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Cryptocurrencies are Rallying with Risk Aversion Plaguing Global Stocks

Aug 15, 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$6363.57 0.3% 4.65% -2.06% USD$109,522,658,576 USD$4,517,537,560
Ethereum ETH USD$283.89 0.71% 7.14% -22.82% USD$28,769,597,496 USD$1,855,838,942
EOS EOS USD$4.61 0.3% 5.56% -22.16% USD$4,174,236,570 USD$632,005,825
Bitcoin Cash BCH USD$513.57 0.72% 3.97% -16.12% USD$8,881,763,324 USD$389,793,091
XRP XRP USD$0.29 1.17% 8.88% -17.31% USD$11,308,713,183 USD$290,412,371

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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
Qtum QTUM USD$4.47 1.0% 17.43% -20.4% USD$396,830,417 USD$190,261,889
TRON TRX USD$0.02 0.47% 10.14% -22.39% USD$1,290,375,501 USD$106,959,486
IOTA MIOTA USD$0.47 1.02% 9.99% -29.56% USD$1,295,286,456 USD$40,813,897
XRP XRP USD$0.29 1.17% 8.88% -17.31% USD$11,308,713,183 USD$290,412,371
OmiseGO OMG USD$3.65 0.7% 8.56% -23.21% USD$511,722,759 USD$41,726,507

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  • bloXroute Labs, along with a partnership with a team of student at Northwestern University, are experimenting with a trustless scheme to address the scalability limitations of Bitcoin’s P2P platform.  At the moment, with the Lightning Network, Bitcoin transactions capacity is capped at 82 BTC.  According to Sarit Markovich, professor of strategy at Kellogg School of Management at Northwestern University, the bloXroute solution is scaling at 100x better and are targeting 1,000x.
  • Coinbase, according to CEO and co-Founder Brian Armstrong in an interview with Bloomberg, is adding 50k new users a day.  Assuming this run-rate, it implies Coinbase will add 350k new users a year.
  • Alexander Petersons, product director of cloud mining service and self-proclaimed crypto-enthusiast, believes the cryptocoin industry will begin shifting to cleaner and smart mining by taking advantage of local climates to help reduce electricity consumption.  While cryptocurrency critics cite costs of crypto mining as an impediment that will limit widescale adoption of digital currencies, Petersons and the team at believe the use of clean energy will help address the challenges of scalability.
  • The government of Hungary is working on implementing a regulatory framework for cryptocurrencies.  At the moment, cryptos are not considered legal tender and the tax environment is unfriendly to digital currencies.  According to local tax specialists, cryptocurrencies are subject to an “other income” personal income tax of 15% as well as a 22% health contribution.  If a corporate entity were to transact in cryptocurrencies, the tax burden drops to 9% with an additional 2% local business tax.
  • The following 5 ICO scams cost investors USD$100mm: Chinese company Shenzen Puyin Blockchain (USD$60mm), Cryptokami (USD$12mm), NVO (USD$8mm), LoopX (USD$4.5mm) and Block Broker (USD$3mm).  
  • Joe Lubin, the co-founder of Ethereum and ConsenSys, does not see the recent sell-off in cryptocurrencies constraining growth of the crypto ecosystem.  In an interview with Bloomberg, Lubin suggested the recent run-up in cryptocurrency valuations is similar the previous six bubbles with each bubble more pronounced than the previous.  
  • Former PayPal CEO Bill Harris calls cryptocurrencies a cult with valuations to go zero eventually.  
  • After announcing that the Petro is now the second official currency of Venezuela, Venezuelan Nicolás Maduro announcesd that the Petro will be used to pay salaries of employess at state-owned oil company PDVSA.  
  • Taproot, a protocol overlay for Bitcoin pushed by one of Bitcoin’s most well-known developers Greg Maxwell, will offer a privacy layer which will address Bitcoin critics who believe the benchmark cryptocurrency’s privacy is awful.  Taproot, supported by other popular Bitcoin developers, will require the Schnorr upgrade which is still not ready to be implemented.  The power of Taproot will be the ability to make smart contract transactions look like any regular Bitcoin transaction, offering anonymity for senders and receivers.