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Cryptocurrencies turn slightly green as US SEC releases memorandum from October 9th meeting concerning Bitcoin ETF applications

Oct 23, 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$6481.47 -0.07% -0.02% -1.58% USD$112,377,792,158 USD$3,684,934,046
Ethereum ETH USD$204.57 -0.02% 0.2% -2.35% USD$21,021,196,879 USD$1,236,965,358
XRP XRP USD$0.46 2.06% 0.79% -1.35% USD$18,250,750,301 USD$339,065,730
EOS EOS USD$5.42 0.2% 0.56% -0.47% USD$4,907,866,101 USD$329,419,623
Litecoin LTC USD$52.39 -0.25% 0.21% -3.23% USD$3,083,556,299 USD$265,455,798

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
VeChain VET USD$0.01 -1.89% 5.42% -1.94% USD$647,060,593 USD$21,981,533
Monero XMR USD$108.1 -0.24% 3.18% 1.31% USD$1,784,919,266 USD$20,374,105
XRP XRP USD$0.46 2.06% 0.79% -1.35% USD$18,250,750,301 USD$339,065,730
Dash DASH USD$153.24 -0.06% 0.65% -5.83% USD$1,286,867,579 USD$157,013,330
EOS EOS USD$5.42 0.2% 0.56% -0.47% USD$4,907,866,101 USD$329,419,623

Crypto News

  • After launching a cryptocurrency exchange in June, SBI Group is partnering with Sepior, a blockchain security startup, to develop a digital wallet. Sepior announced in a press release on Monday that SBI has licensed its threshold signature wallet technology, a proprietary technology that can be used to secure online content and transactions. Sepior’s threshold technology uses signatures that are based on multiparty computation to allow private information to be shared between different parties without revealing the actual private information. Yoshitake Kitao, CEO of SBI Holdings, said in a press release, “After extensive investigation, our security research team determined threshold signatures based on multiparty computation offered our desired level of security, performance, and scalability needed to manage transactions for our growing SI Virtual Currencies customer base.” 
  • Cryptocurrency exchange, Coinbase, announced that it has added support and will begin listing trading pairs for the Circle-issued stablecoin, USDC. Coinbase discussed in a blog post published Tuesday that US users outside of New York state can buy, sell, send, and receive USC through iOS and Android applications and on coinbase.com. USDC is backed 1:1 by the US Dollar and is 100% collateralized. Coinbase said in regards to listing USDC, “The advantage of a blockchain-based digital dollar like USDC is it’s easier to program with, send quickly, use in dApps, and to store locally than traditional bank account-based dollars. That’s why we think of it as an important step towards a more open financial system.” 
  • Despite Tether (USDT) maintaining the position on Coinmarketcap.com as the second most traded cryptocurrency by daily volume, Bitfinex, the cryptocurrency exchange that offers USDT, does not actually offer a USDT/USD trading pair. Although users of Bitfinex are allowed to deposit and withdraw both USDT and US Dollars, this is far less efficient and takes much longer than a simple trading pair. According to Carylyne Chan, Coinmarketcap’s global head of marketing, the data that shows the USDT/USD trading pair as the second most frequently traded cryptocurrency pair comes from Bitfinex’s application program interface (API). Coindesk reached out to Bitfinex in regards to this phenomenon, but Bitfinex did not provide a response.  
  • Gavin Wood, founder of blockchain infrastructure firm, Parity Technologies, launched a blockchain live in just fifteen minutes while on stage at the Web3 Summit in Berlin. Wood launched the blockchain in the manner that he did to prove how fast and easy the entire process of a platform launch could be. Substrate, the blockchain framework demoed by Wood, serves as framework for building blockchains using Parity’s Polkadot protocol. Substrate is set to release by the end of 2019 with the beta launching in November 2019. 
  • Jeremy Allaire, CEO of Circle, a cryptocurrency investment application backed by Goldman Sachs, called on global regulators to develop cryptocurrency regulation in coordination with each other while interviewing with Reuters on Monday. In the interview, Allaire said he believes that in regards to the cryptocurrency industry, “ultimately there needs to be normalization at the G20 level.” Allaire’s comments come shortly after the Financial Action Task Force, the global money laundering regulator, announced they have established regulation for cryptocurrency exchanges, digital wallets, and other crypto firms. In regards to the Financial Action Task Force, Allaire said the move was, “a good start.” 
  • Switzerland’s Capital Markets and Technology Association (CMTA) has published new anti-money-laundering standards related to digital assets and distributed ledger technologies. The creation of these standards was part of a joint initiative between Swissquote, an online Swiss-bank, Temenos, a market software maker, and Lenz & Staehelin, Switzerland’s largest law firm. CMTA said the standards are meant to, “clarify measures to be taken in order to comply with the Swiss regulations against money laundering and the financing of terrorism.” These standards do not possess any formal regulatory status in Switzerland.  
  • The United States Securities and Exchange Commission (SEC) has released a memorandum, dated October 9th, 2018, from its meeting regarding Bitcoin (BTC) exchange-traded-fund (ETF) applications from VanEck and SolidX. The memorandum details that US SEC Commissioner, Elad L. Roisman, along with other members of the US SEC met with representatives from SolidX, VanEck, and the Chicago Board Options Exchange (CBOE). Attendees of the meeting reportedly argued with the US SEC over concerns, saying, “As issuers, we are concerned the SEC staff have created a moving target in their use of the word ‘significant.’ The Staff have never provided guidance as to what ‘significant’ means, enabling them to move the goal post indefinitely.”  According to the memorandum, the proposed share pricing of the physically-backed Bitcoin ETF is roughly USD$200,0000, or 25 BTC/share. 

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

Sources:

https://www.coindesk.com/coinbase-adds-its-first-stablecoin-tied-to-the-us-dollar/ 
https://www.coindesk.com/bitfinex-is-publishing-data-for-a-tether-market-that-doesnt-exist/ 
https://cointelegraph.com/news/ethereum-parity-co-founder-announces-blockchain-framework-for-a-multi-chain-world 
https://cointelegraph.com/news/circle-ceo-calls-on-global-economies-to-coordinate-on-crypto-regulation 
https://www.newsbtc.com/2018/10/23/circle-ceo-global-cryptocurrency-regulation-needed-for-industry-to-advance/ 
https://www.reuters.com/article/us-crypto-currencies-circle/global-rules-on-cryptocurrencies-needed-circle-ceo-idUSKCN1MW2E2 
https://cointelegraph.com/news/swiss-financial-association-publishes-anti-money-laundering-standards-for-digital-assets 
https://cointelegraph.com/news/sec-publishes-memorandum-from-meeting-on-solidx-vaneck-btc-etf-proposal 
https://www.coindesk.com/new-sec-commissioner-briefed-on-bitcoin-etf-in-october-meeting/ 
https://bitcoinist.com/vaneck-bitcoin-etf-concerns-sec/