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Cryptocurrencies end week mostly higher as EOS tops industry ratings and leads market in gains

Mar 29, 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
Cardano ADA USD$0.07 2.17% 5.79% 22.18% USD$1,832,397,487 USD$102,898,105
EOS EOS USD$4.32 0.09% -0.18% 17.98% USD$3,914,853,324 USD$2,427,585,476
OmiseGO OMG USD$1.87 1.93% 5.6% 16.19% USD$262,735,449 USD$79,230,351
NEM XEM USD$0.05 0.38% 4.59% 9.37% USD$489,255,621 USD$20,182,033
Bitcoin Cash BCH USD$169.98 0.31% -0.4% 7.42% USD$3,008,498,433 USD$578,752,199

Developments in Financial Services

  • Binance, the world’s largest cryptocurrency exchange by daily trading volume, is partnering with IdentityMind, a risk management and compliance firm, to improve the exchange’s internal compliance. According to an official blog post published by Binance, the partnership will specifically address compliance improvements through use of IdentityMind’s tools for Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. Binance hopes that its new partnership will encourage greater trust in the exchange among global financial institutions. 
  • Hbus, the US-based operator of notably cryptocurrency exchange Huobi, is creating a new team focused on launching institutional-grade cryptocurrency and blockchain products and services, according to an official press release Wednesday. Led by Katelyn Mew, the head of Hbus’ sales and marketing department and former Vice President at BlackRock, the new team will target institutional clients with token lending and over-the-counter trading services, among other crypto products and services. 
  • Ledger, a French-based crypto wallet hardware manufacturer, is partnering with Legacy Trust, a trust company based in Hong Kong, to offer cryptocurrency custody services to institutions, according to a joint press release. Within the press release, the two companies claim this to be the first launch of an institutional-grade digital asset custody service. The institutional cryptocurrency custody service, dubbed Ledger Vault, will support Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), Zcash (ZEC), and 12 other major cryptocurrencies.   
  • OK Group, the parent company of exchange services provider OKCoin and the world’s sixth-largest cryptocurrency exchange OKEx, is partnering with Prime Trust, a blockchain-focused trust company. Revealed in a tweet from OK Group founder Star Xu the partnership will involve, “an in-depth collaboration and offer diverse, secure and regulatory compliant services with Prime Trust.” Since the announcement, many have speculated that this partnership will yield a compliant stablecoin to be launched by the two companies. 
  • US-based cryptocurrency exchange Kraken has officially made two-factor authentication mandatory for exchange users, according to an official blog post by Chief Security Officer Nick Percoco. Two-factor authentication will require Kraken users to enter an additional one-time password, sent via SMS, after inputting their account username and password. 
  • Wells Fargo CEO Tim Sloan and Mastercard CEO Ajaypal Banga agreed that blockchain technology has long-term potential that has not been realized to date. The two executives made their comments while speaking to CNBC at the Fintech Ideas Festival on Wednesday. Wells Fargo CEO Tim Sloan specifically discussed that, “If you turned the clock back a few years ago, it should have completely changed the industry – that's just not the way it works.”   

 

Better Research, Better Investments.Better Research, Better Investments.
Better Research, Better Investments.Better Research, Better Investments.

 

