Cryptocurrency sell-off pauses, Swedes expect cashless country by 2025
Nov 27, 2018
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- The cryptocurrency sell-off took a pause this afternoon as the price of Bitcoin (BTC) is up 1.61% in the last 24 hours to USD$3,783.32 while total cryptocurrency market capitalization has added USD$2 billion in the last 24 hours, bringing its total to roughly USD$123.5 billion. Most notably, Zcash (ZEC) is up the most among major coins in the last 24 hours, currently trading around USD$71.39/token. Meanwhile, EOS is lagging major coins as it is down 5.72% in the last 24 hours to USD$2.96/token.
- A press release published on Tuesday announces the formation of the Association for Digital Asset Markets (ADAM) to author a code of conduct of the cryptocurrency industry. So far, 10 financial and technology firms are members of ADAM, most notably Galaxy Digital, Paxos, and BTIG. As per the press release, ADAM will work with regulators to build “comprehensive standards” for members of the digital assets sector. Additionally, the comprehensive standards will aim to increase the transparency of cryptocurrency markets while working to deter market manipulation.
- A report published by the New York Times finds that half of Swedish retailers believe that the country will stop accepting cash by 2025 in favor of digital currencies. According to the report, Swedish commercial banks, business, and individuals are already preparing for the major change in currency as government agencies are noticing that cash activity is dwindling in the country. Stefan Ingves, governor of Sveriges Riksbank, Sweden's central bank, said on the matter, “When you are where we are, it would be wrong to sit back with our arms crossed, doing nothing, and then just take note of the fact that cash has disappeared. You can’t turn back time, but you do have to find a way to deal with change.”
- Bitstamp, one of the world’s first cryptocurrency exchanges, is rolling out its Irisium Surveillance platform that is capable of monitoring suspicious activity and market manipulation in crypto markets. This news comes after Bitstamp announced a partnership with Cinnober, a company that builds tech solutions for traditional financial markets and partial owner of Irisium. Nejc Kodric, CEO of Bitstamp, said in a statement regarding Irisium that, “Our desire is to guarantee a fair and orderly market which reflects genuine supply and demand. Exploring new frontiers in preventing market manipulation is essential for the industry to mature.”
- Harbor, a blockchain startup, officially launched its security token compliance platform and will offer tokens backed by a building located in South Carolina. 955 shares of the building are represented by 955 tokens, which will initially cost USD$21,000/token. Earlier this year, Harbor raised more than USD$28 million in order to develop ERC-20 tokens and an Ethereum protocol for companies who want to generate equity through way of a token offering. Josh Stein, CEO of Harbor, ensures that the company’s token sales are “compliant every time, everywhere.”
- Liechtenstein Cryptoassets Exchange (LCX), a cryptocurrency exchange focused on professional traders, has been granted a “business license” by the Liechtenstein Ministry of Economic Affairs. The license is a milestone for LCX, who is currently developing a “fully regulated blockchain ecosystem” that will target institutional and professional cryptocurrency traders, according to a company press release. In order to acquire the license, LCX increased its nominal capital from 100,000 Swiss francs (USD$100,100) to 1 million Swiss francs (USD$1.1 million).
- “The blockchain revolution has a greater potential than anything we’ve seen in history,” said Overstock CEO Patrick Byrne Monday on Fox Business. Overstock has been betting heavily on blockchain technology since 2015, when the firm announced the development of tZero, a blockchain-based trading system yet to be launched commercially. Additionally, Byrne is such a strong believer in blockchain that he has been planning to sell Overstock’s retail business since 2017, a deal that he expects to be done in 2017. Since 2015, Overstock has invested a total of USD$175 million in its Medici Ventures Inc. Unit, which houses projects like tZero and other blockchain ventures.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio