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Cryptocurrencies are in the red as Switzerland’s financial regulator awards country’s first cryptocurrency asset management license

Oct 09, 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$6622.43 -0.16% -0.65% 1.08% USD$114,656,792,562 USD$3,566,019,252
Ethereum ETH USD$227.23 -0.17% -1.37% 0.39% USD$23,284,355,870 USD$1,417,922,756
EOS EOS USD$5.88 -0.34% -1.25% 4.49% USD$5,328,273,831 USD$553,684,248
XRP XRP USD$0.48 0.14% -2.86% -11.55% USD$19,076,189,147 USD$403,973,847
Bitcoin Cash BCH USD$513.76 -0.32% -2.97% -3.53% USD$8,936,094,836 USD$374,978,956

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
Cardano ADA USD$0.09 0.02% -0.46% 4.56% USD$2,238,712,565 USD$39,891,398
Bitcoin BTC USD$6622.43 -0.16% -0.65% 1.08% USD$114,656,792,562 USD$3,566,019,252
OmiseGO OMG USD$3.49 0.08% -0.92% -1.83% USD$489,330,654 USD$22,714,774
Ethereum Classic ETC USD$10.88 0.05% -1.04% -2.58% USD$1,144,085,800 USD$168,543,976
Stellar XLM USD$0.25 0.05% -1.07% -1.86% USD$4,644,489,716 USD$42,337,196

Crypto News

  • A patent filed for and won by Mastercard details a proposed system that would allow for multiple kinds of blockchains to facilitate transactions in multiple currencies. The patent calls for a need to store different types of transactions on a single platform, which is currently a difficult feat on a single blockchain. The patent lays out a solution that ensures different blocks on a permissioned blockchain store different types of transaction data.  
  • A report by cryptocurrency news outlet, Diar, suggests that cryptocurrency mining in 2018 has become less profitable while favoring larger mining conglomerates. The report details that Bitcoin mining profit in the first three quarters of 2018 has reached USD$4.7 billion, USD$1.4 billion more than in 2017. The report goes on to say that rising electricity costs in 2018 have lowered mining profitability, and in-turn, pushed small miners out of the industry. Small miners often are forced to pay retail prices for electricity while larger mining pools are given sort of “bulk discounts”.  
  • According to Central Asian-focused news outlet, Trend News Agency, IBM and the Central Bank of Azerbaijan are working on a deal to implement blockchain technology in the country’s economy. A report by Trend News Agency details that Farid Osmanov, Director of the Department of Information Technology at the Central Bank of Azerbaijan, announced a 5-year program to digitally transform the country’s economy at the Azerbaijan-Germany Business Forum on Energy and ICT. Osmanov added that the country will work directly with IBM to focus specifically on blockchain technology in implementing “fairly large” changes.  
  • Forbes, an international business media outlet, has announced a partnership with blockchain-based platform, Civil, to publish its content on Civil’s decentralized network. Forbes is integrating Civil’s software into its own content management system that will allow journalists to upload articles to the Civil network while posting on Forbes simultaneously. A report by US news outlet, Axios, indicates that Forbes will only initially apply this new process to cryptocurrency related articles.  
  • In the International Monetary Fund’s (IMF) World Economic Outlook, the body cautioned of the global economy becoming more “vulnerable” as cryptocurrencies continue to grow. The outlook reads, “cybersecurity breaches and cyberattacks on critical financial infrastructure represent an additional source of risk because they could undermine cross-border payment systems and disturb the flow of goods and services.” The outlook also added that continued growth in cryptocurrencies could reduce demand for fiat currency and that international regulation is “inevitable”.  
  • Researchers from Princeton University and Florida International University have published a new report, titled, “The Looming Threat of China: An Analysis of Chinese Influence on Bitcoin”. The report takes a deep dive into China’s increased control over the Bitcoin network and outlines the risks associated with the country’s influence on cryptocurrencies. Researchers highlighted that China is, “the most powerful potential adversary to Bitcoin”, while warning of a, “variety of salient motives for attacking the system and a number of mature capabilities”, that China possesses.  
  • Switzerland’s Financial Market Supervisory Authority (FINMA) has officially issued the first cryptocurrency asset management license in the country to a cryptocurrency investment fund. According to Swiss news outlet, Swissinfo, Crypto Fund, a subsidiary founded by Crypto Finance AG in 2017, is the recipient of the license. The newly issued license will allow Crypto Fund to offer and provide the same investment consultancy services to institutional clients that traditional investment funds do. Swissinfo detailed that following the issuance of this license, plenty of rival crypto funds are lining up to receive approval and a license from Switzerland’s FINMA. 
  • The Thai Ministry of Commerce is conducting feasibility studies focused on the use of blockchain technology in copyrighting, agriculture, and trade finance. Pimchanok Vonkorpon, an official from Thailand’s Trade Policy and Strategy Office, told the Bangkok Post that a study is being conducted alongside the British embassy in Bangkok. According to Vonkorpon, the study is specifically focusing on blockchain’s feasibility in processing digital IDs, registering and managing IPs, and maintaining security through use of smart contracts. 

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