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Cryptocurrency rally extends through the night as EOS continues to soar

Dec 18, 2018

 

 

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$3583.02 1.24% 4.22% 4.62% USD$62,450,266,317 USD$5,972,725,570
Ethereum ETH USD$96.15 1.49% 6.27% 8.15% USD$9,986,826,622 USD$2,303,412,240
EOS EOS USD$2.62 5.82% 21.85% 41.3% USD$2,373,245,624 USD$1,353,648,181
XRP XRP USD$0.34 1.23% 11.07% 12.17% USD$13,737,444,808 USD$833,540,675
Litecoin LTC USD$29.35 1.02% 3.26% 22.55% USD$1,749,810,167 USD$584,668,717

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
EOS EOS USD$2.62 5.82% 21.85% 41.3% USD$2,373,245,624 USD$1,353,648,181
Qtum QTUM USD$2.14 3.12% 16.22% 29.86% USD$190,578,408 USD$201,810,618
IOTA MIOTA USD$0.27 3.58% 11.2% 12.82% USD$737,588,186 USD$12,758,116
XRP XRP USD$0.34 1.23% 11.07% 12.17% USD$13,737,444,808 USD$833,540,675
Cardano ADA USD$0.03 0.88% 7.89% 14.51% USD$871,123,878 USD$85,456,962

 

Crypto Market Recap

  • Cryptocurrencies continued their rally overnight as Bitcoin (BTC) is up 4.48% in the last 24 hours to USD$3,511.04. Nearly all major coins are positive in the last 24 hours with EOS (EOS) continuing to lead the charge, up 18.33% in the last 24 hours to USD$2.44. Bitcoin SV (BSV), meanwhile, is the only major coin negative in the last 24 hours, down 0.53% to USD$77.75.  Total cryptocurrency market capitalization has added more than USD$8bn in the last 24 hours and currently sits at USD$112.5bn.

Crypto Developments in Financial Services

  • Malta, the so-called, “Blockchain Island,” is set to get a bank that serves blockchain and crypto firms. OK Blockchain Capital Limited, the investment arm of OK Group, announced an investment in RnF Finance, a Malta-based firm currently in the application process for a license through the Malta Financial Services Authority. CEO and Founder of RnF, Roderick Psaila, commented on the bank’s prospects, discussing that, “The Bank shall engage into four main business streams: Offer banking services to corporates; Lending; Private Banking; and Wealth Management. We are targeting big corporates and private clients and the mentality would be that no industries are vetoed beforehand but each application will be treated on a case by case basis.  
  • Tagomi Holdings Inc., an electronic broker startup backed by PayPal co-founder Peter Thiel’s venture capital firm, has officially launched, as per a company release on Monday. Tagomi Holdings offers electronic brokerage services to clients for digital assets and aims to ease operational challenges institutions face when trading digital assets. Tagomi Holdings raised USD$16mm in capital, led by Thiel’s venture capital firm, investment fund SV Angel, and private equity and venture capital firm Collaborative Fund 
  • The Hong Kong Stock Exchange (HKEX) is denying reports that it is hesitant to approve the initial public offering (IPO) filings of Chinese cryptocurrency mining giant Bitmain. When asked about the reports, an HKEX spokesperson responded that, “HKEX does not comment on rumors.” The original reports highlighted that HKEX’s hesitation stemmed from the volatility surrounding cryptocurrency markets and its effect on the crypto mining industry.
  • BitMEX Co-Founder and CEO Arthur Hayes believes that 24/7 trading seen in cryptocurrencies will start to become the norm in most markets. While appearing on Laura Shin’s “Unchained” podcast, Hayes discussed, “What really struck me about Bitcoin and the world of crypto assets was that for the first time, you basically have access for people who otherwise wouldn’t interact with financial markets. I think 24/7 trading of all different types of assets is something that’s going to be the future, and that will bleed into other markets we’re all familiar with, you know, FX, fixed income, and equities.” Hayes also discussed that, so far in 2018, BitMEX has done nearly USD$1tn in trading volume. 

Crypto Regulatory Environment

  • After rumors circled the cryptocurrency industry in October and November that stablecoin Tether (USDT) is not backed 1:1 by fiat dollar reserves, Bloomberg is reporting that, according to the stablecoin’s balance at Puerto Rico’s Noble Bank on January 31st, 2018, it was backed 1:1 by fiat dollars. This news comes as Tether is under investigation concerning whether it played a part in fueling the Bitcoin (BTC) price rally last year. Discussing the allegations, Stuart Hoegner, general counsel for Tether, said, “As a company that takes its legal and compliance obligations very seriously, we are not in a position to comment on the discussions we have nor to acknowledge the existence of subpoenas or similar legal requests.”

General Crypto News

  • Blockstream, a blockchain technology firm, announced on Monday that it has expanded its Blockstream Satellite service to the Asia-Pacific region while also highlighting that it has added support for Lightning Network transactions. First launched in August 2017, Blockstream Satellite enables users with limited internet access to conduct cryptocurrency transactions through leased satellites. CEO Adam Back discussed that Blockstream added Lightning Network support for its Blockstream Satellite Service after users expressed demand for the product, adding that, “There are third-party developers that have taken an interest to build local infrastructure using the satellite service, for example connecting it with mesh networks to make bitcoin more accessible in emerging markets.”

 

 

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

Sources:

https://coinmarketcap.com/charts/ 
https://coin360.io/ 
https://www.coindesk.com/blockstream-boosts-bitcoin-satellite-service-with-lightning-payments 
https://www.coindesk.com/blockstream-using-satellites-beam-bitcoin-earth 
https://bitcoinist.com/stablecoin-tether-usdt-fully-backed/ 
https://www.bloomberg.com/news/articles/2018-12-18/crypto-mystery-clues-suggest-tether-has-the-billions-it-promised?srnd=premium 
https://bitcoinist.com/us-investigate-tether-bitfinex-btc-price/ 
https://www.ccn.com/bitmex-ceo-24-7-trading-of-all-types-of-assets-is-the-future/ 
http://unchainedpodcast.co/how-crypto-and-blockchain-technology-could-change-financial-services-ep97 
https://www.ccn.com/exclusive-malta-to-get-a-blockchain-bank-okex-is-anchor-investor-in-rnf-finance-limited/ 
https://www.ccn.com/malta-financial-regulator-looks-to-bolster-cryptocurrency-industry/ 
https://www.ccn.com/malta-does-europes-blockchain-island-really-live-up-to-the-hype/ 
https://cointelegraph.com/news/peter-thiel-backed-electronic-brokerage-firm-tagomi-launches 
https://www.apnews.com/ba7aa1fa96ce4fe8aa891142605859c4 
https://cointelegraph.com/news/hong-kong-stock-exchange-calls-alleged-bitmain-ipo-hesitation-rumors 
https://www.coindesk.com/hong-kong-exchange-hesitant-to-approve-bitmain-ipo-says-source