Cryptos fall as Bitcoin (BTC) breaches $3,400, Binance Coin (BNB) now 10th largest coin
Feb 06, 2019
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
- Cryptocurrencies are trading broadly lower this afternoon as the price of Bitcoin (BTC) fell below USD$3,400 intraday and currently sits at USD$3,402.32, down 1.82% in the last 24 hours. Ripple (XRP) and Ethereum (ETH) are trading lower by 2.97% and 2.84% in the last 24 hours to USD$0.291021 and USD$104.29, respectively. Stellar (XLM), meanwhile, is posting the largest declines among major coins, down 5.37% in the last 24 hours to USD$0.073653. Binance Coin (BNB) continues to outperform the broad crypto market, up 5.70% in the last 24 hours to USD$8.03 -- BNB’s 91.6% rally from its low in early December has propelled the coin into the position as the 10th largest cryptocurrency by market capitalization.
Crypto Developments in Financial Services
- The Wall Street Blockchain Alliance (WSBA), a non-profit trade association responsible for promoting the adoption of blockchain technology and digital assets across international markets, is joining blockchain consortium R3 in order to develop applications and solutions for the Corda platform. According to an official press release Tuesday, the WSBA and R3 will work together to, “advocate a strategic approach to collaborating with regulatory bodies so that financial markets, and beyond can gain the full benefits of blockchain’s capabilities.”
- Opera, a popular web browser, announced the launch of a new feature that allows Android users in Sweden, Norway, and Denmark to purchase Ethereum (ETH) directly through the browser. According to an official press release, Opera is partnering with brokerage firm Safello to enable the feature. Safello is registered with Sweden’s Financial Supervisory Authority (FSA), as per the press release.
Crypto Regulatory Environment
- The United Kingdom’s Financial Conduct Authority (FCA) published a report indicating that over 197mm pounds (USD$255mm) was lost in cryptocurrency-related scams in 2018. The report details that victims lost an average of 29,000 pounds (USD$37,000) from crypto-related scams in 2018. The FCA is also warning citizens to be wary of scams related to investments during the current quarter because it is considered peak investment season just before the tax year’s end.
General Crypto News
- A new report published by Canadian wealth management company Canaccord highlights that Bitcoin (BTC) mining is becoming increasingly more decentralized. The report analyzes BTC’s hash rate over the last 5 years and concludes that it has steadily become more widely dispersed over that period. A more competitive and distributed mining community, in turn, results in BTC being less vulnerable to network attacks.
- Gerald Cotton, the recently deceased CEO of major Canadian cryptocurrency exchange QuadrigaCX, filed his will just 12 days before his death, according to a Bloomberg report. In his will filed on November 27, 2018, Cotton designates wife Jennifer Robertson as the only beneficiary and executor of his estate. Cotton reportedly died due to complications with Crohn’s disease. Currently, more than 100,000 QuadrigaCX users are unable to access funds worth CAD$250mm (USD$190mm) in cryptocurrencies and fiat currencies due to Cotton’s death.
- Chuck Kimble, the former Head of Partnerships at cryptocurrency finance firm Circle, has left his position to join blockchain firm Celo as their new Head of Strategic Partnerships. According to an official post on Medium by Celo, Kimble will help Celo bring, “financial products to emerging markets and under-served populations around the world.” Celo is currently working to create a system that maps phone numbers to wallet addresses by leveraging a decentralized address-based encryption algorithm to enable mobile-based crypto payment networks.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio