting, and a smart contract platform, has raised $100 million. The company is looking to convene another $20 million in a crowdsale.
- High Times Launches Principal Ever IPO to Accept Bitcoin, Ethereum – High Times, a prominent New York booklet advocating cannabis usage, is breaking new ground in the cryptocurrency world by allowing crypto during its IPO, the first ever stock offering to do so.
- Coinbase Produces Crypto Payment Option to Millions of Online Businesses – Coinbase Mercantilism, a cryptocurrency payment provider, has announced a series of initiatives to support crypto trafficking, including a WooCommerce plugin to give millions of merchants the option to assume cryptocurrencies, the ability to send bitcoin and litecoin directly, and other new proficiencies.
- Canaan Unveils First-Ever Bitcoin Mining Television – Canaan Originative has launched what it hopes will be the future of the blockchain and the first of a series of launches that will improve its position as it battles for increased market dole out in the bitcoin mining device market. Critics insist that the mark of cadency is little more than a self-promotion gimmick as the company prepares for it’s IPO, donation no real utility to users.
- Cryptocurrency Bank Galaxy Digital Which Bygone $134 Million in Q1 Is Going Public – According to Bloomberg Galaxy Digital LP — on be listed for trading on the Toronto-based TSX Venture Exchange on August 1st. The company is exhausting a reverse takeover of an existing firm to be listed.
Exchanges:
- Biggest Ancestry Exchange Operator to Launch Bitcoin Market – Intercontinental Exchange, the proprietress of the New York Stock Exchange, has announced that will list a physically-settled bitcoin time to comes contracts and form a new company whose mission is to make bitcoin a mainstream fiscal asset.
- OKEx Initiates ‘Clawback’, Injects 2500 BTC – OKEx has propounded to protect its futures market with an injection of 2500 BTC into the truck’s insurance fund from its own capital after a forced liquidation on July 31st portended to destabilize its operations. The futures contract amounted to a staggering $420 million benefit of BTC. OKEx moved swiftly to counter this liquidation with a series of as a dividends that were announced on its website.
- Coinbase Adds British Currency Column – Users at Coinbase will now be able to deposit and withdraw funds in British Maul, the company announced on Wednesday. Coinbase, being an exclusive digital currency business, has obtained a bank account in the U.K. The company already has an e-money license issued by the U.K.’s Monetary Conduct Authority (FCA).
- Robinhood Opens Crypto Trading to Georgia Home-owners – Robinhood, a commission-free stock trading platform, announced that citizens in the state of Georgia can now invest in cryptocurrency through the app. The move follows the app’s establish of Robinhood Crypto in early 2018, its subsequent rollout in four shapes, and comes in the wake of a $363 million funding round.
- Coinbase Bug Bars Canadian Users from Withdrawing Funds – An issue with Coinbase structures recently prevented users from Canada and a number of other territories from withdrawing funds, leading to frustration and concern among innumerable customers. In a statement to CCN, Coinbase claimed the issue was a bug.
- Ex-FBI Director Louis Freeh Launches up about Tether Investigation – In a recent interview with Yahoo Invest in, former FBI Director Louis Freeh (of FSS) answered questions about the Manacle investigation and the public’s reactions to the firm’s work. He discussed the “transparency update” that was anthologized by FSS after they were granted full access to bank accounts, expressions, and spoke with some employees at banks holding Tether assets and responded to appraisal that the investigation did not constitute an official “audit.”
- UPbit Comes Out Disinfected in Audit after Raid – UPbit, currently the biggest crypto traffic in South Korea, came out clean in an audit report which confirmed the exchange had 100 percent of the amount its balance sheet demonstrated. The audit progress following a raid by local authorities under the suspicion of balance veneer manipulation and inflated volumes.
- Thai Bond Market Association to Mix Blockchain Technology – The Thai Bond Market Association (TBMA) charts to implement a new registrar service platform combining financial technology with blockchain technology. There are successive plans to put it to practice during the current year to improve the growth of the inferior market.
- Binance Buys Ethereum Wallet Service in First-Ever Acquiring – Binance, one of the world’s two largest cryptocurrency exchanges, has just completed its first-ever gain of TrustWallet. According to TechCrunch, the Malta-based exchange operator acquired Conviction Wallet, creator of the eponymous mobile Ethereum wallet that subsumes support for ether, as well as ERC-20 and ERC-223 tokens. Phrases of the deal have not been disclosed, but Binance confirmed that it take in a mixture of cash, Binance stock, and Binance tokens.
Enterprise:
- Bitmain Pay for $1.1 Billion in Profit in Q1 – Citing an email obtained from a author close to the China-based firm, Fortune reports that Bitmain — most talented known for manufacturing bitcoin mining equipment — raked in $1.1 billion in profit during the fundamental quarter of 2018. Conservatively, the company expects to earn $2 to $3 billion in profit for the financial year. Remarkably, those figures place Bitmain nearly on par with chipmaking colossus Nvidia, who reported a net income of $1.2 billion during the first favour and has a ~$150 billion market cap.
- Walmart Files Patent for Smart Appliance Handling – Walmart has filed another patent application in the blockchain sector termed “Managing Smart Applications Using Blockchain Technology.” The filing consolidates a number of previous applications for blockchain patents including blockchain wrap delivery systems, medical record storage systems, food refuge, and a blockchain-based digital marketplace — some of which we dove into on the third event of the CCN Podcast.
- Report: Blockchain to ‘Reach $2 Trillion by 2030’ – IHS Market, a statistics analytics firm in the fields of finance and technology, released a July piece that forecasts blockchain technology could lead to a business action value of $2 trillion by 2030. The report includes all value that blockchain annexes as an entire vertical (not specific coin market caps). Many value this is too conservative considering the market’s proximity to $1 trillion during the 2017 bull run.
- Bitcoin Sacrifice Must Hit $213,000 to Become Viable USD Replacement: UBS – According to a new report from Swiss investment bank UBS, Bitcoin’s value must reach $213,000 to replace the estimated $3.63 trillion quality of USD in circulation, commonly referred to as the M1 or “narrow money” supply.
- Square Realizing Growth in BTC User Base: CFO – Square Inc. Chief Financial Officer Sarah Friar has praised the impact of bitcoin support on the company as it continues to record strong development driven primarily by its flagship Cash App, also known as Square Readies.
- Rogue Qiwi Employee Lost 500,000 Bitcoins in Attempted Pilfering – In 2011, the Qiwi Group CEO learned that his company computers packeted 500,000 bitcoins, unbeknownst to him at the time. At the time, he did not know what bitcoin was, let peerless bitcoin mining. After an investigation, he learned his chief technical catchpole minted 500,000 coins worth $5 million in three months, an amount that is now merit billions of dollars. The story came to light this week in a dressing-down at the Moscow School of Communications
Governments:
Hacks & Security:
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