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Bitcoin still above USD$6,000 amidst continued weakness in cryptocurrencies this morning, Nasdaq is adding digital currencies to its quantitative Analytics Hub

Sep 11, 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$6305.52 -0.41% -0.37% -14.07% USD$108,844,826,081 USD$3,796,774,219
Ethereum ETH USD$191.14 -0.49% -2.71% -33.67% USD$19,475,551,805 USD$1,476,345,070
EOS EOS USD$4.92 -0.16% -2.31% -24.47% USD$4,457,792,223 USD$538,927,935
Bitcoin Cash BCH USD$465.06 -0.23% -2.78% -26.62% USD$8,065,239,084 USD$328,254,095
Litecoin LTC USD$53.61 -0.34% -1.56% -20.93% USD$3,122,436,161 USD$256,125,150

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
Ethereum Classic ETC USD$11.28 -0.04% 0.5% -19.66% USD$1,178,273,549 USD$173,826,497
Monero XMR USD$106.36 -0.63% 0.16% -22.49% USD$1,744,036,049 USD$30,676,869
Bitcoin BTC USD$6305.52 -0.41% -0.37% -14.07% USD$108,844,826,081 USD$3,796,774,219
Stellar XLM USD$0.19 -0.86% -0.58% -14.88% USD$3,583,057,490 USD$51,402,689
Qtum QTUM USD$3.49 -0.33% -0.95% -27.35% USD$309,942,443 USD$83,420,403

Crypto News

  • According to a person familiar with the company, Nasdaq is preparing to add tools for predicting price movements of crypto assets to its Analytics hub. The U.S. stock exchange’s Analytics hub was launched last year and leverages machine learning and natural language processing capabilities to comb through social media and other alternative data sources. 
  • Auto Block, an automotive company based in London, has developed a car-sales portal that leverages blockchain technology. The blockchain portal features an exchange and marketplace that provides details of the cars’ history as well as data associated with trading and insurance risks. According to Auto Block, there has been a decline in the purchase of used cars since 2017 with new car purchases also trending down.  
  • A Canadian Bitcoin fund, First Block Capital, Inc., has obtained mutual fund trust status that allows investors to deposit funds into self-directed registered accounts. This newly obtained status will allow investors to place crypto holdings in accounts such as Registered Retirement Savings Plans and Tax-Free Savings Accounts. Currently, the fund is only available to accredited investors.  
  • China’s Ministry of Civil Affairs released an action plan on Monday that outlines plans to implement blockchain solutions in upgrading  the current charity tracking system by 2020’s end. The Chinese government organization hopes that blockchain could help to establish more trust in the sector.  
  • Ethereum developers and miners are heading towards a conflict ahead of the Constantinople software upgrade in October 2018.  The new upgrades will drop the amount paid to miners from 3 ETH to 2 ETH per block mined.  While the absolute amount is not significant, the costs of the mining ASICs mining hardware combined with the fact that 6,000 ETH blocks are “mined” per day, the loss of income to miners could be significant. 
  • According to Valdis Dombrowski, Vice President of the European Commission for digital currencies, cryptocurrencies are here to stay and regulators should focus on helping to build a healthy and transparent marketplaces for the emerging asset class.  Notably, Dombrowski believes ICOs are a legitimate form of alternative financing and expects capital raised through ICOs to exceed the USD$6bn raised in CY2017. 
  • A survey conducted by HiveEx found that about 13.5% of Australians own cryptocurrency, a huge jump from January’s 5%. According to the study, about half of Australians bought cryptocurrencies as an investment while 34% did so due to ‘fear of missing out’.  
  • Bloomberg is reporting that ICOs are experiencing their biggest slump in 16 months.  In August 2018, ICOs raised a paltry USD$326mm, the smallest amount since May 2017. 
  • The Indian Supreme Court is listening to a case between cryptocurrency exchanges vs. the Reserve Bank of India (RBI).  The case revolves around the RBI’s decision in April 2018 to prohibit banks and financial institutions from providing services to cryptocurrencies exchanges. 
  • The International Monetary Fund (IMF) advised against the introduction of cryptocurrency as a legal tender in the Republic of the Marshal Islands. The Republic of the Marshall Islands passed a law concerning allowing cryptos to be legal tender this past February, citing a way to boost their local economy while becoming more connected with the global economy.  
  • InVault, a Shanghai-based startup in China, is looking to launch crypto custody product that targets Asian crypto exchanges.  InVault suggests that the same format applied to public capital markets, where exchanges don’t hold securities should be applied to the crypto market.  In spite of the regulatory push to constrain the growth of the crypto market by Chinese regulators, InVault remains very positive about the potential business opportunities for a custody service in Asia. 
  • Malta has been very successful in its goal of becoming a cryptocurrency haven. Prime Minister Joseph Muscat, who has been very bullish on cryptocurrencies, has slashed layers of regulation in an attempt to make it easy for blockchain and cryptocurrency entities to set up shop in Malta. Large crypto exchanges OKEx and Binance are among the standouts that have already moved operations to Malta.  
  • Paris Saint-Germain (PSG), a French soccer club, is partnering with blockchain platform Socios.com to launch a token ecosystem geared towards fans of the soccer club. Announced Tuesday, PSG will launch a Fan Token Offering that gives fans voting rights along with VIP status and other rewards, depending on their fan activity.  
  • Ripple Labs, Inc. announced on Monday that it has reached a settlement of ‘all outstanding litigation’ between itself, R3 HoldCo, R3, and XRP II. The legal dispute between the three entities began in September 2017 when R3 claimed Ripple had violated a previously agreed upon purchase agreement between the two companies for XRP tokens. Included in the agreement was an option enabling R3 to buy up to 5 billion XRP tokens at a price of $0.0085 before the end of 2019.  
  • The South Korean Central Bank, Bank of Korea (BOK), continues to be worried about the premium in cryptocurrency prices on South Korean cryptocurrency exchanges, referred to as the “Kimchi Premium”.  The BOK is calling for continued vigilance in order to keep a lid on premiums paid for digital currencies on South Korean exchanges vs. those prices paid on global exchanges. 
  • Wave’s value spiked 45% on Monday after the company announced it would launch a new smart contract protocol for their blockchain. Wave’s smart contract protocol will launch one week after the mining community consensus reaches 80% and will begin with the release of Smart Accounts that feature signature wallets, atomic swaps, token freezing, whitelist voting, and data oracles.  

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

Sources:

https://www.coindesk.com/nasdaq-said-to-be-building-tool-to-predict-crypto-price-movements/ 
https://cointelegraph.com/news/car-retail-startup-to-launch-blockchain-marketplace-with-live-vehicle-history-data 
https://cointelegraph.com/news/canadian-bitcoin-fund-receives-status-as-mutual-fund-trust 
https://www.coindesk.com/chinese-ministry-eyes-blockchain-tech-to-boost-trust-in-charity-sector/ 
https://www.coindesk.com/ethereums-asic-rebellion-heats-up-with-new-effort-to-brick-big-miners/ 
https://cointelegraph.com/news/crypto-here-to-stay-but-needs-classification-says-european-commission-vice-president\ 
https://cointelegraph.com/news/research-icos-see-lowest-funding-level-in-16-month 
https://www.ccn.com/indias-supreme-court-hears-crypto-exchanges-vs-central-bank-case-today/ 
https://www.coindesk.com/imf-advises-against-crypto-as-legal-tender-in-marshall-islands-report/ 
https://www.newsbtc.com/2018/09/11/chinese-crypto-startup-to-offer-custody-service-amid-regulatory-turmoil/s 
https://cointelegraph.com/news/paris-saint-germain-soccer-club-to-launch-fan-token 
https://cointelegraph.com/news/ripple-labs-and-r3-consortium-reach-settlement-in-xrp-token-litigation 
https://www.ccn.com/s-koreas-central-bank-sweats-over-kimchi-premium-in-cryptocurrency-prices/ 
https://www.coindesk.com/ethereums-asic-rebellion-heats-up-with-new-effort-to-brick-big-miners/ 
https://www.coindesk.com/nasdaq-said-to-be-building-tool-to-predict-crypto-price-movements/