Cryptos remain negative as Circle OTC trading desk processed $24bn in 2018
Jan 04, 2019
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Crypto Market Recap
- Cryptocurrency prices were stable overnight, although they are still mostly lower in the last 24 hours, as the price of Bitcoin (BTC) is down 1.67% to USD$3,821.25. Ethereum (ETH) and TRON (TRX) are outperforming major coins today, up 1.28% and 1.33% in the last 24 hours to USD$152.26 and USD$0.020265, respectively. EOS (EOS) and Bitcoin Cash (BCH) are lagging major coins today, down 3.01% and 2.93% in the last 24 hours to USD$2.68 and USD$160.38, respectively.
Crypto Developments in Financial Services
- Circle’s over-the-counter (OTC) cryptocurrency trading desk processed USD$24bn in 2019, according to an official Medium blog post by the company. Circle, the notable cryptocurrency finance firm backed by Goldman Sachs, executed 10,000 individual OTC trades from 600 different counterparties in 2018. With these statistics, Circle claimed in the blog post to have become a, “core liquidity provider to the entire crypto ecosystem.” Circle also discussed its outlook for 2019 in the blog post, writing, “This year, we anticipate further incremental growth in institutional adoption catalyzed by stablecoin usage, advancements in institutional custody solutions, increasing regulatory clarity particularly in the United States, and improvements and innovation in core crypto infrastructure.”
- Coinbase, the notable US cryptocurrency exchange, has yet to give users their Bitcoin SV (BSV) from the Bitcoin Cash (BCH) hard fork that occurred on November 15th, 2018. Although Coinbase has told users it will supply regular updates on the state of users’ BSV holdings, the crypto exchange has yet to do so. From its all-time high of just over USD$200, BSV has fallen more than 50% as it currently trades just under USD$90.
- Vaishali Mehta, a former senior employee at US-based cryptocurrency exchange Coinbase, has departed the company to join stablecoin issuer TrustToken as its Head of Compliance. Mehta served as a Senior Compliance Manager at Coinbase for just over a year prior to his departure. Trust Token’s TrueUSD (TUSD) is the crypto industry’s third-largest stablecoin by market capitalization. Prior to joining Coinbase, Mehta had served at Deutsche Bank, Mitsui Trust Bank, and KPMG in various compliance roles.
Crypto Regulatory Environment
- The executive branch of the government of Ireland, The Cabinet, has approved a bill that recognizes the European Union (EU) Fifth Anti-Money Laundering (AML) Directive, a change in legislation that impacts cryptocurrencies. The new AML legal framework establishes a precedent for financial watchdogs extend AML laws to cryptocurrency platforms and wallet providers. The EU is requiring its member states to implement the AML framework by January 20th, 2020.
General Crypto News
- The Ethereum (ETH) network intends to switch to a proof-of-stake validation protocol in 2019 that will supposedly cut energy consumption by 99%. Amid claims that proof-of-work validation protocols currently used by major coins like ETH and Bitcoin (BTC) are overall bad for the environment, the Ethereum Network is in the process of developing a new proof-of-stake-system. Ethereum creator Vitalik Buterin discussed the difference between proof of work and proof of stake, saying that, “Proof of work necessarily operates on a logic of massive power incentivized into existence by massive rewards. Proof of stake breaks this symmetry by relying not on rewards for security, but rather penalties.”
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio