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Cryptocurrencies trade higher, New York Times reports Facebook is shopping crypto to exchanges

Feb 28, 2019

 

 
High Machine Learning Accuracy Rates for CryptocurrenciesHigh Machine Learning Accuracy Rates for Cryptocurrencies
High Machine Learning Accuracy Rates for CryptocurrenciesHigh Machine Learning Accuracy Rates for Cryptocurrencies

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$3856.88 -0.09% 0.76% -2.38% USD$67,740,209,236 USD$8,955,338,587
Ethereum ETH USD$136.66 -0.46% 1.19% -6.15% USD$14,355,833,471 USD$4,954,238,506
EOS EOS USD$3.57 0.34% 2.81% -5.52% USD$3,232,038,378 USD$1,461,353,805
Litecoin LTC USD$46.45 0.45% 3.07% -5.53% USD$2,818,285,798 USD$1,192,794,731
XRP XRP USD$0.31 -0.29% 0.15% -2.4% USD$12,959,923,122 USD$810,535,569

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
Litecoin LTC USD$46.45 0.45% 3.07% -5.53% USD$2,818,285,798 USD$1,192,794,731
EOS EOS USD$3.57 0.34% 2.81% -5.52% USD$3,232,038,378 USD$1,461,353,805
Dash DASH USD$83.59 -0.03% 2.57% -1.95% USD$723,585,678 USD$272,772,252
VeChain VET USD$0.0 0.3% 1.22% 1.36% USD$254,584,457 USD$9,381,224
Ethereum ETH USD$136.66 -0.46% 1.19% -6.15% USD$14,355,833,471 USD$4,954,238,506

 

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Crypto Market Recap

  • Cryptocurrencies are trading mostly higher, though several major coins are in the red, as the price of Bitcoin (BTC) is up 0.68% in the last 24 hours to USD$3,856.67. Binance Coin (BNB) is continuing its trend of outperforming major cryptocurrencies, rallying 5.13% over the last 24 hours to USD$10.36. Maker (MKR) also continues to impress, up 3.85% over the last 24 hours to USD$667.36 -- from its low of USD$365.54/token on February 1st, MKR has rallied a substantial 82.6%. Bitcoin SV (BSV) is also continuing its trend of lagging the broad crypto market, down 2.09% in the last 24 hours to USD$67.14.

Crypto Developments in Financial Services

  • The Hong Kong division of Pricewaterhouse Coopers (PwC), a Big Four auditing and consulting firm, published comprehensive guidance for financial distress and/or insolvent businesses in the cryptocurrency industry. PwC discusses that a crypto industry company’s balance sheet, a critical tool used to determine a business’ financial viability, would be difficult to accurately assess due to the high level of crypto asset holdings. “Further, the lack of clarity on the accounting treatment of cryptoassets and as of yet, no broad consensus on taxonomy in the crypto world or how to accurately value cryptoassets, means that ambiguity may arise when evaluating the solvency status of your crypto firm,” wrote PwC in the guidance.
  • Voyager Digital, a cryptocurrency brokerage platform co-founded by former Uber CTO Oscar Salazar, will acquire Ethos, a crypto wallet startup. According to a release published by Voyager on Wednesday, Voyager will integrate the Ethos Universal Wallet into its retail and institutional businesses to offer self-custody integration. In September 2018, Voyager and Ethos announced an initial strategic partnership.

Crypto Regulatory Environment

  • The Cabinet of Germany, the country’s chief executive body, announced that it will introduce a blockchain strategy for Germany by mid-2019. A document published by the Cabinet of Germany details that five member states of the European Union currently maintain fintech sandboxes, including Denmark, Lithuania, the Netherlands, Poland, and the United Kingdom. According to a Reuter report earlier in February, the German government is discussing blockchain strategy with consulting companies and domestic industry groups.  
  • According to a report published by The Japan Times, more than 7,000 individual cases of suspected money laundering tied to cryptocurrencies were to Japanese police in 2018, a 10x increase from just 669 cases over a nine-month period in 2017. In April 2017, Japanese crypto regulation made it mandatory to report suspicious transactions to authorities, hence the nine-month period. The 7,000 cases reported included a variety of red flags, including user accounts being linked to different birth names and dates and accounts that appeared to be registered by individuals from overseas. The Japanese police does note, however, that money laundering cases tied to cryptocurrencies comprise just 1.7% of all money laundering investigations in the country.

General Crypto News

  • Facebook is reportedly beginning to shop its highly secretive cryptocurrency project, dubbed Face Coin, to multiple cryptocurrency exchanges, according to an article published by the New York Times. Citing multiple anonymous sources who spoke to the New York Times, the article says that Facebook is, “hoping to succeed where Bitcoin failed.” Facebook has over 50 employed engineers working to develop the cryptocurrency led by ex-PayPal President David Marcus, according to the New York Times article. 
  • Square, a credit card payment platform that serves merchants, announced record annual Bitcoin (BTC) revenue of USD$166mm in FY2018. In its most recent quarter (4Q2018), Square generated sales in Bitcoin (BTC) of USD$52mm, up by more than USD$9mm from the prior quarter and surpassing CY2Q2018 by more than $15mm. CEO Jack Dorsey, who also thrones social media giant Twitter, discussed with CNBC, “I think there’s a lot more we can do... in terms of making Bitcoin more transactional... making it simple enough that I could justify buying a cup of coffee in the morning.”

 

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

Sources:

https://bitcoinist.com/japan-cryptocurrency-laundering-900/ 
https://bitcoinist.com/putin-russia-crypto-regulatory-bill/ 
https://coin360.io/  
https://coinmarketcap.com/  
https://cointelegraph.com/news/big-four-auditor-pwc-publishes-crypto-insolvency-guide-cautions-directors 
https://cointelegraph.com/news/crypto-brokerage-firm-voyager-from-ubers-former-cto-acquires-wallet-startup-ethos 
https://cointelegraph.com/news/german-government-consults-industry-about-blockchain-technology 
https://cointelegraph.com/news/german-government-to-introduce-blockchain-strategy-in-mid-2019 
https://cointelegraph.com/news/japan-reported-cases-of-crypto-related-money-laundering-increase-10-fold-in-2018 
https://cointelegraph.com/news/new-york-times-facebook-reportedly-shopping-facebook-coin-to-crypto-exchanges 
https://cointelegraph.com/news/square-bitcoin-revenue-success-contrasts-profit-warnings-after-record-q4-results 
https://dipbt.bundestag.de/doc/btd/19/080/1908020.pdf 
https://s21.q4cdn.com/114365585/files/doc_financials/2018/Q4/2018-Q4-Shareholder-Letter-Square.pdf?mod=article_inline 
https://www.cnbc.com/2019/02/27/square-earnings-q4-2018.html 
https://www.coindesk.com/facebook-plans-to-launch-cryptocurrency-in-first-half-of-2019-nyt-report 
https://www.investvoyager.com/blog/voyager-acquires-ethos/ 
https://www.japantimes.co.jp/news/2019/02/28/national/crime-legal/cases-money-laundering-linked-cryptocurrency-japan-tenfold-2018/#.XHeNNFMzZE4 
https://www.nytimes.com/2019/02/28/technology/cryptocurrency-facebook-telegram.html 
https://www.pwchk.com/en/financial-services/publications/crypto-insolvency-article-2019.pdf

 

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