Cryptocurrencies gain, blockchain crude oil trading platform launches
Nov 29, 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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- Cryptocurrency markets are continuing to post gains after consistent losses over the last two weeks as the price of Bitcoin (BTC) is up 7.06% in the last 24 hours to USD$4,366.21. Total cryptocurrency market capitalization added USD$10bn in the last 24 hours, bringing its total to USD$141.1bn. Among major cryptocurrencies, Tron (TRX) is the top performer, gaining 27.87% in the last 24 hours to trade at USD$0.016235 ahead of its Odyssey 3.2 Protocol update. Bitcoin Cash SV (BSV) lags major coins, falling 3.39% in the last 24 hours to trade at USD$96.81.
- A blockchain platform meant to facilitate and bring efficiencies to energy commodities trading if officially live, according to a tweet by the platform’s creator Vakt Global. Vakt claims that the platform is the “first enterprise grade” blockchain solution for the oil and gas market -- specifically, the platform will facilitate crude oil trading between commodity firms. Vakt Global is a consortium venture that was established by global commodity firms, including giants Shell and BP, just a year ago this month.
- After the US Securities and Exchange Commission (SEC) charged decentralized blockchain-based assets exchange Blockvest with facilitating unregistered token sales, the US District Court for the Southern District of California has dismissed the claims. The SEC initially suspended Blockvest’s Initial Coin Offering (ICO) in October, embarking on a legal battle over whether or not Blockvest’s tokens were unregistered securities. As part of the criminal investigation, the US District Court for the Southern District of California issued a temporary asset freeze on Blockvest. The asset freeze was reversed after the US District Court for the Southern District of California dismissed the case, saying the SEC did not sufficiently demonstrate that the tokens in questions were securities.
- A new report published by fintech executive Monica Eaton-Cardone finds that the market value of blockchain in the global retail industry will increase 29-fold in value over the next five years. Eaton-Cardone forecasts an increase in the total value of emerging blockchain applications in the global retail industry from USD$80mm today to more than USD$2.3bn by 2023. Eaton-Cardone's analysis attributes five major blockchain applications in retail to this increase: supply chain management, inventory management, authenticity verification, auto-renewal and subscription services, and customer data and loyalty reward programs. Eaton-Cardone is currently the co-founder and Chief Investment Officer of Global Risk Technologies.
- Galaxy Digital, the cryptocurrency investment bank headed by notable cryptocurrency pundit Mike Novogratz, lost USD$136mm in the first three quarters of 2018, according to a report by Bloomberg. Following Galaxy Digital’s 3Q2018 earnings announcement, which detailed that the crypto firm saw realized and unrealized lost totaling USD$41mm in the quarter, Galaxy Digital’s stock fell to record low levels and is now down 55% on the month. In addition to the cryptocurrency bear market, Galaxy attributed its underperformance in 2019 to increased competition for arbitrage opportunities.
- Zug, Switzerland’s cantonal court has mandated the shutdown of cryptocurrency mining firm Envion AG after they allegedly conducted an Initial Coin Offering (ICO), as per German news outlet Handelsblatt Global. Envion was initially launched as an off-grid cryptocurrency mining firm, who claimed to be decentralized, while using clean energy like hydroelectric and solar to power its mining rigs. Zug’s cantonal court has ordered the liquidation of the firm, however, due to the firm’s lack of auditing functions or board. Envion reportedly raised nearly USD$100mm through its ICO in January.