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Cryptocurrency End of Day Recap

May 17, 2018

  • The Wall Street Journal (WSJ) reviewed documents on 1,450 digital coin offerings and found that 271 of the coins had red flags that include: plagiarized investor documents, promises of guaranteed returns and missing or fake executive teams. In these 271 offerings, investors have poured more than USD$1 billion. Some of the firms are still raising funds while others have been shut down. Investors have claimed losses of up to USD$273mm related to these coins

  • French Minister of Economy and Finance, Bruno Le Maire, has pledge support for cryptocurrencies and underlying blockchain technologies. The minister promised total support for both crypto and blockchain spaces and will discuss with industry leaders on the following topics: banking difficulties, taxing cryptocurrencies, cryptocurrencies and accounting, legal frameworks for ICOs

  • Bitfinex announced that users must confirm their tax status by May 24th in order to continue using their services. The company may exchange that information with the tax authorities of the customer’s country of residence, which is consistent with the British Virgin Islands law and the US Foreign Account Tax Compliance Act (FATCA)

  • Bitcoin’s lightning network (LN) is approaching 2000 functional nodes as users are now highlighting the cost savings that come with the technology. Blockstream research Christian Becker noted that with enough Lightning channels, Bitcoin could beat the transaction capacity of both other cryptocurrencies and Visa

  • Wyoming is becoming the new home for Cryptocurrency startups. Wyoming passed a Utility Token bill several weeks ago and cryptocurrencies are considered utility tokens in the state and are not considered a form of investment. Many blockchains and crypto ventures are entering into the state, averaging about two or three new registrations in the state each day

Quantamize Crypto Signals Active Return Outperformers

Cryptocurrency YTD Active Return* Accuracy Rates
Populous 96.92% 61.50%
Bitcoin Cash 93.21% 64.41%
NEO 86.87% 60.65%
Zcash  73.53% 61.04%
Stellar 65.13% 67.86%
Bitcoin 53.80% 62.75%