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Cryptocurrency Downdraft Continues, Barclays Plans a Hackathon

Aug 09, 2018

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Top 5 Cryptocurrencies sorted by 24 hour Volume

Name Ticker Price 1H% CHG 24H%CHG 7D%CHG MARKET CAP 24H VOLUME
Bitcoin BTC USD$6304.98 -0.88% -3.39% -17.1% USD$108,440,479,169 USD$4,455,287,007
Ethereum ETH USD$357.36 -1.03% -3.12% -14.16% USD$36,171,086,830 USD$1,780,652,438
EOS EOS USD$5.49 -2.26% -8.32% -22.51% USD$4,972,247,023 USD$757,720,073
Bitcoin Cash BCH USD$585.66 -1.88% -5.38% -22.0% USD$10,122,231,866 USD$397,117,047
XRP XRP USD$0.34 -2.22% -4.85% -23.01% USD$13,204,845,159 USD$346,938,061

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Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change

Name Ticker Price 1H% CHG 24H%CHG 7D%CHG MARKET CAP 24H VOLUME
Cardano ADA USD$0.12 -2.65% -1.92% -14.26% USD$3,001,643,422 USD$70,992,741
Ethereum ETH USD$357.36 -1.03% -3.12% -14.16% USD$36,171,086,830 USD$1,780,652,438
Bitcoin BTC USD$6304.98 -0.88% -3.39% -17.1% USD$108,440,479,169 USD$4,455,287,007
XRP XRP USD$0.34 -2.22% -4.85% -23.01% USD$13,204,845,159 USD$346,938,061
Monero XMR USD$97.49 -1.65% -4.88% -22.19% USD$1,585,875,060 USD$29,488,660

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  • Barclays is hosting a hackathon next month that puts rival blockchain technologies against each other in an attempt to disrupt the global derivatives market.  Participants will be asked to use the ISDA Common Domain Model (CDM) and apply it to distributed ledgers to model post-trading processing of derivatives contracts.
  • Bittrex is launching ETC/USD and XRP/USD trading pairs on August 20th.  Bittrex will be the first American Cryptocurrency exchange to support XRP/USD trading.
  • Celsius Network, a blockchain startup, is partnering with Lightyear.io to become a lending and borrowing partner for ICOs conducted on the Stellar network.  Lightyear.io already commercializes ICOs on the Stellar network as Stellar already is the blockchain platform of choice for many small promising projects that require capital.
  • Collie, a coal-mining town in Australia, could possibly see the first solar-powered bitcoin mining farm.  Data center operator DC Two, DC Two’s subsidiary D Coin and solar farm builder Hadouken are hoping to build the first bitcoin mining facility powered by solar powere in Collie.  The first phase of the build-out is expected to supply 4 megawatts and will be launched in 2019 (assuming no regulatory hiccups). 
  • Dan Morehead, CEO of Pantera Capital, believes crypto traders are overreacting to news that the SEC decided to defer its decision about the VanEck-SolidX ETF.  In an interview with CNBC, Morehead argues for investors to take a long-term view and offers a very interesting observation: the last asset class to be approved for ETF certification was copper and copper has been on earth for 10,000 years.
  • Decarbonizing Bitcoin: Law and Policy Choices for Reducing the Energy Consumption of Blockchain technologies and Digital Currencies, a study by Dr. Jon Truby, Assistant Professor at Qatar University in Doha finds that a large amount of energy is used when Bitcoin is exchanged and mined. Truby concludes that cryptocurrency mining needs to find a sustainable framework in order for cryptocurrencies to realize their full potential advantages.
  • 90 companies are joining IBM and Maersk to participate in their new blockchain platform.  The new blockchain platform being developed by IBM and Maersk, now formally called TradeLens, has been attracting interest for a diverse number of companies: port operators, customs authorities, logistics companies and ocean-going carriers.
  • GMO, a Japanese IT company, reported operating proft of USD$2.3mm for its cryptocurrency business for C2Q2018.  GMO recently launched 7mm bitcoin miners that are touted to have high hashing power along with low electricity demands.
  • LedgerX is launching LedgerSavings a Bitcoin interest-bearing saving platform.  At the moment, LedgerX is a digital currency clearinghouse regulated by the CTFC.  LedgerSavings will use a simplified version of LedgerX’s derivatives platform.
  • Ready-to-use malware for Bitcoin ATMs was found being sold online according to Tokyo-based security software manufacturer Trend Micro.  According to Trend Micro, there were advertisements on the darknet where criminals could buy the malware for USD$25,000 with a EMV-enabled and NFC-enabled debit card.
  • The Philippines is taking a positive perspective to cryptocurrencies and is implementing a new framework for ICOs.  The report, a 37-page document outlining rules for ICOS puts the Philippines in-line with other Asia countries like Japan, Singapore and Thailand.
  • Russian news outlet Interfax reports that a Russian court, the Eleventh Arbitration Court of Appeal (ACA), fined Edinstvo Nizhnekamsk, which circulates in the Republic of Tatarstan, USD$760 for running a cryptocurrency mining advertisement that was in breach of advertising regulations. 
  • The South African Revenue Service (SARS) released a draft of a cryptocurrency tax legislation which defines the framework of taxing virtual currencies in South Africa.  
  • Tezos, after raising USD$232mm in CY2017 has had a rough time getting off the ground.  However, after finally launching, it has become a top-20 blockchain by market capitalization with a valuation north of USD$1bn.  Bakers, the protocol’s term for validators or the equivalent of miners on Bitcoin blockchain, have been steadily increasing since the Tezos launch: currently there are 108 bakers working on the Tezos blockchain.  
  • After launching its news licensing systems for companies working with digital assets, the Thai government has seen 20 different cryptocurrency exchanges apply for licenses.  In addition, 50 ICOs have also expressed an interest in being registered with the Thai SEC.
  • A study by Yale Researchers Aleh Tsyvinski, a professor in the economics department and Yukun Liu, a Ph.D. candidate in the Department of Economics are suggesting a new system of factors to predict price trends in major cryptocurrencies.  While typical factors used in stocks are ineffective in predicting price moves in cryptocurrencies, the study suggests traders consider time-series momentum effects.  The objective of Tsyvinkski and Liu’s paper is to highlight risk-return tradeoffs in major cryptocurrencies like Bitcoin, Ethereum, and Ripple.

Sources:

https://www.newsbtc.com/2018/08/09/can-bittrex-usd-trading-options-revive-ripples-xrp/

https://bitcoinist.com/pantera-capital-ceo-investors-overreacting/

https://www.coindesk.com/barclays-is-pitting-blockchains-against-each-other-for-a-cause/

https://www.ccn.com/australia-could-see-first-solar-powered-bitcoin-mining-farm-in-coal-town/