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Cryptocurrencies continue their slide as Bitcoin nears USD$6,000, Citigroup exploring whether it will launch ADR-like product for Cryptos

Sep 10, 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$6334.63 0.21% -1.18% -12.73% USD$109,335,289,715 USD$3,602,774,683
Ethereum ETH USD$197.07 0.26% -3.14% -31.87% USD$20,075,553,948 USD$1,460,284,621
EOS EOS USD$5.05 0.38% -0.21% -21.92% USD$4,572,749,078 USD$596,625,388
Bitcoin Cash BCH USD$480.64 0.28% -1.4% -23.4% USD$8,334,638,866 USD$270,487,132
Litecoin LTC USD$54.5 0.43% -1.67% -16.04% USD$3,173,477,594 USD$251,324,574

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
Dash DASH USD$201.19 -0.59% 3.16% -3.43% USD$1,672,391,653 USD$231,455,238
IOTA MIOTA USD$0.58 0.79% 1.82% -17.94% USD$1,600,276,234 USD$39,218,332
Monero XMR USD$106.24 -0.33% -0.19% -14.88% USD$1,741,732,516 USD$38,671,309
EOS EOS USD$5.05 0.38% -0.21% -21.92% USD$4,572,749,078 USD$596,625,388
NEO NEO USD$18.74 0.17% -0.64% -15.06% USD$1,217,863,538 USD$65,659,952

Crypto News

  • Australia’s New South Wales (NSW) government is scheduled to launch a state-wide test of a blockchain system that digitizes citizen’s divers licenses. The pilot program will involve over 140,000 license holders and will serve as a test to the full program rollout, planned for 2019.   
  • Canadian cryptocurrency and blockchain researcher, Kevin Rooke, cited the growth in user-base fintech firms that have adopted cryptocurrency applications in a tweet Sunday.  Highlighting the tweet, Rooke discussed Square Cash, a company that adopted cryptocurrency technology in November 2017, and since has seen its user base triple from 3 million to over 9 million.  
  • Chinese traders are circumventing the Chinese government’s ban on cryptocurrency trading with the use of virtual private networks (VPNs).  According to the South China Morning Post, Chinese traders are using stablecoin Tether to enter and exit cryptocurrency markets.   
  • Citigroup is developing a structured product which will reduce investment risks for Hedge Funds and Asset Managers when they invest in cryptocurrencies.  Rather than owning the cryptocurrencies outright, investors will be able to buy Digital Asset Receipts which will act very similar to American Deposit Receipts.   
  • Coindesk reported Monday that it learned that Icon and Protocol Labs, developers of Filecoin, have displayed interest in the acquisition of BitTorrent, in addition to the interest displayed by Tron and Neo. However, Tron eventually prevailed in acquiring BitTorrent, first announced in June.  
  • Cointelegraph released a report over the weekend detailing different approaches to cryptocurrency regulation by countries in the middle east. In the report, author Stephen O’Neal highlights Iran, Bahrain, Israel, Turkey, and the United Arab Emirates as countries that have established cryptocurrency legal framework while also exploring blockchain applications on a state level. Iraq, Jordan, Kuwait, and Lebanon have been the least innovative and accepting of cryptos in the Middle East, having yet to explore blockchain applications on a state level and yet to establish any form of legal framework.  
  • Lightning Labs developer, Alex Bosworth, has been working with a technology known as ‘atomic swaps’ that allows for transactions between a native cryptocurrency and another cryptocurrency (on a different blockchain) that enables the transaction to occur with no middle man. Bosworth discovered that by leveraging this technology, he can perform transactions between on-lightning network and off-lightning network cryptos, a breakthrough now known as, ‘submarine swaps’. The technology is now being tested on live lightning networks. See Quantamize Crypto Quant Shot, "Atomic Swaps, Decentralized Exchanges, and The Future of Crypto Exchanges" from July 27, 2018.
  • Jonathan Cheesman, partner at Distributed Global, said that Bitcoin’s price has fallen due to speculative dominance, regulatory uncertainty, short selling, and scams. Cheesman explained further, saying regulation and infrastructure for the digital class has been improving, and that is why more investors are recognizing cryptocurrencies as a valid asset class and store of value.  
  • Michael J. Casey, the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT, said today that he believes Bitcoin may be the economic solution Argentina needs. Casey elaborates, saying Argentina’s central bank should place up to one percent of its national reserves in Bitcoin. The reserves would allow for Argentina to stray away from previously detrimental U.S. Dollar dependent policies and help diversify Argentina’s reserve holdings.  
  • A report released by the National Academies of Sciences, Engineering, and Medicine (NASEM) recommends that blockchain and internet-based voting systems should not be used until those systems can be verified as secure. The report expands, saying although a blockchain’s immutable ballot box may seem promising, blockchain voting technology does little to solve the fundamental security issues of elections.  
  • The SEC issued an order yesterday to suspend trading in Bitcoin Tracker One (CXBTF) and Ether Tracker One (CETHF), two investment products that track cryptocurrencies.   
  • Short orders on ether (ETH) hit an all-time high during Friday’s trading session, according to cryptocurrency exchange, Bitfinex. Late Friday night, the number of shorts on ETH reached 208,680, surpassing the second largest cryptocurrency’s previous high of 202,854.
  • Singaporean crypto exchange, KuCoin, has invested US$3 million in Bitcoin Australia as part of plans of an international expansion into the Pacific country. Reported by the Australian Financial Review, the joint-venture should allow the two companies to benefit from a plethora of operating synergies.  
  • An official from South Korea’s Financial Supervisory Service (FSS) called for greater international cooperation between regulators in tackling crypto and ICO regulation. Governor of the FSS, Yoon Suk-heun, made this statement on Friday, September 7 during the 20th Integrated Financial Supervisors Conference, attended by officials from 15 countries.  
  • A US Congressional hearing by the Subcommittee on Terrorism and Illicit Finance has concluded that cryptocurrencies are a poor form of money for terrorists and that terrorists still prefer “hard cash”.   
  • Ethereum co-founder Vitalik Buterin believes the crypto and larger blockchain industry won’t see 1,000x growth again.  During an interview with Bloomberg, Vitalik, during an interview with Bloomberg, suggests that the exponential growth of the last the six to seven years will be hard to replicate given the fact that blockchain technology is now widely known among a mainstream audience.  Without a new market, it will difficult to experience such rapid growth going forward.   
  • WeChat, a popular messaging app, is furthering its efforts to block accounts related to cryptocurrencies. On Monday, WeChat blocked Bitmain’s account, which distributes content related to sales for the bitcoin mining giant. On top of that, over the weekend WeChat begun banning accounts related to crypto technical analysis and price prediction.  

