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Cryptocurrencies are in the green as traders digest news the SEC is reviewing its decision to reject the ProShares & Direxion Bitcoin ETF proposal, Fundstrat’s Tom Lee sees Bitcoin trading up with emerging markets in 2H2018

Aug 27, 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 Volume
Bitcoin BTC USD$6728.84 -0.02% 0.39% 4.08% USD$115,963,907,226 USD$3,390,409,032
Ethereum ETH USD$277.63 0.17% 0.76% -5.23% USD$28,203,271,144 USD$1,273,036,282
EOS EOS USD$5.18 -0.1% 4.7% 0.97% USD$4,691,188,972 USD$453,504,125
Bitcoin Cash BCH USD$527.71 0.03% 0.83% -4.13% USD$9,137,537,234 USD$258,946,630
Dash DASH USD$146.1 0.06% 3.19% -2.83% USD$1,209,832,705 USD$216,917,894

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 Volume
IOTA MIOTA USD$0.61 -0.55% 13.84% 16.15% USD$1,692,780,944 USD$61,665,434
VeChain VET USD$0.02 0.14% 11.01% 22.18% USD$935,761,601 USD$40,897,876
TRON TRX USD$0.02 1.74% 6.02% 7.97% USD$1,552,337,254 USD$102,110,190
EOS EOS USD$5.18 -0.1% 4.7% 0.97% USD$4,691,188,972 USD$453,504,125
NEO NEO USD$18.27 -0.57% 4.48% -2.63% USD$1,187,482,851 USD$49,405,911

Crypto News

  • Baidu, the Chinese search engine giant, is moving to block cryptocurrency-related content on its reddit competitor, Baidu Tieba, according to China Times.   
  • According to data released by the Commodity Futures Trading Commission (CTFC) on Friday, shorts in Bitcoin futures are at a record low – dropping to 1,266 contracts from 1,945 contracts almost 3-months ago. 
  • Fundstrat co-founder and lead strategist Tom Lee believes the increasing correlation between Bitcoin and emerging markets suggests we could see an “explosive“ price breakout.  Lee’s analysis focuses on the MSCI Emerging Markets ETF (ticker: EEM) and suggests a rally in EEM will support a rally in Bitcoin. 
  • The Commodity Futures Trading Commission (CTFC) won a court order that permits the regulator to ban a crypto trading firm accused of committing fraud. The firm under question, NY-based Cabbage Tech Corp, is accused of fraud and misappropriation in connection with purchases and trading of Bitcoin (BTC) and Litecoin (LTC). 
  • Texas-based Defense Distributed, a startup focused on distributing open source, downloadable 3D weapons, is appealing to the Bitcoin community for help after a federal judge blocked the release of 10 blueprints. The startup has raised USD$109k of the target USD$400k it needs for its “defense fund”. 
  • The EOS project has raised close to USD$200mm to date but is still struggling to institute a voting system to properly allocate those funds. The governance structure, which was to be based on a referendum system, still needs to be properly implemented. 
  • Huobi, the cryptocurrency exchange based in Singapore, has announced that Randi Zuckerberg, Mark Zuckerberg’s sister, has joined its Chain Expert Advisory Committee.  Zuckerberg, a serial entrepreneur, is the CEO of Zuckerberg Media, a NY content creation firm. The committee’s purpose is to serve as a think tank for the digital asset trading platform. 
  • Icon and WanChain have rallied by more than 23% each over the past 24 hours, and are the two best performing cryptos from the weekend. 
  • The Reserve Bank of India is creating a new unit to research and study regulatory frameworks for cryptocurrencies as well as the application of artificial intelligence to monetary policy.   
  • Regulators in Iran are expected to end their blanket ban (instituted in April) on cryptocurrencies in the country in the coming weeks.   
  • The Bank of Israel is considering launching a crypto-shekel coin with the hopes of lowering the number of cash transactions.   
  • The Japanese New Energy & Industrial Technology Development Organization is currently developing a blockchain-based data sharing system for trade (according to Cointelegraph Japan). The initiative is being pushed by the Japanese Ministry of Economy, Trade and Industry (METI).  The project, “Development of Infrastructures for Creating New Industrial Models Taking Advantage of IoT” hopes to develop an infrastructure system that will digitize and enhance the process of logistics data sharing between trade entities, such as shipping companies, brokerage operators, port authorities, banks, and insurance companies. 
  • Project Infinity, an initiative launched by NEX Group in May 2017, appears to be the next victim in the downturn in distributed ledger startups after bleeding USD$31.7mm in cash. The company’s goal was to bring its entire post-trade services portfolio onto one interoperable blockchain architecture.   
  • According to the Malta Independent, the Maltese Prime Minister was impersonated by persons on Instagram looking to act on a Bitcoin-related scam.  
  • Reddit co-founder Alex Ohanian continues to be optimistic about the potential for cryptocurrencies despite the recent volatility in Bitcoin. Ohanian has co-founded a venture capital firm that is looking to invest in blockchain-related projects. 
  • The Russian government remains focused on developing cryptocurrency regulations, with Russian firms looking to use digital currencies to raise capital and circumvent international sanctions.   
  • Renewable energy company Soluna is looking to build a 900 mW 37,000 acre wind-farm in Morocco with the expectations that cryptocurrency mining firms will begin to focus on shrinking their global carbon footprint.   
  • TruthNeverTold, a popular YouTube influencer, is calling the cryptocurrency market a ponzi scheme (again). Specifically, he singles out Litecoin and Litecoin founder Charlie Lee as examples of fraud in the crypto community (after Lee sold ALL of his LTC near all-time highs for the coin). 
  • Cryptocurrency researcher and well-known crypto investor Willy Woo believes the current price correction in Bitcoin (2018 YTD return) will not turn out to be like 2014. In comparison to 2014, where the price pressure on Bitcoin was related to the bankruptcy of the cryptocurrency exchange Mt. Gox, there has been growing institutional investor interest in cryptocurrency in 2018...even with the current price weakness. Interesting fact, in 2014, trading on Mt. Gox represented 90% of global volume in Bitcoin. 
  • The World Bank – Common Wealth Bank of Australia blockchain-backed bond has attracted USD$110mm in funds, which has exceeded initial expectations. The transaction expects to close tomorrow, Tuesday August 28th.  

*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

Sources:

https://www.coindesk.com/search-giant-baidu-to-censor-crypto-discussions-on-its-forum-business/ 
https://www.coindesk.com/upside-calling-bearish-bets-on-bitcoin-futures-hit-record-low/ 
https://cointelegraph.com/news/fundstrats-tom-lee-correlation-between-btc-and-emerging-markets-is-sign-of-upcoming-trend-reversal 
https://cointelegraph.com/news/new-york-district-judge-rules-that-cftc-can-permanently-ban-crypto-firm 
https://bitcoinist.com/defense-distributed-appeal-bitcoin/ 
https://www.coindesk.com/with-nearly-200-million-on-the-line-eos-is-building-a-voting-system/ 
https://www.ccn.com/mark-zuckerbergs-sister-signs-on-to-serve-on-huobi-chain-advisory-committee/ 
https://www.ccn.com/icon-records-23-gain-again-while-crypto-market-sees-gloomy-forecast/ 
https://www.coindesk.com/india-central-bank-forms-new-unit-to-tackle-blockchain-regulation/ 
https://www.ccn.com/indias-central-bank-quietly-forms-new-cryptocurrency-blockchain-research-unit/ 
https://cointelegraph.com/news/japan-it-giant-ntt-data-ministry-of-economy-announce-blockchain-based-platform-for-trade 
https://www.coindesk.com/nex-infinity-blockchain-cuts-sheds-jobs/ 
https://bitcoinist.com/iran-central-bank-cryptocurrency-end/ 
https://bitcoinist.com/as-cryptocurrency-gains-popularity-in-israel-discussions-continue-about-a-crypto-shekel/ 
https://bitcoinist.com/maltese-prime-minister-fraudulently-impersonated-by-bitcoin-peddlers-on-instagram/ 
https://bitcoinist.com/reddit-co-founder-is-optimistic-in-spite-of-bitcoin-volatility/ 
https://news.bitcoin.com/investments-offshores-foreign-trade-russia-planning-for-crypto/ 
https://btcmanager.com/soluna-bets-big-on-offsetting-bitcoin-energy-consumption/ 
https://bitcoinist.com/litecoin-charlie-lee-ponzi-scheme-silverbug-youtuber/ 
https://www.newsbtc.com/2018/08/27/prominent-analyst-bitcoin-is-significantly-healthier-in-2018-than-2014-optimistic/ 
https://www.coinspeaker.com/2018/08/27/world-first-blockchain-bond-attracted-110-million-of-investments/