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Cryptocurrencies are in the green as Bitcoin spikes above USD$6,600 and Tether stablecoin breaks from its USD-peg

Oct 15, 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$6658.16 -0.27% 5.56% 0.55% USD$115,340,911,475 USD$6,520,778,149
Ethereum ETH USD$212.2 -0.48% 5.98% -6.57% USD$21,768,087,059 USD$2,527,176,848
XRP XRP USD$0.45 -1.3% 6.86% -8.0% USD$17,924,711,730 USD$927,701,496
EOS EOS USD$5.47 -0.71% 4.39% -6.06% USD$4,953,275,874 USD$869,475,718
Bitcoin Cash BCH USD$457.79 -1.25% 2.93% -12.32% USD$7,967,121,596 USD$525,634,229

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
XRP XRP USD$0.45 -1.3% 6.86% -8.0% USD$17,924,711,730 USD$927,701,496
Ethereum ETH USD$212.2 -0.48% 5.98% -6.57% USD$21,768,087,059 USD$2,527,176,848
Bitcoin BTC USD$6658.16 -0.27% 5.56% 0.55% USD$115,340,911,475 USD$6,520,778,149
Stellar XLM USD$0.23 -0.6% 4.9% -7.95% USD$4,278,365,984 USD$69,449,003
OmiseGO OMG USD$3.2 1.1% 4.53% -8.91% USD$448,659,774 USD$23,389,521

Crypto News

  • A new report by Crypto Fund Research finds that cryptocurrency funds are now responsible for ~20% of the total hedge fund launches in 2018. The report details that 90 cryptocurrency funds have already launched as of the end of 2018’s 3rd quarter and as many as 120 could launch by the end of 2018. This projection is 1.69% higher than the number of cryptocurrency funds launched in 2017 and 471% higher than the amount launched in 2016. The total 622 estimated cryptocurrency funds in existence manage roughly USD$4 billion of assets.  
  • According to a tweet by cryptocurrency news service, Coinness, the team behind cryptocurrency project, TRON (TRX), is reportedly partnering with Baidu, China’s largest Internet search provider. It is important to note that neither Baidu or TRON have confirmed this report. Although nothing has been confirmed, TRON CEO, Justin Sun, recently hinted on Twitter of a secret partnership with an unnamed, “industry giant” valued at, “tens of billions of dollars”.  In its report, Coinness claimed that the deal between TRON and Baidu would be revealed by Baidu Cloud within the next week.  
  • According to Hong Kong newspaper, the South China Morning Post, the Hong Kong Securities and Futures Commission (SFC) is planning to introduce cryptocurrency regulation to protect investors. While speaking in an interview, Chairman Carlson Ton Ka-shing said that the regulating body is not considering an outright ban, as they do not believe it is “necessarily the right approach”. Tong Ka-shing added that crypto regulation framework is absolutely necessary and that the SFC will be careful to approach these technologies as “new technologies”, instead of classifying and treating them as securities. Chairman Carlson Ton Ka-shing is set to pass his position in the SFC on to Tim Lui Tim-leung on October 19th, 2018.   
  • After temporarily suspending fiat currency deposits last week, Bitfinex has released an update detailing that the cryptocurrency exchange is implementing a “new and increasingly robust fiat deposit system to be available in the next 24 hours.” The initial temporary fiat deposit suspension, which only affected, “certain user groups,” according to the update released today, came after an anonymous report accused Bitfinex of being insolvent. Also this weekend, Tether (USDT), the cryptocurrency market's largest stablecoin, saw price declines that sent USDT to USD$0.9252/token, a massive price drop for a cryptocurrency whose goal is to serve as a stable unit of account and store of value. Investors are unsure whether or not the two events are related. 
  • KPMG, the Big Four US consultant agency, has decided to, “refresh” its distributed ledger technology strategy, according to Arun Ghosh, KPMG’s US blockchain lead that took over in September. Specifically, KPMG will begin to look away from the pure financial services work it has most recently been doing while looking to explore more unique blockchain solutions for other industries. For example, KPMG will begin work on solutions in cross-border manufacturing and supply chain management, customs duty, and taxation. While speaking to Coindesk, Ghosh said, “You hear that supply chains have been addressed by DLT -- but have they? If you peel back the layers, these supply chain implementations are simple track-and-trace. The value is missing.” 
  • Mastercard and Visa are set to classify cryptocurrencies and initial coin offerings (ICOs) into a new “high risk” category, according to a report by financial trading news site, Finance Magnates. The new classification of these “high-risk securities merchants” will be subject to additional monitoring by the payment giants, which began on October 12th, 2018. The new classification also enables chargebacks to be executed up to 540 days after the actual transaction date, according to Finance Magnates. The new grouping seems to target businesses that operate without a license and industries that do not require them.  
  • NEM.io Foundation, a blockchain services company that promotes and runs NEM blockchain technology, is launching a new blockchain ecosystem hub in Melbourne, Australia. The new hub is reportedly set to serve as a central location for blockchain innovation where individuals can seek out members of the NEM community to better understand the basics of blockchain technology and cryptocurrency. While speaking in regards to the announcement, NEM.io Foundation's New Zealand and Australia Lead, Jian Chan, said that a NEM blockchain hub is the next logical step following NEM’s presence and recognition within the Asia Pacific.  
  • Sources familiar with the matter are reporting that the planned hard fork of Ethereum, Constantinople, is undergoing “consensus issues” and has caused the Ethereum testnet to be “not usable.” The Ethereum testnet reportedly went live with Constantinople at block 5,230,000 on October 13th, 2018, however, a “consensus issue” reportedly occurred and caused Ethereum developer, Afri Schoedon, to state in a threat of tweets that there would be “no Constantinople in 2018.” Schoedon added that the next scheduled call concerning Constantinople between Ethereum developers is scheduled for October 19th, 2018.  

 

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

Sources:

https://www.ccn.com/report-crypto-funds-makes-20-of-total-hedge-funds-launched-in-2018/ 
https://cointelegraph.com/news/unconfirmed-tron-to-partner-with-chinas-google-baidu 
https://cointelegraph.com/news/hong-kongs-security-watchdog-to-propose-crypto-regulation-chairman-says 
https://cointelegraph.com/news/mastercard-visa-to-classify-crypto-icos-as-high-risk-increase-monitoring-sources-say 
https://www.ccn.com/bitcoin-exchange-bitfinex-announces-new-reporting-tools-for-users/ 
https://bitcoinist.com/bitfinex-deposit-freeze-tether/ 
https://www.coindesk.com/blockchain-refresh-why-kpmgs-new-strategy-focuses-on-customs/ 
https://www.cryptoninjas.net/2018/10/15/nem-io-foundation-to-launch-blockchain-hub-in-melbourne/ 
https://cointelegraph.com/news/ethereums-constantinople-hard-fork-faces-consensus-issue-in-testing 
https://www.coindesk.com/ethereums-constantinople-upgrade-stalls-on-testnet/ Japanese stocks slid in overnight trading with rising political tensions between the US and Saudi Arabia