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

Sources:

https://www.coindesk.com/australian-state-pilot-puts-drivers-licenses-on-a-blockchain/ 
https://www.newsbtc.com/2018/09/10/square-and-etoro-3x-user-base-by-integrating-crypto-others-lag-behind/ 
https://www.coindesk.com/bittorrent-courted-eos-filecoin-cryptocurrency-creators-prior-to-tron-sale/ 
https://cointelegraph.com/news/despite-ban-china-keeps-trading-cryptocurrency-thanks-to-tether-and-vpns-says-report 
https://www.ccn.com/citigroup-to-offer-low-risk-crypto-product-for-institutional-investors-report/ 
https://cointelegraph.com/news/from-qatar-to-palestine-how-cryptocurrencies-are-regulated-in-the-middle-east 
https://www.coindesk.com/this-tech-lets-you-send-any-cryptocurrency-to-the-lightning-network/ 
https://www.coindesk.com/can-bitcoin-save-argentina/ 
https://bitcoinist.com/report-recommends-blockchain-not-be-used-for-voting/ 
https://www.ccn.com/sec-suspends-trading-in-bitcoin-and-ethereum-investment-products/ 
https://bitcoinist.com/sec-suspends-bitcoin-ether-tracker-one/ 
https://www.coindesk.com/bets-against-ethers-price-hit-all-time-high/ 
https://cointelegraph.com/news/crypto-is-a-poor-form-of-money-for-terrorists-congressional-hearing-concludes 
https://cointelegraph.com/news/vitalik-buterin-crypto-blockchain-space-wont-see-1-000-times-growth-again 
https://www.coindesk.com/wechat-now-censoring-bitmain-and-crypto-price-prediction-accounts/ 

https://www.coindesk.com/bittorrent-courted-eos-filecoin-cryptocurrency-creators-prior-to-tron-sale/ 
https://www.coindesk.com/can-bitcoin-save-argentina/ 
https://www.coindesk.com/wechat-now-censoring-bitmain-and-crypto-price-prediction-accounts/ 
https://www.coindesk.com/the-big-legal-issue-blockchain-developers-rarely-discuss/ 
https://www.coindesk.com/australian-state-pilot-puts-drivers-licenses-on-a-blockchain/ 
https://www.coindesk.com/this-tech-lets-you-send-any-cryptocurrency-to-the-lightning-network/ 
https://www.coindesk.com/bets-against-ethers-price-hit-all-time-high/ 
https://www.newsbtc.com/2018/09/10/square-and-etoro-3x-user-base-by-integrating-crypto-others-lag-behind/ 
https://bitcoinist.com/google-bitcoin-wallet-payment-codes-paynym/ 
https://bitcoinist.com/report-recommends-blockchain-not-be-used-for-voting/ 
https://cointelegraph.com/news/from-qatar-to-palestine-how-cryptocurrencies-are-regulated-in-the-middle-east 
https://cointelegraph.com/news/south-korean-official-proposes-greater-cooperation-for-global-crypto-regulation 
https://www.coinspeaker.com/2018/09/10/distributed-global-partner-bitcoin-fell-because-of-weak-infrastructure/ 
https://www.ccn.com/singporean-crypto-exchange-invests-3-million-in-bitcoin-australia-for-international-expansion/ 
https://bitcoinist.com/report-recommends-blockchain-not-be-used-for-voting/ 
https://bitcoinist.com/google-bitcoin-wallet-payment-codes-paynym/ 
https://www.newsbtc.com/2018/09/10/square-and-etoro-3x-user-base-by-integrating-crypto-others-lag-behind/