Regulatory Environment

  • According to a study published by regulatory technology startup Coinfirm, just 14% of 216 global cryptocurrency exchanges are confirmed to be licensed by regulators. The 216 global cryptocurrency exchanges analyzed by Coinfirm represent over 90% of daily global crypto trading volume in a given day. As a part of its study, Coinfirm considered 7 different categories of risk, including license and authorization, Customer Due Diligence and Know Your Customer compliance, Anti-Money Laundering compliance, sanctions, senior public figures, negative and adverse media, and jurisdiction. 
  • Tagomi Trading, an institutional-grade cryptocurrency trading platform, has received a coveted BitLicense from the New York State Department of Financial Services, according to an official press release. With its new BitLicense, Tagomi Trading will be allowed to offer trade routing and execution services for non-security virtual currencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). 
  • The Central Bank of Korea, South Korea’s central bank, included a summary of central bank digital currencies (CBDC) research in its recently published 2018 Payments Settlement Report. The report published by the Central Bank of Korea includes tests of blockchain-based solutions and finds that crypto assets can be used on a large-scale if stability and efficiencies are improved further. The report also highlights that one of the major risks posed by CBDC is that they can be used for micropayments, which could have an unpredictable material impact on a society and economy.   
  • The National Development Council of Taiwan, a policy-related agency of Taiwan’s executive branch, will launch a blockchain alliance in three months' time, according to a report by Taiwan News. The report cites Minister Chen Mei-ling, who explained at the Smart City Summit & Expo in Taipei that the National Development Council has already consulted government departments, industry experts, and academics on the subject. 
  • The US Commodity Futures Trading Commission’s (CFTC) Technology Advisory Committee discussed the state of cryptocurrency regulation and the adoption of distributed ledger technology at its meeting on Wednesday. According to the CFTC’s website, one of the prominent points of discussion was regarding Ethereum’s (ETH) planned switch from a proof-of-work to a proof-of-stake consensus protocol and its regulatory impacts. 
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General News

  • Blockchain spending by US-based companies will increase more than 13x from USD$3.12bn to USD$41bn by 2025, according to a report published by ResearchandMarkets.com. In its most recent report, “United States Blockchain Business Opportunities and Outlook Databook Series (2016-2025),” ResearchandMarkets.com highlights 75 specific areas that span across 11 different industries where blockchain technology has significant application. After the US, Western Europe and China are expected to spend the most on blockchain technology.   
  • In Weiss Crypto Ratings’ most recent report cryptocurrency industry report, Ripple (XRP) and EOS (EOS) joined Bitcoin (BTC) as the only cryptocurrencies to receive “A” rankings. The report, “Dark Shadows with a Bright Future,” analyzes 120 of the most notable cryptocurrencies and assigns letter grades based on adoptions and technology characteristics. According to the report, XRP received an “A” ranking as it is the best positioned to compete with the SWIFT network, EOS received an “A” ranking as the leading challenger of the Ethereum (ETH) network, and BTC received an “A” ranking because of its Lightning Network upgrade and ability to serve as a store of value.   
  • Messari, a cryptocurrency research and intelligence firm, is claiming that Stellar (XLM) suffered from an inflation bug in April 2017 that caused 2.25 billion XLM to be created and later burned. The illegitimately created XLM tokens, which were worth about USD$10 million and represented about a quarter of the circulating supply at the time, were likely moved through exchanges and sold in the first half of 2017. The Messari report notes that an equivalent amount of XLM tokens were later burned to preserve the proper supply.  
  • Moet Hennessy Louis Vuitton SE (LVMH), a French luxury good brand, is partnering with ConsenSys and Microsoft Azure to develop a blockchain-based system to track luxury goods products, according to a report by CoinDesk. The platform, AURA, will launch in May or June 2019 and be used by two of the largest LVMH subsidiaries, Louis Vuitton and Parfums Christian Dior. As per the report by CoinDesk, AURA is based on JPMorgan’s Quorum blockchain platform, which is based on the Ethereum (ETH) network. 
  • The Tron Foundation is acquiring blockchain application store CoinPlay, according to a tweet from CEO Justin Sun. The acquisition by the Tron Foundation, the firm behind the 11th largest cryptocurrency by market capitalization TRON (TRX), also acquired peer-to-peer client BitTorrent and torrent client Utorrent within the last year. In its current state, CoinPlay offers a variety of blockchain applications on its store, including games, practical guides, and blockchain software. 
     

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

Sources:

https://blog.kraken.com/post/2214/a-letter-from-krakens-chief-security-officer-nick-percoco/  
https://coin360.io/   
https://coinmarketcap.com/   
https://cointelegraph.com/news/cftc-technology-advisory-committee-discusses-crypto-regulation-and-dlt-adoption  
https://cointelegraph.com/news/crypto-exchange-kraken-makes-2fa-mandatory-and-forms-new-security-lab  
https://cointelegraph.com/news/huobis-us-partner-hbus-forms-new-group-to-launch-institutional-products  
https://cointelegraph.com/news/stellar-patched-an-inflation-bug-and-burned-the-resulting-225-billion-xlm-research  
https://cointelegraph.com/news/tagomi-holdings-subsidiary-gets-bitlicense-from-new-york-dfs  
https://messari.io/article/messari-research-stellar-suffered-and-quietly-patched-a-2-2-billion-xlm-inflation-bug-in-2017  
https://www.cftc.gov/PressRoom/SpeechesTestimony/quintenz032719  
https://www.coindesk.com/nydfs-grants-crypto-prime-broker-tagomi-latest-bitlicense  
https://www.dfs.ny.gov/reports_and_publications/press_releases/pr1903271  
https://coinfirm-prod.objects.frb.io/assets/Coinfirm_Exchange_Report_March_2019_Non_Appendix.pdf  
https://cointelegraph.com/news/binance-backed-otc-firm-releases-anti-money-laundering-compliance-as-a-service-product  
https://cointelegraph.com/news/binance-partners-with-risk-management-firm-identitymind-for-kyc-and-aml-compliance  
https://cointelegraph.com/news/central-bank-of-korea-includes-research-on-cbdcs-in-annual-report  
https://cointelegraph.com/news/report-blockchain-spending-in-us-to-reach-41-billion-by-2025  
https://cointelegraph.com/news/report-louis-vuitton-christian-dior-owner-develops-dlt-project-with-consensys-and-azure  
https://cointelegraph.com/news/taiwanese-development-council-to-form-blockchain-alliance-in-three-months  
https://cointelegraph.com/news/weiss-crypto-ratings-puts-bitcoin-aside-eos-and-xrp-in-annual-outlook  
https://weisscryptocurrencyratings.com/reports/WCY/sq/crypto-web-free-report/  
https://www.binance.com/en/blog/317231329092952064/Binance-Partners-with-IdentityMind-to-Enhance-Compliance-and-Data-Security-Measures  
https://www.bok.or.kr/viewer/skin/doc.html?fn=201903261159448502.pdf&rs=/webview/result/P0000559/201903  
https://www.coindesk.com/binance-tightens-compliance-turning-to-identitymind-for-kyc  
https://www.coindesk.com/louis-vuitton-owner-lvmh-is-launching-a-blockchain-to-track-luxury-goods  
https://www.globenewswire.com/news-release/2019/03/25/1760459/0/en/Blockchain-in-the-United-States-Forecast-to-2025-Spend-on-Blockchain-is-Expected-to-Record-a-CAGR-of-44-5-Increasing-from-3-12Bn-in-2019-to-41-11Bn-by-2025.html  
https://www.prnewswire.com/news-releases/annual-outlook-for-cryptocurrency-industry-reveals-cryptos-most-likely-to-succeed-in-coming-year-300816871.html  
https://www.taiwannews.com.tw/en/news/3666451 
https://cointelegraph.com/news/ceos-of-mastercard-and-wells-fargo-concur-on-blockchains-long-term-potential  
https://cointelegraph.com/news/hardware-wallet-ledger-opens-new-york-office-to-develop-institutional-custody-offering  
https://cointelegraph.com/news/ledger-trust-company-legacy-trust-to-offer-crypto-custody-for-institutional-investors  
https://cointelegraph.com/news/okex-founder-reveals-ok-groups-partnership-with-us-trust-firm-plan-to-launch-stablecoin  
https://cointelegraph.com/news/study-14-of-major-crypto-exchanges-are-licensed-by-regulators  
https://cointelegraph.com/news/study-14-of-major-crypto-exchanges-are-licensed-by-regulators  
https://cointelegraph.com/news/tron-acquires-blockchain-app-store-coinplay  
https://shop.ledger.com/pages/ledger-vault  
https://twitter.com/justinsuntron/status/1111207114624520192  
https://twitter.com/PrimeTrustCo/status/1111086675394887680  
https://twitter.com/starokcoin/status/1111088408888147969  
https://www.cnbc.com/2019/03/28/wells-fargo-mastercard-ceos-say-blockchain-has-yet-to-live-up-to-the-hype.html  
 

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Crypto Model PortfoliosCRYPTO INVESTING MADE SIMPLE