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Cryptocurrencies End Week in Green as Bitcoin SV (BSV) Leads Broad Market with 70%+ Surge

May 24, 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
Dash DASH USD$159.82 0.14% 4.71% 19.54% USD$1,410,174,913 USD$464,505,258
Bitcoin Cash BCH USD$417.88 0.83% 5.7% 17.93% USD$7,438,162,791 USD$2,507,463,543
Litecoin LTC USD$99.41 0.88% 12.52% 14.14% USD$6,154,964,081 USD$4,840,945,985
Bitcoin BTC USD$8089.06 1.11% 3.86% 12.73% USD$143,335,057,583 USD$25,465,716,984
Monero XMR USD$86.63 0.8% 2.53% 9.0% USD$1,472,686,419 USD$80,391,575

Developments in Financial Services

  • Bitcoin (BTC) futures trading in May on the Chicago Mercantile Exchange (CME) is set to break records as the biggest trading month of BTC futures in history, according to a report from the block that cites data from CME Group. Average daily BTC futures contracts traded in May currently sits at 14,000 contracts, an all-time high. Meanwhile, May 13th saw a record high single day trading volume of BTC futures contracts with 33,700 contracts, worth $1.35 billion, being traded in the day. Since the exchange launched BTC futures trading in December 2017, it has observed volume of 1.6 million contracts worth more than $50 billion in notional value.  
  • Mike Novogratz, a former hedge fund manager and the founder of crypto merchant bank Galaxy Digital, disclosed that he sold his stake in Block.one, the maker of the EOS (EOS) blockchain, for $71.2 million. The firm disclosed the stake sale in an announcement on Tuesday and it reportedly generated a 123% return on the initial investment. Novogratz explained in the official press release, “The acceptance of Block.one’s tender offer reflected a decision to rebalance the portfolio to maintain an appropriate level of diversification after the position increased due to its substantial outperformance relative to the remainder of the portfolio.”  
  • A group of four banks, including DekaBank, dwpbank, DZ Bank, and Hela, were all a part of a successfully issued promissory note on a new blockchain platform, according to an official release Tuesday. According specifically to Heleba, the platform successfully reduced the number of steps involved with transacting such a note by more than 50%. The blockchain transaction also cut out the need for lenders to hold documents or for borrowers receiving the loan to send valuables.
  • Stablecoin issuer Tether (USDT) revealed in court filings that it had invested some of its reserves into Bitcoin (BTC), as per a report by the Block. According to a court document dated May 16th, David Miller revealed that Tether invested, “a small amount,” of its reserves into BTC while specifying, “Prior to the April 24th order... Tether actually did invest in instruments beyond cash and cash equivalents, including bitcoin, they bought bitcoin.” The court documents are related to a suit by the New York Attorney General’s (NYAG) office that alleges exchange Bitfinex used Tether reserves to cover an $850 million loss.

 

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

 

Regulatory Environment

  • Dutch and Luxembourg authorities in partnership with Europol have successfully shut down one of the three largest cryptocurrency tumblers in the world, according to an announcement from Europol. Cryptocurrency tumblers, which are also known as cryptocurrency mixing services, are anonymity tools aim to make non-private coin transactions private by mixing one’s crypto funds with others. As of the initial report, Dutch, Luxembourg, and Europol authorities have seized six servers of major crypto tumbler Bestmixer.io. Bestmixer.io has reportedly observed turnover of more than $200 million since its launch in May 2018.  
  • The Russia National Settlement Depository (NSD), Russia’s central bank depository, has announced intentions to launch a long-anticipated digital asset ledger by next month. According to comments made by Artem Duvanov, the Head of Innovation and a Director at NSD, the digital asset ledger will be located 5,000 kilometers away from the institution's headquarters in Mosco in Switzerland. “In terms of laws,” Duvanov explained, Switzerland, “allows the tokenization for at least some kind of securities. That’s the first thing. And it’s favorable for such things because there is market demand.”
  • Craig Wright, a prominent member of the cryptocurrency industry who threw his support behind Bitcoin SV (BSV) in the Bitcoin Cash (BCH) hashwar in November, has been awarded the copyright registrations of the Bitcoin (BTC) whitepaper and network code authored by Satoshi Nakamoto. Wright has long professed his claim to be the individual behind the Satoshi Nakamoto pseudonym. According to Jerry Brito, Executive Director of Coin Center, “Registering a copyright is just filing a form. The Copyright Office does not investigate the validity of the claim; they just register it. Unfortunately there is no official way to challenge a registration. If there are competing claims, the Office will just register them all.”  
  • The US Securities and Exchange Commission (SEC) announced that it’s successfully stopped a cryptocurrency Ponzi scheme after it stole $30 million worth of funds from investors. Argyle Coin, the Ponzi scheme, and its principal, Jose Angel Aman, will now be subject to full legal action related to funds illicitly gained from investors relating to a false diamond resale outfit.  
  • Jeremy Allaire, the CEO of crypto startup Circle, explained in a blog post that the crypto space needs regulatory certainty and that the current definition of a cryptocurrency is too broad. The blog post shortly follows the “geofencing” of nine different cryptocurrencies for US clients of exchange Poloniex, which is owned by Circle Internet Financial. “We urge lawmakers to recognize the unparalleled economic power that permissionless innovation has unleashed,” professed Allaire, adding, “and to act to let crypto and blockchain technologies flourish. We know lawmakers want to support economic growth and want them to seize the opportunity to lead the charge.”

 

AI-Powered Signals for Crypto TradingAI-Powered Signals for Crypto Trading
AI-Powered Signals for Crypto TradingAI-Powered Signals for Crypto Trading

 

General News

  • Circle, the crypto startup behind exchange Poloniex, has laid off about 10% of its staff, or about 30 people, according to a report from CoinDesk. According to comments made by Circle CEO Jeremy Allaire to CoinDesk, the firm is aiming to cut costs with the layoffs. Allaire explained that, “We made these changes in response to new market conditions, most importantly, an increasingly restrictive regulatory climate in the United States.” Yesterday we reported that Poloniex was forced to geofence some trade products after the exchange expanded to the US.
  • JD.com, a Chinese e-commerce giant, has applied for more than 200 separate blockchain patents according to a report from Security Daily News. The report from Security Daily News also highlights that Chinese giants Alibaba, Tencent, and Baidu have applied for 262 blockchain patents, 80 blockchain patents, and 50 blockchain patents, respectfully. The report also finds that JD.com leads the world in, “global blockchain patent strength,”.

*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