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Coinbase reportedly set to announce an initial public offering tomorrow as cryptocurrencies are negative

Oct 25, 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$6488.55 0.06% -0.08% -0.15% USD$112,520,116,621 USD$3,302,002,280
Ethereum ETH USD$203.03 -0.1% -0.55% -0.36% USD$20,870,337,816 USD$1,127,145,085
EOS EOS USD$5.4 0.04% 0.02% 0.67% USD$4,891,361,758 USD$307,505,759
XRP XRP USD$0.46 -0.26% -0.07% 0.79% USD$18,479,071,875 USD$285,924,412
Litecoin LTC USD$52.38 0.05% -0.09% -0.26% USD$3,083,933,735 USD$273,613,816

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
IOTA MIOTA USD$0.49 -0.51% 0.4% -0.45% USD$1,371,094,543 USD$7,087,972
EOS EOS USD$5.4 0.04% 0.02% 0.67% USD$4,891,361,758 USD$307,505,759
XRP XRP USD$0.46 -0.26% -0.07% 0.79% USD$18,479,071,875 USD$285,924,412
Bitcoin BTC USD$6488.55 0.06% -0.08% -0.15% USD$112,520,116,621 USD$3,302,002,280
Litecoin LTC USD$52.38 0.05% -0.09% -0.26% USD$3,083,933,735 USD$273,613,816

Crypto News

  • A joint study conducted by IBM Blockchain World Wire and the Official Monetary and Financial Institutions Forum (OMFIF) finds that a majority of global financial institutions believe that central banks should develop central bank-issued digital currencies. 38% of financial institutions surveyed are reportedly actively exploring and trialing central bank-issued digital currencies. 76% of survey respondents expressed uncertainty about the efficiency of distributed ledger technology implementations.  
  • Alibaba Cloud, Alibaba’s cloud computing division, is expanding its blockchain-as-a-service offering outside of China, as per a company press release. Soon after Alibaba Cloud initially rolls out its enterprise-level blockchain-as-a-service platform in China, Alibaba Cloud will offer the services to international markets, including the United States, Europe, and South East Asia. Alibaba Cloud’s blockchain-as-a-service is based on two blockchain network implementations, including Hyperledger Fabric and Ant Blockchain -- the blockchain-as-a-service platform offers a range of applications like automatic deployment, consortium blockchain management, and smart contracts.  
  • Her Majesty’s Royal Mint, the institution responsible for producing currency in Britain, will no longer launch a gold-backed cryptocurrency after the government vetoed the project. According to a Reuters report, the project was first unveiled in 2016 and had aspirations of producing USD$1 billion worth of digital gold tokens. The project was originally pitched as a way for investors to buy and trade gold currently being held in the vaults of the 1,100-year-old institution.  
  • In its 3rd quarter XRP Markets Report released on Thursday, Ripple announced that it sold USD$163.33 million of XRP, more than double from 2Q2018 where it sold USD$75.53 million of XRP. A majority of the XRP sales came from institutions, which were responsible for USD$98.06 million of XRP sold, up a whopping 481% from 2Q2018 where it sold USD$16.87 million of XRP to institutions. Ripple also detailed that it released 3 billion XRP from escrow accounts, however, 2.6 billion XRP were placed in new escrow accounts.  
  • Malta’s Financial Services Authority is warning investors of a “dubious” online cryptocurrency trading platform that falsely claims to be licensed in the country. The platform in question, Primetradingbot, reportedly runs a “high-yield” Bitcoin (BTC) investment scheme. In its warning, the Malta Financial Services Authority said, “The MFSA wishes to alert the public, in Malta and abroad, that Primetradingbot is not licensed or otherwise authorized by the MFSA to provide any investment other financial services which are required to be licensed or otherwise authorized under Maltese law.” The Malta Financial Services Authority also provided investors with a list of licensed cryptocurrency entities on its website.  
  • Ran Neuner, host of CNBC Africa show, Crypto Trader, claimed that Coinbase, the major US-based cryptocurrency exchange, is about to announce its first initial public offering (IPO). Neuner tweeted Thursday that details of the Coinbase IPO will be revealed live on his show Friday. Neuner supplied an infographic in his tweet detailing that Coinbase has 25 million total users, 7 million accounts with fiat currencies or cryptocurrencies, and 600,000 monthly active trading accounts. Neuner also supplied an infographic that reveals Coinbase's financials -- per the infographic, Coinbase generated USD$900 million in revenue last quarter vs. USD$450 million in revenue in 4Q2017. In terms of a revenue breakdown, the infographic details that Coinbase generated 80% of its revenue from consumers, 15% of its revenue from Coinbase Pro (institutional), and 5% of its revenue from ‘other’.  
  • The world’s largest agricultural companies, including Archer Daniels Midland Co., Bunge td., Cargill Inc., and Louis Dreyfus Co., are partnering to leverage blockchain and artificial intelligence (AI) technology to digitize international grain trading. Better known as ABCD, the four agricultural giants aim to make trading grain more efficient and transparent while also reducing costs. Long-term, ABCD hopes to integrate blockchain and AI technology in different levels of the grain supply chain, including shipping, storage, and customer experience. The first step of ABCD’s partnership, however, will entail the implementation of blockchain and AI technology to automate grain and oilseed post-trade execution processes, which are costly and highly manual parts of the supply chain.  

 

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

Sources:

https://cointelegraph.com/news/ibm-study-most-global-financial-firms-think-central-banks-should-issue-digital-currencies 
https://cointelegraph.com/news/chinas-alibaba-cloud-expands-enterprise-blockchain-offering-to-global-markets 
https://cointelegraph.com/news/uk-government-vetoes-royal-mints-launch-of-digital-gold-after-cme-exit 
https://www.coindesk.com/uk-royal-mint-says-market-conditions-led-to-blockchain-gold-plan-freeze/ 
https://www.mfsa.com.mt/pages/licenceholders.aspx 
https://www.coindesk.com/ripple-says-xrp-sales-doubled-in-third-quarter-of-2018/ 
https://cointelegraph.com/news/maltas-financial-watchdog-warns-against-dubious-crypto-trading-platform 
https://www.newsbtc.com/2018/10/25/royal-mint-gold-idea-shelved-over-exchange-issues-and-government-veto/ 
https://www.ccn.com/newsflash-uk-govt-halts-royal-mints-plans-for-gold-backed-cryptocurrency/ 
https://cointelegraph.com/news/snbc-crypto-trader-host-ran-neuner-claims-coinbase-will-soon-announce-its-first-ipo 
https://www.ccn.com/newsflash-cnbcs-cryptotrader-claims-coinbase-is-preparing-for-an-ipo/ 
https://cointelegraph.com/news/major-agriculture-companies-partner-to-use-blockchain-in-grain-trading