A sea of red sweeps through the cryptocurrency market as a Juniper report details a possible ‘Implosion’ of cryptocurrency prices, citing low transaction volumes
Oct 10, 2018
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- A researcher from the People’s Bank of China (PBoC), Li Liangsong, published an op-ed piece on Tuesday arguing that China should increase its research efforts in the area of stablecoins. Titled, “A Brief Analysis of Stablecoins”, the article discusses global developments of stablecoins and specifically talks about stablecoins backed by regulators, including the Gemini Dollar (GUSD) and Paxos Standard. Li Liangson argues that USD-backed stablecoins will strengthen the dominant role of the US Dollar in global markets while having a negative effect on other fiat currencies.
- A study conducted by Juniper Research forecasts that the cryptocurrency market could “implode”, highlighting that transaction volumes are steadily decreasing. The report, “The Future of Cryptocurrency: Bitcoin & Altcoin Trends & Challenges 2018-2023", notes that Bitcoin daily transaction volumes have fallen from an average of roughly 360,000 transactions per day at the end of 2017 to about 230,000 in September 2018. Total transaction values have fallen as well, dropping from USD$3.7 billion at the end of 2017 to USD$670 million in September 2018. The report by Juniper highlights problems cryptocurrencies have faced in 2018, including regulatory developments, exchange failures, hacker attacks, and blockchain forking.
- According to the Vanuatu Daily Post, the small Pacific island nation of Vanuatu has requested the assistance of Malta in forming blockchain and cryptocurrency regulatory framework -- a request Malta has since accepted. While speaking at a meeting with Malta’s Prime Minister Dr. Joseph Muscat, Vanuatu’s Minister of Foreign Affairs, Ralph Regenvanu, discussed the importance of adopting appropriate regulatory practice for the blockchain industry and initial coin offerings. The report by the Vanuatu Daily Post also details that Regenvanu has suggested the formation of a, “Commonwealth of Blockchain Islands”, for establishing regulatory standards.
- Binance, the world’s largest cryptocurrency exchange by daily trading volume, announced they would be delisting four tokens from their platform. The four tokens Binance is delisting are Bytecoin (BCN), ChatCoin (CHAT), Iconomi (ICN), and Triggers (TRIG). In a press release concerning the delisting, Binance detailed that these tokens were delisted in order to keep clients and users safe. The delisting by Binance sent all four of these coins’ prices crashing, with Chatcoin falling 30%, Bytecoin dropping 22%, Triggers tanking 49%, and Iconomi dropping 9%.
- Jason Hsu, known as Taiwan’s, “crypto congressman”, proposed an amendment to Taiwan’s Money Laundering Control Act that would effectively see the existing piece of legislation cover cryptocurrencies. Hsu’s amendment proposal will allow for the creation of new rules to specifically address cryptocurrencies while attempting to educate the general population about the emerging asset class. In a statement, Hsu stressed that this move was in support of blockchain technology and cryptocurrencies.
- Mike Lempres, Chief Policy Officer at Coinbase, said in an interview with the Nikkei Asian Review that the process of getting a license through Japan’s Financial Services Agency (FSA) is, “going well”. Lempres also added that Coinbase is, “committed to getting it done”, which will, “certainly be in 2019”. Coinbase initially announced plans to enter the Japanese cryptocurrency market in 2016. Since then, Coinbase has appointed Nao Kitazawa, former Morgan Stanley Japan employee, to the head of its local Japanese office. This year, Japan’s FSA has yet to approve any of the 16 applications it has reviewed for cryptocurrency exchange licenses. Two large-scale cyber hacks occurred to Japanese cryptocurrency exchanges this year, including Coincheck in January and Zaif in September.
- Ofcom, the United Kingdom’s national telecoms regulator, received a GBP700,000 (USD$912,000) grant, issued by UK's Department of Business, Energy, and Industrial Strategy, to explore blockchain technology solutions for UK landline telephone management. In an official statement, Ofcom detailed that industry participants will be asked to “trial the porting and management of millions of telephone numbers using blockchain and ledger technology.” In a blockchain telephone management system, groups of telephone numbers are placed on blocks and issued to telecom operators who are then responsible for assigning them to consumers.
- Singapore’s central bank, the Monetary Authority of Singapore (MAS), has revealed that they are working with domestic banks to ensure cryptocurrency startups receive domestic banking services. Ravi Menon, Managing Director of the MAS, detailed in an interview with Bloomberg that this is part of an effort to boost fintech development in the country. Domestic Singapore-based banks have been reluctant to open bank accounts and provide services for cryptocurrency startups because some of the aspects of the industry appear, “obscure and dangerous”.
- Tiberius Group AG, the Swiss-based commodities asset manager who was set to launch a precious metals-backed cryptocurrency, has delayed the launch of the cryptocurrency due to high fees from credit card companies. Dubbed, Tiberius Coin, the metal-backed cryptocurrency’s price would be tied to metals like copper, aluminum, nickel, cobalt, tin, gold, and platinum. The mix of metals that have purposes for stability, technology, or electricity, was meant to make the metal-backed coin more diversified and stable. Tiberius Group stressed in a press release that all clients who took part in the pre-sale of Tiberius Coin in September would have their money refunded in 30 days.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio