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Cryptocurrencies are in the green as Coinbase CEO refutes rumors of a planned IPO

Oct 31, 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$6322.43 -0.02% -0.09% -2.63% USD$109,708,319,661 USD$4,221,535,256
Ethereum ETH USD$197.0 -0.28% 0.09% -3.4% USD$20,274,372,393 USD$1,470,808,119
EOS EOS USD$5.22 0.17% 1.88% -3.18% USD$4,729,064,264 USD$641,573,718
Litecoin LTC USD$49.68 -0.01% 1.3% -5.3% USD$2,929,363,842 USD$409,831,858
XRP XRP USD$0.45 0.08% 1.27% -2.35% USD$18,017,153,070 USD$326,773,667

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$0.47 1.01% 3.19% -5.22% USD$1,294,606,461 USD$8,709,153
VeChain VET USD$0.01 0.07% 2.95% -9.48% USD$577,701,557 USD$13,808,882
OmiseGO OMG USD$3.21 0.24% 2.42% -6.41% USD$449,498,932 USD$25,748,605
Qtum QTUM USD$3.82 0.1% 2.16% -8.23% USD$339,981,250 USD$101,591,572
Monero XMR USD$103.74 -0.35% 1.92% -3.03% USD$1,715,204,031 USD$13,276,876

Crypto News

  • Binance has frozen the funds of fellow cryptocurrency exchange, WEX.nz, after users claimed that WEX.nz is involved with money laundering. Binance CEO Changpeng Zhao confirmed this event on Twitter, saying, “[T]he identified accounts are frozen, please report to law enforcement and have a case number. We will work with LE [law enforcement],” and, “This is part of centralization we hate too, dealing with other exchange’s mess (we don’t even know the details). But we will do what we can.” Zhao went on to add that soon enough, people will use decentralized exchanges to launder funds and avoid account freezes.  
  • Coinbase’s Head of Trading, Hunter Merghart, has resigned from his position after just six months on the job. According to the people familiar with the matter, Merghart made his decision last week and is now pursuing other opportunities. Citing two people familiar with the matter, Coindesk is reporting that Merghart was frustrated because he wasn’t getting enough resources or clarity on the roadmap to Coinbase building an institutional business.  
  • Ernst and Young, a big four auditing company, has launched a prototype of a zero-knowledge system designed to take place on the Ethereum (ETH) public network, as per a company press release on Tuesday. Dubbed, EY Ops Chain Public Edition (PE), the system leverages an alternative algorithm for verifying distributed ledger entries that require the transaction parties to supply a proof of validity, however, all other information remains private. Paul Brody, Ernst and Young’s Global Innovation Leader, said in regards to the system, “With zero-knowledge proofs, organizations can transact on the same network as their competition in complete privacy and without giving up the security of the public Ethereum blockchain.” 
  • Fabian Vogelstellar, co-author of the ERC-20 token and Ethereum developer, introduced a new initial coin offering (ICO) model that would better protect investors. Vogelstellar unveiled his new ICO concept whiles peaking at Ethereum’s annual Devcon conference in Prague on October 30th. Dubbed a “reversable ICO” (RICO), Vogelstellar described the concept as a fundraising model where investors could return their tokens, and be reimbursed, at any stage of a project through the use of a special-purpose smart contract.  Vogelstellar admitted that, because the model would result in less stable funding amounts, RICOs would require some sort of outside, private investment.  
  • Notable cryptocurrency and Bitcoin (BTC) bull and founder of Fundstrat Global Advisors, Tom Lee, said that he is pleasantly surprised with the drop in recent cryptocurrency volatility. Lee added that he is particularly pleasantly surprised with the cryptocurrency market’s stability in October relative to global stock markets. Lee discussed that he believes BTC’s price has found a floor at USD$6,000 and has tested that floor several times throughout the year. Early in September, Lee predicted that BTC’s price could reach USD$25,000 by 2018’s end.  
  • Two major Brazilian banks have reopened the bank accounts of local cryptocurrency exchange, Bitcoin Max, according to Portal do Bitcoin, a local news outlet. A Federal District Court recommended that the two Brazilian banks in question, Banco do Brasil and Santander Brasil, reopen that accounts of Bitcoin Max after they closed the accounts of the cryptocurrency exchange without notice -- the Federal District Court said this could be treated as “abusive conduct”. If the banks did not comply with the Federal District Court, Santander Brasil would have been forced to pay up to 5,000 Brazilian reals (roughly USD$1,300) and Banco do Brasil would have been forced to pay up to 20,000 Brazilian reals (roughly USD$5,400).  
  • While interviewing with Bloomberg today, Asiff Hirji, President and COO of Coinbase, declared that Coinbase will not perform an initial coin offering (IPO), “any time soon.” Hirji clarified that Coinbase would not IPO any time soon after Ran Neuner, host of CNBC show Crypto Trader, claimed on his show that Coinbase would officially confirm ICO plans on his October 26th, 2018 show. Instead, Hirji discussed that Coinbase is focused on diversifying its revenue streams and listing as many as 300 new cryptocurrency pairs.  

 

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

Sources:

https://cointelegraph.com/news/binance-freezes-funds-with-suspected-money-laundering-links-from-controversial-exchange-wex 
https://www.coindesk.com/coinbases-head-of-trading-resigns-after-six-months-on-job/ 
https://cointelegraph.com/news/big-four-auditor-ey-launches-zero-knowledge-system-for-private-transactions-on-ethereum 
https://cointelegraph.com/news/erc-20-co-author-proposes-new-ico-model-to-protect-investors-from-fraudulent-token-sales 
https://www.ccn.com/bitcoin-bull-tom-lee-pleasantly-surprised-by-drop-in-crypto-volatility/ 
https://cointelegraph.com/news/two-brazilian-banks-reopen-accounts-of-local-crypto-exchange-to-avoid-fines 
https://cointelegraph.com/news/coinbase-exec-denies-plans-for-ipo-any-time-soon-reveals-plans-to-add-up-to-300-coins https://cointelegraph.com/news/binance-freezes-funds-with-suspected-money-laundering-links-from-controversial-exchange-wex 
https://www.coindesk.com/coinbases-head-of-trading-resigns-after-six-months-on-job/ 
https://cointelegraph.com/news/big-four-auditor-ey-launches-zero-knowledge-system-for-private-transactions-on-ethereum 
https://cointelegraph.com/news/erc-20-co-author-proposes-new-ico-model-to-protect-investors-from-fraudulent-token-sales 
https://www.ccn.com/bitcoin-bull-tom-lee-pleasantly-surprised-by-drop-in-crypto-volatility/ 
https://cointelegraph.com/news/two-brazilian-banks-reopen-accounts-of-local-crypto-exchange-to-avoid-fines 
https://cointelegraph.com/news/coinbase-exec-denies-plans-for-ipo-any-time-soon-reveals-plans-to-add-up-to-300-coins