Cryptocurrency rally loses steam, gives way to broadly mixed market
Dec 18, 2018
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Crypto Market Recap
- Cryptocurrencies are mixed across the board after their Monday rally lost steam with the price of Bitcoin (BTC) up 0.62% in the last 24 hours to USD$3,577.17. Bitcoin Cash (BCH) is the top performing major cryptocurrency at the moment, up 10.28% in the last 24 hours to USD$100.46. After rallying nearly 30% on Monday, EOS (EOS) is continuing to gain, up 5.54% in the last 24 hours to USD$2.52. Dash (DASH) is the worst performing major cryptocurrency today, down 2.71% in the last 24 hours to USD$69.67.
Crypto Developments in Financial Services
- GMT, an Israeli-based financial services firm, has joined RippleNet, Ripple’s bank and payment provider network, according to an official company press release. GMT hopes that its move onto RippleNet will help the company remain, “at the forefront,” of the country’s finance industry. In its official press release, GMT said that, “After a long and precise process GMT was chosen to be Ripple’s representative in Israel, by so joining Ripple, and its partners, in creating a global financial system, with high-end technology and values such as transparency and affordable costs.” Upon joining RippleNet, GMT is now in the company of MoneyGram, American Express, Japan’s SBI Group, and other members of the cross-border payments platform.
- JP Morgan Chase & Co. believes that institutional investors are being scared off from investing in digital assets because of the extended bear market. In a research note to clients, a team of analysts from JP Morgan Chase & Co. wrote that, “Participation by financial institutions in Bitcoin trading appears to be fading,” adding that, “Key flow metrics have downshifted dramatically.”
- Overstock.com’s blockchain investment wing, Medici Ventures, announced that it has successfully purchased digital tokens that represent 3.6mm shares of Chainstone Labs. Medici Ventures’ USD$3.6mm investment in Chainstone represents a 29.6% stake in the company. While speaking to CoinDesk, Chainstone CEO Bruce Fenton said that, “We believe that digital securities are a far superior model to old ways of moving securities. Since this is our business focus, it’s a natural fit to have our own equity digitized into a securities token.”
- Spencer Bogart, a Partner at Blockchain Capital, appeared on CNBC and defended his USD$50,000 price target for Bitcoin (BTC). “Bitcoin does not make a kind of price-to-earnings or price-to-value revenue that normally puts an upper bound or a ceiling on a typical kind of early-stage technology company. Bitcoin scan surely reach that high. But how long will it take, we are not sure yet.” Bogart went on to add that 2018 has been a fantastic year for BTC, stressing to forget prices and look at scaling solutions like the Lightning Network.
Crypto Regulatory Environment
- Belgium’s Financial Services and Markets Authority (FSMA) announced that it updated its cryptocurrency-related fraud blacklist to include 113 different websites. The 113 crypto-related websites highlighted in the blacklist are all run by, “fraudsters who are using cryptocurrencies to swindle customers.” The FSMA explained the blacklist further in its announcement, saying, “The principle remains the same: they offer you an investment they claim is secure, easy, and very lucrative. They claim to have specialists who will manage investments for you. You are told that your funds can be withdrawn at any time. In the end, the result is always the same: the victims find themselves unable to recover their money!”
General Crypto News
- South Korea’s Ministry of Science, ICT and Future Planning (MSIT) is partnering with the country’s Ministry of Oceans and Fisheries to launch a blockchain pilot for port logistics innovation, according to an official press release today. The partnership aims to use blockchain technology in order to increase transparency for all parties in the logistics industry while making administrative processes in import and export operations more efficient. The two South Korean ministries initially announced they were partnering on a project this past June.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio