Cryptocurrencies rally through the day, Coinbase launches OTC trading desk
Nov 28, 2018
Top 5 Cryptocurrencies sorted by 24 hour Volume
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Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change
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- Cryptocurrencies continued their rally through the day as the price of Bitcoin (BTC) is up 13.79% in the last 24 hours to roughly USD$4,300. Total cryptocurrency market capitalization has added USD$18bn in the last 24 hours, bringing its total to roughly USD$140bn. Among major cryptocurrencies, Tron (TRX) is posting the largest gains, up a whopping 28.67% in the last 24 hours to USD$0.015087. Bitcoin Cash (BCH) and Bitcoin Cash SV (BSV) are laggards among major cryptocurrencies, although they are still up 9.43% and 9.70%, respectively.
- Google searches of the keyword “Bitcoin” hit their highest levels since the first week of April 2018, according to Google’s trend explorer. As per Google’s trend explorer, individuals from Nigeria, South Africa, and Austria led the world in “Bitcoin” searches while the United States barely cracked the top 20, ranking 19th. In the past, cryptocurrency analysts have suggested that the price of Bitcoin (BTC) and its Google search trends are highly correlated -- could a further crypto price breakout be looming?
- Amazon announced the launch of a blockchain service to assist clients with the development of blockchain networks without requiring clients to build out their own platform. Unveiled at Amazon’s re:Invent conference, the platform will enable users to build their own blockchains using either Hyperledger Fabric or Ethereum, although Ethereum has yet to launch. Dubbed Amazon Managed Blockchain, the platform falls under the umbrella of Amazon Web Services, the cloud computing unit of Amazon that powers multiple notable websites including Netflix.
- Coinbase, the notable US-based cryptocurrency exchange, has officially launched its over-the-counter (OTC) trading desk for institutional clients, as per a report by financial news outlet Cheddar. The OTC trading desk will enable institutional clients to conduct trades with each other, rather than through a typical cryptocurrency exchange. “We launched our OTC business as a complement to our exchange business because we found a lot of institutions were using OTC as an on-ramp for crypto trading,” said Christine Sandler, head of sales at Coinbase.
- Fundstrat Global Advisors’ Tom Lee, a prominent Wall Street cryptocurrency bull, said in a speech at BlockShow Asia 2018 that the current crypto bear market is the “golden time” to be in cryptocurrencies. Lee went on to name three reasons behind the current cryptocurrency bear market, citing Bitcoin Cash’s controversial hard fork, actions by the US Securities and Exchange Commission, and the “terrible” state of global markets.
- Steemit, a startup social media platform that leverages blockchain technology to reward publishers and content managers with underlying tokens called STEEM, has laid off 70% of its staff due to the prolonged cryptocurrency bear market. Steemit CEO and founder Ned Scott directly addressed the layoff in a YouTube video, saying, “While we were building out our team over the last many months we have been relying on projections of basically a higher bottom for the market and since that’s no longer there, we’ve been forced to lay off more than 70% of our organization and begin restructuring.”
- The United States Treasury Department announced that it sanctioned two Iranian who were allegedly involved in a Bitcoin (BTC) ransomware scheme, as per a Wednesday press release. The two individuals in question, Ali Khorashadizadeh and Mohammad Ghorbaniyan, are accused of running the ransomware scheme SamSam, which involved exchanging BTC for Iranian rials (IRR). As a result of the scheme, the US Department of Treasury's Office of Foreign Assets Control (OFAC) placed the two individuals’ Bitcoin addresses on their sanctions list. According to the press release, the scheme negatively impacted hospitals, government agencies, and universities while targeting more than 200 different victims.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio