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Cryptocurrencies are mostly negative as US CFTC Chairman says coders may be liable for predictive event smart contracts

Oct 17, 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$6531.84 -0.02% -1.16% -0.51% USD$113,175,847,039 USD$4,172,060,113
Ethereum ETH USD$206.92 -0.02% -1.63% -8.36% USD$21,235,303,096 USD$1,474,846,202
XRP XRP USD$0.46 0.23% 2.0% -0.5% USD$18,573,958,285 USD$605,908,483
EOS EOS USD$5.38 -0.05% -0.91% -8.28% USD$4,877,170,653 USD$399,019,244
Bitcoin Cash BCH USD$448.08 0.01% -2.59% -12.26% USD$7,799,834,589 USD$297,890,781

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
Stellar XLM USD$0.24 -0.05% 4.89% -2.42% USD$4,443,390,831 USD$62,252,993
XRP XRP USD$0.46 0.23% 2.0% -0.5% USD$18,573,958,285 USD$605,908,483
Cardano ADA USD$0.08 0.24% 0.26% -10.11% USD$1,962,110,651 USD$30,135,195
Qtum QTUM USD$3.67 1.06% 0.04% -5.27% USD$326,161,573 USD$70,825,063
NEO NEO USD$16.29 -0.37% 0.03% -9.69% USD$1,058,830,607 USD$243,907,672

Crypto News

  • A study conducted by the Depository Trust and Clearing Corporation (DTCC) finds that distributed ledger technology possesses the scaling capabilities to support the daily trading volumes of the entire US equity market. The 19-week study found that distributed ledger technology can support the US equity market’s peak volume rates of 115,000,000 daily trades, or 6,300 trades per second. The study by the DTCC was conducted in partnership with global professional services company, Accenture, and enterprise blockchain software firm, R3.  
  • BTCC, China’s first ever Bitcoin exchange, is planning to launch trading services in South Korea. According to South Korean news outlet, The Investor, BTCC is set to launch beta services for cryptocurrency trading in South Korea later in October while planning to make its official debut this November. BTCC will offer South Koreans a trading platform, cryptocurrency wallet services, a mining pool, and a service that enables peer-to-peer customer payments. Founded in 2011, BTCC was once a top three cryptocurrency exchange in China before facing pressure from regulators prior to the Chinese cryptocurrency ban in September 2017.  
  • Coinbase Pro listed its first Ethereum-based token, 0x (ZRX), earlier this week and savvy cryptocurrency traders were able to cash out on a 35% pay day as a result. After listing the token on Coinbase Pro, ZRX’s price spiked nearly 40%, a situation known as the, “Coinbase Effect”. Coinbase is by far the largest cryptocurrency exchange in the United States and is valued at USD$8 billion with millions of users -- a common side effect of listing a new token on its exchange is a double-digit price move that shortly follows. Several individuals, however, took positions just before Coinbase listed ZRX on its exchange, raising concerns of insider trading, a charge Coinbase has denied in the past.  
  • Monero (XMR) is becoming the first cryptocurrency worth more than USD$1 billion to test Bulletproofs, a highly anticipated technology that makes blockchain privacy features more scalable. Designed by cryptographers Benedict Bunz and Jonathan Bootle, Bulletproofs offers a way to reduce the weight of confidential transactions. Bulletproofs is a solution Monero desperately needs, as the privacy coin has experienced “Blockchain bloat” due to the large size of its confidential transactions. The Bulletproofs solution should also help to lower transaction fees for trading XMR.  
  • Speaking at an event in Dubai on Tuesday, Brian Quintenz, a commissioner of the US Commodity and Futures Trading Commission (CFTC), said that smart contract coders could be held liable if they knowingly create functions using blockchain technology that are predictive and deemed as “event contracts”. While at the event in Dubai, Quintenz said, “Essentially, these contracts would allow individuals to bet on the outcome of future events, like sporting events or elections, using digital currency. If your prediction is right, the contract automatically pays you the winnings.” Quintenz went on to encourage smart contract developers to reach out and engage with CFTC staff to see if their products fall within the CFTC’s legal guidelines.  
  • The Internet and Mobile Association of India (IAMAI) will form a dedicated focus group to tackle blockchain technology exploration of big businesses and cryptocurrency industry players. As per Indian newspaper, Economic Times, the focus group has attracted representatives from giants like MasterCard, Microsoft, and IBM. This news comes as the Indian Supreme Court is deliberating on the legality of the Reserve Bank of India’s cryptocurrency banking ban enacted this past July.  
  • While speaking to Bloomberg on Tuesday, Joey Krug, co-CIO of Pantera Capital, said that he believes that cryptocurrency markets could increase tenfold by 2020. While speaking to Bloomberg, Krug highlighted the need for scalability in cryptocurrency markets, saying, “These are all markets, and so if you don’t have scalability, you don’t have market markers.” Krug spoke in the interview amidst the announcement of Fidelity launching Fidelity Digital Asset Services, however, he was not surprised that the announcement had little effect on crypto prices -- instead, Krug believes the breakout in cryptocurrency prices will be tied to cryptocurrency adoption in our current climate, which would require transaction capacity increases.  
     

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

Sources:

https://cointelegraph.com/news/scalability-study-dlt-can-support-daily-trading-volume-of-us-equity-market 
https://www.coindesk.com/how-savvy-traders-gamed-coinbases-latest-crypto-listing-for-a-35-payday/ 
https://cointelegraph.com/news/chinese-crypto-exchange-btcc-plans-south-korean-launch-in-november 
https://www.coindesk.com/monero-to-become-first-billion-dollar-crypto-to-implement-bulletproofs-tech/ 
https://www.coindesk.com/cftc-official-warns-smart-contract-designers-over-predictive-code/ 
https://cointelegraph.com/news/indian-internet-blockchain-committee-attracts-reps-from-zebpay-mastercard-microsoft 
https://cointelegraph.com/news/pantera-capital-exec-cryptocurrency-market-prices-could-increase-tenfold-by-2020 
https://www.ccn.com/next-bitcoin-bull-run-will-see-crypto-prices-rise-10x-pantera-cio/ 
https://www.newsbtc.com/2018/10/17/pantera-exec-crypto-market-close-to-bottom-tenfold-increase-possible-with-scalability/