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Broad crypto market continues rally as Bitcoin (BTC) lags, Facebook to launch stablecoin

Dec 21, 2018

 

 
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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$4084.94 2.37% 8.74% 22.1% USD$71,214,817,548 USD$8,558,254,580
Ethereum ETH USD$115.45 3.37% 12.97% 31.73% USD$11,997,073,743 USD$3,017,540,364
EOS EOS USD$2.66 1.55% 5.65% 41.54% USD$2,414,706,463 USD$1,295,268,847
Bitcoin Cash BCH USD$191.85 7.75% 45.63% 106.72% USD$3,361,582,040 USD$1,170,007,242
XRP XRP USD$0.37 1.54% 4.79% 24.08% USD$15,217,717,911 USD$1,014,292,990

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
Bitcoin Cash BCH USD$191.85 7.75% 45.63% 106.72% USD$3,361,582,040 USD$1,170,007,242
Dash DASH USD$90.59 4.99% 19.04% 45.72% USD$771,462,692 USD$168,909,971
IOTA MIOTA USD$0.34 4.76% 18.44% 44.95% USD$937,349,285 USD$24,298,590
OmiseGO OMG USD$1.6 2.12% 16.65% 31.52% USD$224,984,639 USD$53,688,276
Monero XMR USD$53.35 4.81% 14.08% 27.52% USD$888,818,817 USD$18,847,989

 

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Crypto Market Recap

  • The broad cryptocurrency market is continuing to rally as Bitcoin (BTC) lags behind, down 0.38% in the last 24 hours to USD$4,071.36. TRON (TRX) leads major coins in gains, up 24.54% in the last 24 hours to USD$0.021218. Bitcoin Cash (BCH) and Bitcoin SV (BSV) are continuing to post substantial gains, up 18.62% and 15.31% in the last 24 hours to USD$204.27 and USD$116.83, respectively. Binance Coin (BNB) is the worst performer among major coins, down 0.82% in the last 24 hours to USD$5.78.

Crypto Developments in Financial Services

  • The Wall Street Journal (WSJ) published a report suggesting that all investors sell and then repurchase their Bitcoin (BTC) as a way to save money on taxes. “The only good thing about investing in cryptocurrencies this year was the tax break,” wrote the Wall Street Journal. Investors can benefit from selling and reselling their cryptocurrencies to receive a break on their capital gains tax because cryptos are exempt from the so-called wash sale rule, which, “prohibits capital-loss deductions when investors purchase a security such as a stock within 30 days of selling a loser.” 
  • Galaxy Digital, a notable crypto investment bank headed by former Goldman Sachs partner Mike Novogratz, has issued a note to clients detailing that short rallies like the one currently occurring in the crypto market are what happens, “before a real rally ensues.” With Bitcoin (BTC) trading above USD$4,00 for the first time since its price dropped, Galaxy Digital believes that cryptocurrency markets could continue to gain momentum.  Galaxy Digital wrote to clients that, “Short rallies are exactly what happens before a real rally ensues. This could set up a more sustained ‘Buy the Dip’ market as we look at the upcoming Institutional launches to give this legs.”

Crypto Regulatory Environment

  • South Korea’s Financial Services Commission (FSC) has formally charged three employees from Upbit, the country’s largest cryptocurrency exchange, for manipulating volume data, according to a report by The Korea Times. Upbit as a whole is accused of falsely inflating volume figures on three separate occasions between October 2017 and October 2018 – Upbit has denied these allegations. The report published by The Korea Times quotes an unnamed FSC official who said, “I’m worried about investors who may lose money in this market because of exchanges like Upbit. We need a way to make the market and the industry fair and transparent.” 

General Crypto News

  • Facebook is reportedly in the process of developing a cryptocurrency for users of its WhatsApp messaging service, according to a Bloomberg report Thursday night. The prospective cryptocurrency will be pegged to the US dollar, making it a stablecoin. According to the Bloomberg report, Facebook’s coin will initially focus on the remittances market in India, which accounted for USD$69bn in foreign remittances in 2017, or 2.8% of the country’s GDP.  
  • ConsenSys, a notable blockchain software development company, is preparing to make significant staffing cuts, according to a report by news outlet the Verge. While citing a source familiar with the matter, ConsenSys may face staffing cuts of anywhere between 50% and 60% of its total 1,200-person staff with Consensys Labs, the company’s internal incubator, expected to be the hardest hit. In a letter to its staff cited by the Verge report, ConsenSys explained that the blockchain space is becoming increasingly, “competitive.”  
  • Coinbase President Asiff Hirji appeared on CNBC’s “Fast Money” and predicted that 2019 will be a great year for crypto institutional investment while explaining that he is not surprised about the recent rally in cryptocurrency prices. Hirji additionally discussed the current state of the crypto industry, saying that, “there has never been as much innovation as there is today.”

 

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

Sources:

https://coinmarketcap.com/charts/ 
https://coin360.io/ 
https://cointelegraph.com/news/report-consensys-to-lay-off-up-to-60-of-its-staff 
https://www.theverge.com/2018/12/20/18150036/consensys-layoffs-employees-pending-startup-ethereumhttps://www.theverge.com/2018/12/20/18150036/consensys-layoffs-employees-pending-startup-ethereum 
https://cointelegraph.com/news/bloomberg-facebook-is-developing-a-cryptocurrency-for-transfers-in-whatsapp 
https://www.bloomberg.com/news/articles/2018-12-21/facebook-is-said-to-develop-stablecoin-for-whatsapp-transfers?srnd=cryptocurrencies 
https://www.livemint.com/Technology/O6DLmIibCCV5luEG9XuJWL/How-widespread-is-WhatsApps-usage-in-India.html 
https://cointelegraph.com/news/galaxy-digital-trading-current-rally-could-be-leading-to-something-bigger 
https://cointelegraph.com/news/bitcoin-back-over-4k-as-crypto-markets-see-fifth-day-of-green?utm_source=telegram&utm_medium=social 
https://cointelegraph.com/news/crypto-assets-see-losses-across-the-board-as-btc-falls-below-4-000?utm_source=telegram&utm_medium=social 
https://cointelegraph.com/news/south-korea-regulators-indict-three-upbit-employees-for-alleged-trade-volume-manipulation 
http://www.koreatimes.co.kr/www/biz/2018/12/488_260782.html 
https://www.newsbtc.com/2018/12/21/coinbase-president-innovation-crypto-booming-despite-bearish-plunge/ 
https://www.newsbtc.com/2018/11/08/etoro-analyst-bitcoin-crypto-to-end-2018-with-santa-claus-rally/ 
https://twitter.com/CNBCFastMoney/status/1075889404172996609 
https://cointelegraph.com/news/wall-street-journal-suggests-quick-sale-repurchase-of-bitcoin-may-lower-your-taxes 
https://cointelegraph.com/news/irs_will_tax_cryptocoins_as_property_not_currency

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