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Major cryptocurrencies are negative this morning as a slew of news articles question the commercial viability of Bitcoin Cash

Aug 21, 2018

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Top 5 Cryptocurrencies sorted by 24 hour Volume

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Name Ticker Price 1H% CHG 24H%CHG 7D%CHG MARKET CAP 24H VOLUME
Bitcoin BTC USD$6461.54 -0.03% -0.04% 6.38% USD$111,283,822,487 USD$3,738,959,722
Ethereum ETH USD$283.02 -0.13% -2.79% 7.49% USD$28,715,906,004 USD$1,258,202,178
EOS EOS USD$4.87 0.26% -4.3% 11.73% USD$4,415,697,426 USD$434,268,473
Bitcoin Cash BCH USD$536.6 0.33% -2.22% 9.09% USD$9,285,708,120 USD$319,862,283
XRP XRP USD$0.33 -0.4% -1.02% 26.74% USD$13,121,333,006 USD$293,673,637

Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change

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Name Ticker Price 1H% CHG 24H%CHG 7D%CHG MARKET CAP 24H VOLUME
Litecoin LTC USD$56.18 0.6% 0.17% 8.24% USD$3,255,006,684 USD$210,595,977
Bitcoin BTC USD$6461.54 -0.03% -0.04% 6.38% USD$111,283,822,487 USD$3,738,959,722
IOTA MIOTA USD$0.52 -0.52% -0.29% 23.58% USD$1,445,595,216 USD$36,780,188
XRP XRP USD$0.33 -0.4% -1.02% 26.74% USD$13,121,333,006 USD$293,673,637
Ethereum Classic ETC USD$12.75 0.2% -2.14% 17.04% USD$1,325,438,581 USD$220,165,382

Crypto News

  • Atlas protocol, a blockchain marketing platform, has just closed a multi-million dollar seed investment round that includes SoftBank Venture Capital, Baidu Ventures, Danhua Capital and Fenbush Digital. 
  • In a recently published Medium.com post, the CEO of Bakkt, the cryptocurrency trading platform backed by Intercontinental Exchange, highlights that the new platform will permit institutional-grade cryptocurrency trading. Kelly Loefler argues that Bakkt will permit “trusted” price discovery with less price manipulation. 
  • Binance CEO Changpeng Zhao talks about why Bitcoin probably wouldn’t get listed now on Binance during an interview with Bitcoinist. Binance prefers to launch “high quality” coins and wants to have direct contact with creators/founders -- the anonymous, decentralized launch of Bitcoin a decade ago would be a non-starter for the Hong Kong-based exchange. 
  • Following its acquisition by Tron, employees of BitTorrent, a pioneer in P2P file sharing, have been leaving the company with the future of the P2P network uncertain.   
  • A report from blockchain analytics firm Chainanalysis finds the use of Bitcoin Cash in commerce is decreasing. According to the research, Bitcoin Cash payments dropped to USD$3.7 million in May from USD $10.5 million in March, while the volume of Bitcoin (BTC) payments was estimated $60 million in May, down from a high of $412 million in September. 
  • Global Energy Resources International Group has filed a proposal with the Hong Kong Stock Exchange to change its names to Global Token Limited. Global Energy has recently launched cryptocurrency trading platforms while also making investments in digital currencies and blockchain technology solutions. 
  • Huobi Group, the Singapore-based cyrptocurrency exchange, is launching a new product, Huobi Automated Listing Platform, that will streamline the token listing application process.   
  • Police in India have arrested the Asia Head of Bitconnect, a now defunct cryptocurrency trading platform. Authorities accuse Bitconnect of being a multi-billion dollar ponzi scam where investors would put capital into a vehicle that would be managed by a trading bot promising yield on their cryptocurrencies.  
  • Katrina Kelly-Pitou, a research associate in the electrical and computer engineering department at the University of Pittsburgh is arguing that environmental concerns about Bitcoin mining is a red herring. The focus on the energy consumption of Bitcoin mining seems to always ignore the use of renewable energy. Kelly-Pitou argues that the debate should be focused on whether the electricity to support bitcoin mining is generated, not the absolute amount of electricity used. 
  • Roger Ver, CEO of Bitcoin.com and known as ‘Bitcoin Jesus’ continues to struggle to get widescale adoption of Bitcoin Cash. The concentration of ownshership of Bitcoin Cash, 56% owned by 67 wallets, may be a contributing factor to why it hasn’t been more quickly adopted by crypto enthusiasts. 
  • The fight to keep the USD$200mm Siacoin blockchain platform free of corporate interest is turning into a fight between the Siacoin founders/developers and manufacturers of mining equipment like Bitmain. Siacoin developers have recently suggested upgrades to the existing Siacoin protocol which would disable mining products built by Bitmain.   
  • The Swiss Stock Exchange SIX Group formally says that there are no plans to include digital currencies on its digital assets platform. SIX Group is looking to bridge the gap between crowdfunding and ICOs rather than getting involved in cryptocurrency trading. 
  • UPS has filed another patent with the USPTO which would seek protection for a system which uses blockchain technology to store information like a packages’ destination, actual movement of the package, and transportation plans in a distributed ledger network.   
  • Zhesang Bank, one of the largest privately-owned commercial banks in China, has issued securities worth USD$66mm using blockchain technology. According to CoinDesk, the blockchain platform, called Lianrong, was designed in-house by the bank to allow registered companies to broadcast account receivable assets to potential investors and to further let them settle invoice transactions as peer-to-peer securities. 

Source: Stockdio

Sources:

https://cointelegraph.com/news/blockchain-startup-closes-multi-million-dollar-funding-round-led-by-softbank-baidu 
https://www.newsbtc.com/2018/08/21/bakkt-ceo-offers-greater-details-about-upcoming-crypto-platform/ 
https://bitcoinist.com/wbitcoin-not-listed-binance-today/ 
https://www.coindesk.com/trons-bittorrent-crypto-acquisition-departures/ 
https://cointelegraph.com/news/bitcoin-cash-use-in-commerce-sees-significant-decrease 
https://cointelegraph.com/news/huobi-launches-new-service-to-streamline-token-listing-application-process 
https://www.ccn.com/indian-police-arrest-asian-chief-of-multi-billion-crypto-scheme-bitconnect/ 
https://www.coindesk.com/senior-bitconnect-promotor-arrested-by-indian-authorities/ 
https://bitcoinist.com/bitconnect-exchange-head-arrested-india/ 
https://www.coindesk.com/energy-firm-discloses-major-crypto-losses-amid-blockchain-rebrand/ 
https://www.ccn.com/alarm-over-bitcoin-mining-is-a-red-herring-energy-researcher/ 
https://www.newsbtc.com/2018/08/21/bitcoin-jesus-roger-ver-still-struggling-to-bring-bitcoin-cash-forward/ 
https://www.coindesk.com/threats-fly-as-fight-over-200-million-siacoins-crypto-code-intensifies/ 
https://www.ccn.com/bitcoin-hope-and-hype-swiss-stock-exchange-isnt-adding-crypto-to-crypto-assets-exchange/ 
https://bitcoinist.com/ups-files-for-a-patent-for-blockchain-based-shipping-system/ 
https://www.coindesk.com/china-zheshang-bank-issues-securities-worth-66-million-on-blockchain/