Cryptocurrencies rally through weekend, Litecoin (LTC) and EOS (EOS) soar
Dec 17, 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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Crypto Market Recap
- Cryptocurrency prices slightly recovered this weekend with the price of Bitcoin (BTC) up 4.91% since Friday to USD$3,426.59. Litecoin (LTC) and EOS (EOS) observed large gains over the weekend, jumping 20.25% and 15.75% since Friday to USD$28.33 and USD$2.14, respectively. Despite broad market gains, Ethereum Classic (ETC) is down 0.30% on the weekend to USD$3.68. Total cryptocurrency market capitalization now sits at USD$109.3bn after nearing a dip below USD$100bn on Friday.
Crypto Developments in Financial Services
- Coinbase, a major US-based cryptocurrency exchange, is partnering with PayPal to offer users fee-free cash withdrawals to the popular online payment system, as per an official announcement. As of Friday, US users of Coinbase will be able to withdraw cash balances to PayPal free of charge while the same service will be launched for other countries later in 2019. After initially integrating PayPal with its service in 2016, Coinbase was forced to terminate the integration due to technical difficulties in March 2018.
- A new survey conducted and published by the United States Depository Trust and Clearing Corporation (DTCC) finds that fintech is believed to be a, “systemic risk,” to the broader global economy. 20% of those surveyed believe fintech to be among the systemic risks to the global economy, up 15% from 2017’s numbers. Stephen Scharf, Managing Director and Chief Security Officer of the DTCC, discussed the survey results, saying that the growing concerns over fintech, “demonstrates a growing awareness of the potential risk and highlights the need to evaluate both risks and rewards associated with fintech initiatives.”
- The Hong Kong Stock Exchange (HKEX) is allegedly hesitant to approve the initial public offering (IPO) applications of Bitmain, a Chinese bitcoin (BTC) mining equipment manufacturing giant. According to an anonymous person who is closely involved in talks, “The exchange is very hesitant to approve these bitcoin mining companies because the industry is so volatile. There’s a real risk that they could just not exist anymore in a year or two.” The anonymous individual added that, “The HKEX doesn’t want to be the first exchange in the world to approve this and have one die on them.
Crypto Regulatory Environment
- The Central Bank of Egypt (CBE) is considering introducing a digital version of its Egyptian pound in order to reduce costs, according to a report by local news outlet Amwal Al Ghad. While speaking at an Abu Dhabi conference on Sunday, Ayman Hussein, sub-governor of the CBE, discussed that, “feasibility studies,” are currently ongoing. Ghad detailed further that, “A number of international institutions,” are involved in the studies.
- The Hong Kong Securities and Futures Commission (SFC) is reportedly set to tighten cryptocurrency and Initial Coin Offering (ICO) regulation, according to a report by Nikkei. According to the report, the Hong Kong SFC will establish a voluntary regulatory scheme where exchanges test their digital assets in a, “temporary regulatory sandbox,” before the regulator decides if they should seek a license. This regulation will apply to investment funds with more than 10% of holdings in digital assets.
General Crypto News
- A report by Russian-based cybersecurity firm Kaspersky Labs finds that total reported cryptojacking cases have increased by 400% so far in 2018. More than 13mm cryptojacking cases have occurred in 2018, up from last year’s total of just 3.5mm. The report details that cryptojacking attacks spiked in the Middle East and Africa this year while highlighting Monero (XMR) as the most frequently targeted cryptocurrency.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio