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Cryptocurrency End of Day Recap

Jul 18, 2018

 

 

  • Grayscale Investments, a crypto investment fund, released its first ever Digital Asset Investment report. The report showed a very large inflow of money to its crypto investment funds from January 2018 to June 2018.  During this time, when Bitcoin (BTC) slid from ~$20,000 to ~$7,000, the fund added $248.4 million in new crypto assets, the most amount of money they have raised in any 6-month period, to their $2 billion portfolio.  During this time, Grayscale Investments also added funds supporting Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP) among others.
  • Chairman of the U.S. Federal Reserve, Jerome Powell, discussed cryptocurrencies in front of U.S. Congress today.  While speaking to the House Financial Services Committee, he had a few negative things to say about cryptocurrencies. Powell stated that cryptocurrencies have no intrinsic value and that they pose a significant risk to investors, but that they’re great for laundering money.  He also said he doesn’t think the market for cryptocurrencies is large enough for the Fed to regulate it. After the hearing, a memo was posted stating that Congress will examine the uses of cryptocurrencies and if they should be considered as money.
  • Blockchain network NEO (NEO), announced the results of an ‘election’ for choosing their first network node, a group of NEO developers called the City of Zion. On July 4th, NEO stated in a blog post that they have entered a “new era” in which all token holders will have say in network decisions. However, this past election for the first node included two voters and one candidate, and coin holders were not allowed to take part in the vote.  This hardly constitutes the election they talked about in the blog post, and shows the implications of having a more-centralized model than most blockchains.
  • Bitcoin exchange Paxful has released a plan to CoinDesk on reaching Venezuela’s unbanked population. Venezuela is ridden with hyperinflation and a population in a desperate financial situation. Paxful plans to open an office in Venezuela this September, and release an Android app available for download. Paxful currently has roughly 2 million users and its biggest market is Africa, the continent with a higher rate of unbanked adults than any other. Paxful’s app aims to facilitate the transactions between merchants in the local currency, but using solely cryptocurrency in the background.

Sources

https://www.newsbtc.com/2018/07/18/huge-inflow-into-crypto-investment-fund-despite-bear-market/

https://www.coindesk.com/fed-chair-cryptocurrencies-are-great-for-money-laundering/

https://www.coindesk.com/democracy-of-two-city-of-zion-and-the-neo-election-that-wasnt/

https://www.coindesk.com/paxful-bitcoin-crypto/