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Cryptocurrencies trade lower for week, JPMorgan and Facebook delve deeper into cryptos

Mar 01, 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 7 Day Price Percent Change

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Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
NEO NEO USD$8.92 0.08% -1.13% 1.49% USD$579,901,650 USD$258,131,704
OmiseGO OMG USD$1.32 0.19% 0.3% 1.36% USD$185,482,595 USD$36,879,593
Qtum QTUM USD$2.15 -0.39% 3.27% 0.93% USD$192,158,724 USD$196,411,931
XRP XRP USD$0.32 0.25% 2.71% 0.19% USD$13,329,886,791 USD$780,840,454
IOTA MIOTA USD$0.3 0.6% 4.37% -1.27% USD$834,175,455 USD$8,507,589

Developments in Financial Services

  • Coinbase Pro, the professional trading platform offered by major US-based cryptocurrency exchange and wallet company Coinbase, announced the addition of Ripple (XRP) support. According to an announcement published by Coinbase Pro, traders will now be able to deposit XRP for a minimum of 12 hours following the announcement before full trading services are enabled. XRP services on Coinbase Pro will go through four stages, including transfer-only, post-only, limit-only, and full trading.  
  • JPMorgan Chase CEO Jamie Dimon discussed in an interview with CNBC that the financial institution’s prospective JPM Coin could have consumer applications in the future. In the interview with CNBC, Dimon stated, “JP Morgan Coin could be internal, could be commercial, it could one day be consumer.” JPMorgan hopes that JPM Coin will help to increase the US bank’s settlement efficiency, a move that may establish a dangerous precedent for the future of the SWIFT Network.  
  • Marco Lim, a former executive at Goldman Sachs, will join Hong Kong-based blockchain and crypto hedge fund MaiCapital as a managing partner, according to a report by Finance Magnates. In addition to Goldman Sachs, Lim boasts tenure from notables like Deutsche Bank, Credit Suisse, and Forex Capital markets as a specialist in foreign exchange sales. Finance Magnates quotes Benedict Ho, a Co-Founder and Managing Partner at MaiCapital, who said, “Marco will focus primarily on marketing and establishing strategic partnerships for MaiCapital and its group companies. His long-standing investment banking relationships and market experience should bolster MaiCapital’s leading position in the digital asset management space.”   
  • Nasdaq officially began live listings of two new cryptocurrency price indices, enabled by blockchain and crypto data company Brave New Coin (BNC), according to a press release. Clients using Nasdaq’s Global Index Data Service (GIDS) will now have access to the Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX) to track live pricing for two of the three largest cryptocurrencies by market capitalization.   
  • Pangea Blockchain Fund has officially launched its blockchain investment fund that will target the development of blockchain-based solutions, according to an official press release. So far, Pangea Blockchain Fund has secured USD$22mm of funding from key investors that include Bitcoin.com CEO Roger Ver. Copernicus Asset Management also participated in the fund raising round, a company that is officially licensed as a Swiss Authorized Asset Manager and acts as Pangea’s investment manager. 
  • 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. 
  • The London Stock Exchange Group led the USD$20mm investment round of fintech startup blockchain Nivaura, according to a report by Reuters. In addition to the London Stock Exchange Group, Santander InnoVentures, the venture capital arm of Banco Santander, also invested capital into Nivaura. Based in the UK, Nivaura develops blockchain-based solutions that automate issuances, clearing, and settlement of financial instruments -- Nivaura also developed the world’s first crypto-denominated blockchain-settled bond.   
  • 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. 
     

 

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Regulatory Environment

  • 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. 
  • Russian President Vladimir Putin ordered the Russian government to adopt regulations for digital assets and the crypto industry by July 2019, according to a document published on Kremlin.ru, the official website of the President of Russia. The Russian President is ordering the Council of the Federation of Russia and the Russian State Duma to adopt crypto and digital assets regulation during the 2019 spring session. 
  • 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.   
  • The Central Bank of Bahrain officially introduced crypto regulatory framework, according to a report by news outlet TradeArabia. The new regulatory framework in Bahrain pertaining to cryptocurrencies covers licensing, governance, risk management, Anti-Money Laundering and Counter-Terrorist Financing measures, business conduct, conflict of interest avoidance, regulatory reporting, and cybersecurity. 
     

 

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General News

  • A Samsung official discussed at the Mobile World Congress in Barcelona, Spain on Monday that the smartphone maker’s new Galaxy S10 series will include wallet functions for Ethereum (ETH), Bitcoin (BTC), and two other tokens. Samsung is also partnering with COSMEE, a blockchain-based mobile beauty application, to bring its support for the COSMEE token (COSM) to the Galaxy S10 series. Finally, Samsung is partnering with Ejin, a crypto wallet company whose wallet will be featured on the Galaxy S10 series.  
  • Coinbin, a South Korean cryptocurrency exchange, officially filed for bankruptcy and owes users more than USD$30mm, according to confirmation from a company correspondent. Coinbin is filing bankruptcy in part due to embezzlement conducted by a senior executive, according to CEO Park Chan-kyu. Coinbin is also claiming that it lost the key for an Ethereum (ETH) wallet that contained over 11 ETH.   
  • 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.” 
  • The TRON (TRON) network will hard fork at the end of February to implement a suite of upgrades, some of which include institution-friendly features, according to an announcement by Tron CEO Justin Sun. According to the announcement, the hard fork will enable intuitional-handling capabilities and other features such a multi-signature functionality and account management options.   
  • When asked about the state of Bitcoin (BTC) and its potential in an interview with Bloomberg, Apple Co-Founder Steve Wozniak stated, “I’m not sure I can buy that we’ve seen massive value destruction, I think we’ve seen massive value creation.” In June 2018, Wozniak predicted that BTC will become the world’s currency in the future. 
     

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

Sources:

Crypto Model PortfoliosCRYPTO INVESTING MADE SIMPLE
Crypto Model PortfoliosCRYPTO INVESTING MADE SIMPLE