- Today’s main news: Ripple’s Q2 XRP sales halved. Tron buys BitTorrent. Uber co-founder, E*Trade alum launch no-fee crypto trading platform Voyager. Coinbase finds no irregularities with Bitcoin Cash listing.
- Today’s main analysis: The size of the crypto bubble compared to other bubbles.
- Today’s thought-provoking articles: Why major crypto investors are shorting Ethereum. Bitcoin is hot again. Is Bitcoin overbought? The hottest blockchain companies of tomorrow. eToro says cryptos will go mainstream in a decade.
- Ripple’s Q2 XRP sales halved as customer base grew. Is this simply a cyclical drop, because the entire market has been down all year, or is there something else going on with XRP?
- Tron buys BitTorrent. It will be interesting to see how Tron deploys this asset. It could be a game changer for the entertainment business.
- Voyager, a no-fee crypto trading platform, to compete with Robinhood. This makes me wonder how they intend to monetize.
- Why major crypto investors are betting against Ethereum. In other words, they’re manipulating the market.
- Bitcoin’s hot again. The question is, how hot is it, and will it continue to be hot through the rest of the year?
- Bitcoin goes up, then comes down. But not by much.
- Coinbase finds no evidence of insider trading on Bitcoin Cash.
- Brian Armstrong publishes Q2 accomplishments list for Coinbase.
- MasterCard, Visa could use Ripple’s technology.
- Any number of catalysts could skyrocket Bitcoin again.
- Decentralized Reddit copycat sells upvotes for Bitcoin.
- BlockFi raises $52.5 million.
- BitGo adds Zcash.
- Bitwise Asset Management crypto index ETF tracks 10 cryptos, files with SEC.
- John McAfee launches market cap website, ICO support service.
- John McAfee will pay you $100,000 to crack the unhackable Bitfi crypto wallet.
- Class-action lawsuits against ICOs are expected to double.
- Verge updates internal structure for enhanced security.
- Google’s cloud platform to feature Ethereum, Hyperledger Fabric.
- The hottest blockchain companies of tomorrow. Some of these look pretty interesting.
- The size of the crypto bubble compared to other bubbles. It makes you wonder what all the fuss is about.
- 3 things Ethereum users should know about Hyperledger Burrow.
- Binance completes Vechain to Vechain Thor mainnet swap.
- Binance to auto convert Tron’s TRX coin from ERC20 to TRX20.
- How Coinbase is boosting crypto in Europe.
- Stasis launche stablecoin EURS.
- RatingToken uncovers sketchy Ethereum smart contract behavior activity.
- Augur has millions of dollars at stake.
- eToro, Imperial College London predict crypto to go mainstream in a decade.
- The Bank of England to upgrade payment system to serve DLT by 2020.
- Skrill wallet users can instantly buy and sell crypto.
- United States
- Ripple confirms Q2 XRP sales more than halved even as customer base grew (BCFocus), Rated: AAA
- MasterCard And Visa Could Use Ripple’s Technology For Increased Scalability (OraclesTimes), Rated: A
- Blockchain company Tron buys BitTorrent (Techradar), Rated: AAA
- Uber Co-Founder and E*Trade Alum Launch No-Fee Cryptocurrency Trading (Fortune), Rated: AAA
- Why Major Cryptocurrency Investors Are Betting Heavily Against Ethereum (Forbes), Rated: AAA
- Bitcoin’s Hot and Wall Street Wants In Again (Barron’s), Rated: AAA
- Coinbase’s Internal Investigation Finds No Irregularities With Bitcoin Cash Listing (Bitcoin Magazine), Rated: AAA
- Coinbase CEO Brian Armstong Publishes Q2 2018 Accomplishments List (Bitcoin Exchange Guide), Rated: A
- Bitcoin slips back toward $ 8,000 after reaching its ‘most overbought’ level since December (MarketWatch), Rated: AAA
- ‘Any number of catalysts could send bitcoin exploding higher,’ says blockchain venture capitalist (CNBC), Rated: A
- This decentralized Reddit copycat lets you buy upvotes with Bitcoin (The Next Web), Rated: A
- Crypto Loan Company Raises Millions in Funding Round (Wealth Management), Rated: A
- BitGo Adds Zcash to its Diverse Multi-Currency Platform (BusinessWire), Rated: A
- Index ETF Tracking 10 Cryptocurrencies Filed With SEC (Bitcoin.com), Rated: A
- John Mcafee Launches Market Cap Website, ICO Support Service (cryptovest), Rated: A
- John McAfee will pay you $100K if you get into his ‘unhackable’ crypto-wallet (The Next Web), Rated: A
- Federal Class Action Lawsuits Against ICOs Are Set To Double (Forbes), Rated: A
- Verge (XVG) Updates Internal Structure For Enhanced Security (OracleTimes), Rated: B
- Google’s Cloud Platform (GCP) To Feature Ethereum & Hyperledger Fabric (Bitcoin Exchange Guide), Rated: B
- The hottest blockchain companies of tomorrow (Mashable), Rated: AAA
- The Size Of The Cryptocurrency Bubble Compared To Other Market Bubbles, Visualized (Digg), Rated: AAA
- 3 Things Ethereum Users Should Know about Hyperledger Burrow (Hyperledger.org), Rated: A
- European Union
- Binance Completes Vechain To VechainThor Mainnet Swap, Trading Opens July 25th (Bitcoin Exchange Guide), Rated: AAA
- Binance to Automatically Convert Tron’s TRX Coin from ERC20 to TRX20 (Bitcoin Exchange Guide), Rated: A
- Bitcoin And Crypto Use Gets Coinbase Boost In Europe (Forbes), Rated: AAA
- Malta Crypto Startup Launches Stable Cryptocurrency EURS (Crypto Disrupt), Rated: A
- RatingToken Uncovers Sketchy Ethereum Smart Contract Behavior Activity (Bitcoin Exchange Guide), Rated: A
- Most Complex dApp on Ethereum Already Has Millions of Dollars at Stake (CCN), Rated: A
- United Kingdom
- British University Report: Cryptocurrencies go Mainstream within a Decade (Crypto-News), Rated: AAA
- The Bank of England to Upgrade Payment System to Help Serve DLT Systems by 2020 (Bitrates), Rated: A
- Skrill Wallet Users Can Now Instantly Buy and Sell Cryptocurrencies (The Daily Times), Rated: A
- Aussie fintech Coinnup is making a $ US32 million pitch (Stockhead), Rated: A
- Qtum Platform Now Available Through Amazon Web Services (Globe Newswire), Rated: AAA
- India’s law reform committee accepts cryptocurrency as a valid mode of payment (Quartz), Rated: A
- Iran Readies Own Digital Currency to Get Around US Sanctions (Sputnik News), Rated: AAA
Ripple confirms Q2 XRP sales more than halved even as customer base grew (BCFocus), Rated: AAA
Ripple on Tuesday confirmed that it saw a whopping 56 percent sequential drop in its second-quarter XRP sales, though it pointed out that the figure was just “a drop in the bucket of an XRP market that traded $45.35 billion.”
MasterCard And Visa Could Use Ripple’s Technology For Increased Scalability (OraclesTimes), Rated: A
Visa is able to perform 24,000 transactions per second, but Ripplecobalt can complete between 30,000 and 50,000 operations per second. It’s also important to note that the world average of cash usage is at 75%.
Currently, more than 100 banks and credit companies use Ripple’s tech which is seen as the future of global money transfer.
Blockchain company Tron buys BitTorrent (Techradar), Rated: AAA
According to a statement BitTorrent’s will continue to operate from Tron’s offices in San Francisco, “pursuing its vision for the world’s largest decentralized ecosystem.”
Uber Co-Founder and E*Trade Alum Launch No-Fee Cryptocurrency Trading (Fortune), Rated: AAA
More competition is coming to the commission-free cryptocurrency trading market. Voyager, a startup backed by an Uber co-founder as well as an early investor in the ride-hailing company, revealed plans Wednesday to offer no-fee trades of at least 15 different cryptocurrencies, including Bitcoin, Ethereum and others.
The company will function as a sort of aggregation engine for cryptocurrency prices across more than a dozen trading venues, allowing customers to buy and sell Bitcoin and other digital assets at the best value available among them. By waiving commission fees—the bread and butter of most cryptocurrency trading businesses—Voyager expects to compete with Robinhood, the stock trading app that also currently provides zero-free trading of five cryptocurrencies.
Why Major Cryptocurrency Investors Are Betting Heavily Against Ethereum (Forbes), Rated: AAA
Ethereum, the second-largest cryptocurrency platform in the world, has seen its currency plummet 36% this year. But some major crypto investors think it has more room to fall, and they’re betting aggressively against it.
New York-based Tetras Capital, a crypto hedge fund that launched last summer and is known for in-depth analyses of cryptocurrency prices, has shorted ether, borrowing the coins and hoping they tank so it can buy them back at a lower price. Tetras started shorting ether in May 2018, when the price ranged from $572 to $659. Ether currently hovers around $470.
Bitcoin’s Hot and Wall Street Wants In Again (Barron’s), Rated: AAA
Bitcoin exchange-based trading activity fell 26% in the second quarter by one measure, according to Coindesk’s quarterly State of the Blockchain report released on Wednesday. Exchange trading in ether, the second most popular digital coin, fell 37% during the quarter.
But Wall Street is trying to create crypto-products for institutional investors, and that may be helping boost the price of bitcoin in particular.
Coinbase’s Internal Investigation Finds No Irregularities With Bitcoin Cash Listing (Bitcoin Magazine), Rated: AAA
In December 2017, Bitcoin Cash made an unexpected price run-up, increasing nearly 25 percent in a matter of days. The increase set the stage for Coinbase’s unprompted listing of Bitcoin Cash on December 19. Within hours of the announcement, rumors spread among community members that the two events were too closely correlated for comfort, and many argued that the out-of-the-blue run-up anticipated the listing by way of insider trading.
Seven months later, and Coinbase has provided its answers to the skepticism. Originally reported by Fortune, two prominent U.S. law firms, the identities of which are undisclosed, just concluded a multi-month internal investigation of Coinbase. They’ve concluded that there’s no evidence of insider trading by the company’s employees.
Coinbase CEO Brian Armstong Publishes Q2 2018 Accomplishments List (Bitcoin Exchange Guide), Rated: A
In a recent Coinbase Blog, the crypto exchange’s team took a moment to travel back in time to appreciate how far they have gotten in just the second quarter of 2018. A complete breakdown has been provided in terms of the members who’ve onboarded the team, its acquisitions, investments, products and much more.
Read the Coinbase blog post here.
Bitcoin slips back toward $ 8,000 after reaching its ‘most overbought’ level since December (MarketWatch), Rated: AAA
Cryptocurrencies lost ground Wednesday, led by bitcoin, which had retreated after reaching levels that some chart watchers said showed the world’s biggest digital currency may have gotten ahead of itself.
After trading to $8,479.33 late Tuesday, bitcoin BTCUSD, +0.22% has surrendered these gains and was last changing hands at $8,136.78, down 1.1% since Tuesday 5 p.m. Eastern Time on the Kraken exchange.
‘Any number of catalysts could send bitcoin exploding higher,’ says blockchain venture capitalist (CNBC), Rated: A
Bitcoin has seen strong gains over the last week — trading at about $8,200 as of the earlier hours of Thursday.
“Any number of catalysts could send bitcoin exploding higher,” Spencer Bogart, a partner at Blockchain Capital, told CNBC on “Fast Money” Wednesday.
Those catalysts include global trade tensions, the possibility of a bitcoin ETF, rising currency rates and Mastercard’s recent announcement of a new patent that could allow bitcoin transactions on credit cards.
This decentralized Reddit copycat lets you buy upvotes with Bitcoin (The Next Web), Rated: A
Just like in Reddit, users can post messages, and then upvote and downvote them. But this message board is different – instead of clicks, you have to send small amount of Bitcoin $BTC▼0.02% for each upvote or downvote. One Satoshi (a Satoshi is 0.00000001 BTC), one upvote (or downvote).
Crypto Loan Company Raises Millions in Funding Round (Wealth Management), Rated: A
Crypto asset-backed loan company BlockFi announced a $52.5 million funding round, which includes a $2.5 million equity investment from digital currency and blockchain tech firm Galaxy Digital Ventures, according to TechCrunch. The loans are designed for cryptocurrency holders who need cash, but don’t want to immediately cash out of their crypto assets, especially in the face of crypto volatility. Fifty million dollars of the capital round will be used to fund loans to BlockFi customers.
BitGo Adds Zcash to its Diverse Multi-Currency Platform (BusinessWire), Rated: A
BitGo, the market leader in institutional-grade cryptocurrency security, announced today it has added support for Zcash to its expanding list of diverse digital currencies. Last week, BitGo announced it had added 57 ERC 20 tokens, which are expected to grow to over 100 by the end of 2018.
BitGo is the only company in the industry with 100% multi-signature wallets across all coin types and provides the highest level of security, compliance and custodial services. This distinction makes it the perfect solution to support Zcash – a digital asset focused on privacy protection and cutting-edge cryptographic technology.
Index ETF Tracking 10 Cryptocurrencies Filed With SEC (Bitcoin.com), Rated: A
Bitwise Asset Management has announced its plan to launch “the first publicly-offered cryptocurrency index exchange-traded fund (ETF).” A registration statement has been filed with the U.S. Securities and Exchange Commission. The fund will track the returns of the company’s Hold 10 Index which aims to capture 80% of the total market capitalization of the cryptocurrency market.
John Mcafee Launches Market Cap Website, ICO Support Service (cryptovest), Rated: A
John Mcafee returned to his infamous Twitter page on Wednesday to tell his 846,000 followers that the beta market cap website he and his team have developed is up and running, and includes a separate site that offers a full suite of support services for ICO startups.
John McAfee will pay you 0K if you get into his ‘unhackable’ crypto-wallet (The Next Web), Rated: A
He says that he’ll give $100,000 to anyone who can break into the ‘Bitfi’ wallet, the supposedly ‘unhackable’ cryptocurrency storage device he has been parroting about on social media of late.
The rules for claiming the bounty are simple:
- If you successfully extract the coins and empty the wallet, this would be considered a successful hack
- Provide proof that the wallet is empty
- You can then keep the coins and Bitfi say they will make a payment to you of $100,000
Federal Class Action Lawsuits Against ICOs Are Set To Double (Forbes), Rated: A
While 2017 saw the first five U.S. class action lawsuits related to the technology, according to a report released today by the Stanford Law School Securities Class Action Clearinghouse and Cornerstone Research, the first six months of 2018 alone had an additional seven filings.
But the rise in class action lawsuits around ICOs coincides with a larger, “historic” incidence of class action securities lawsuits since 2016, with more than 750 federal securities class actions having been filed since halfway through that year. That’s the most prolific 24-month period since the Private Securities Litigation Reform Act of 1995 was enacted, according the the report.
Verge (XVG) Updates Internal Structure For Enhanced Security (OracleTimes), Rated: B
He announced that Verge introduces a new version of Electron (Light) Verge Wallet.
The brand new wallet’s main features are the following:
- Decentralization & Security
- User Experience
- Open Source
- Community Driven
Google’s Cloud Platform (GCP) To Feature Ethereum & Hyperledger Fabric (Bitcoin Exchange Guide), Rated: B
Google recently announced that they would soon deploy the blockchain to offer customer service and fintech solutions to customers. The official statement was released on July 23. In the blog post, Google mentioned that the users would be able to try open source integration for Ethereum and Hyperledger Fabric in the Google Cloud Platform later in the year.
The hottest blockchain companies of tomorrow (Mashable), Rated: AAA
Name any blockchain-based system that’s live right now, and it suffers from the same issues, only to different degrees. It either isn’t scalable enough, versatile enough, or decentralized enough. Building a system with all three traits is the holy grail of blockchain tech right now, and a lot of very smart, well-funded people are scrambling to be the first to do it.
Things move incredibly fast in the blockchain world. Ethereum is three years old. Projects like Cardano and EOS, sometimes called “blockchain 2.0” projects, are already considered to be giants in the space. They have a combined token market cap of roughly $11.8 billion despite barely being operational.
With an estimated $4 billion in pocket, EOS has the means to do big things, but it will take some time to see whether it can live up to the promise.
A startup called Dfinity brands itself as the “Internet Computer,” claiming it will usher a new era of cloud computing, which will be more secure and reliable than today’s computing, with better interoperability and built-in privacy.
Williams told me the company raised roughly $150 million in funding so far from a number of investors that include Andreessen Horowitz and Polychain Capital. Even more importantly, the money raised values the Dfinity tokens — yet to be released — “just shy of $2 billion,” which will instantly make Dfinity a major blockchain project at launch time.
The Size Of The Cryptocurrency Bubble Compared To Other Market Bubbles, Visualized (Digg), Rated: AAA
The entire cryptocurrency market is valued at $294 billion right now. If you think that’s a lot of money, then you should know that the global gold market is worth 31 times more at an estimated value of $7.8 trillion.
Altcoin buy signals for STEEM, NANO, SC, LSK (CoinClarity), Rated: A
The current chart structure of STEEMBTC is lagging when compared to it’s peers and it is also at /near an all time low.
Buy Entry: 0.0001839
The major harmonic level of 0.0003125 is right above and is the ultimate support level for this pair.
Buy Entry: 0.00029
3 Things Ethereum Users Should Know about Hyperledger Burrow (Hyperledger.org), Rated: A
1. Hyperledger Burrow is more like the Redis of Smart Contract Blockchains
Hyperledger Burrow maintainer, Silas Davis, often describes Burrow as theRedis of blockchains because Burrow was built to be a lightweight, efficient, and fast permissioned smart contract machine. By leveraging the hardened and speedy Tendermint protocol for consensus alongside Burrow’s Apache licensed Ethereum Virtual Machine, users have access to one of the fastest codebases available.
2. Hyperledger Burrow permissions without a VPN
Many users when they are first exploring blockchain technology are taking blockchain clients built for a public chain and deploying them behind a VPN. With Hyperledger Burrow, it is not necessary to operate a permissioned chain behind a VPN in order to gain fast and secure validation. Burrow’s in built capabilities based permissioning system offers users easy access to a structured permissioning system.
3. Ethereum Virtual Machine all the Things with Hyperledger Burrow
Burrow has kick started a wave of use of the Ethereum Virtual Machine (EVM) within the context of other Hyperledger blockchain designs. From the perspective of the Burrow team, this is an amazing use of open source modalities. By working with the Hyperledger Sawtooth team, we have identified areas of how to reimplement our EVM such that it can be more easily consumed by other codebases. The effects of the collaboration between Sawtooth and Burrow teams have been the SETH system which allows Sawtooth users to operate EVM contracts within a transaction processor.
Binance Completes Vechain To VechainThor Mainnet Swap, Trading Opens July 25th (Bitcoin Exchange Guide), Rated: AAA
The long awaited Vechain to VechainThor Mainnet swap has now been completed on Binance. The popular cryptocurrency exchange suspended deposits and withdrawals on July 22nd at 0:00 AM (UTC) in order to prepare for the upcoming token swap. The following day, July 23rd all trading pairs with Vechain(VEN) were paused as well.
At the exact same time they suspended trading, they also took the snapshot and begain to distribute the VET tokens at a ratio of 1 VEN to 100 VET.
Binance has went ahead and provide base pricing on all trading pairs:
- VET/BTC 0.00000240
- VET/ETH 0.00003941
- VET/BNB 0.00149200
- VET/USDT 0.018319
Binance to Automatically Convert Tron’s TRX Coin from ERC20 to TRX20 (Bitcoin Exchange Guide), Rated: A
Apparently, the Binance exchange is expected to automatically convert the tokens from the ERC20 pool to TRX20, a standard based on the Tron blockchain. Justin confirmed this speculation and further advised users to transfer the deposited tokens to their existing Ethereum wallet addresses. This is because the tokens must be converted before being admissible to the TRX network.
Bitcoin And Crypto Use Gets Coinbase Boost In Europe (Forbes), Rated: AAA
One of the world’s largest bitcoin and cryptocurrency exchanges, the San Francisco-based Coinbase, is hoping to grow its footprint in Europe with digital gift cards, as users continue to struggle to get their hands on their crypto gains.
Coinbase is rolling out the new feature, in partnership with London-based startup WeGift, that will give customers in Europe an alternative way to cash out their crypto coins.
Malta Crypto Startup Launches Stable Cryptocurrency EURS (Crypto Disrupt), Rated: A
Stasis, the Malta-based crypto startup, launches a stable cryptocurrency EURS, designed to counter the volatility of crypto portfolios and become the “backbone of the crypto-economy.”
The EURS token is a digital financial asset, designed to digitally mirror the euro, providing its value is tied to the value of its collateral. EURS is aimed at delivering the increasing demand from European institutional investors for cryptocurrencies. The digital coin will provide a reliable platform despite periods of heavy volatility within the crypto market. EURS also offers free off-chain assets transfer via a blockchain.
RatingToken Uncovers Sketchy Ethereum Smart Contract Behavior Activity (Bitcoin Exchange Guide), Rated: A
But recently, some analysts have noticed a sharp increase in the number of smart contracts being placed within the Ethereum ecosystem. Additionally, it appears that many of these contracts are suspicious in nature. Though it is speculated that very little actual damage has been done within the massive ecosystem, some argue that these suspicious contracts are a cause for concern, and should be approached with caution and skepticism.
In essence, Augur is a decentralized betting platform that exists on the Ethereum network. Because it utilizes smart contracts to autonomously settle bets and payout users, users can practically bet on any subject, topic, or an event.
The three largest bets on the Augur network accounted for nearly 80 percent of the ether at stake, which are:
- Will price of Ethereum exceed $500 at the end of 2018? ($685,000 at stake, biggest bet)
- Will REP token trade above $32 at the end of 2018? ($479,115.72 at stake)
- Will the Ethereum (ETH) marketcap be higher than the Bitcoin (BTC) marketcap on December 31, 2019 at 24:00 UTC ? ($27,097.03 at stake)
British University Report: Cryptocurrencies go Mainstream within a Decade (Crypto-News), Rated: AAA
Cryptocurrencies are expected to become a mainstream payment solution within the next decade, a new research has proposed. The paper argues that cryptocurrencies are already fulfilling one of the three functions of money – they are acting as a store of value – and that it is only a matter of time before they begin to fulfill the other two. Money has evolved over time to meet changing needs and the rise of cryptocurrencies is just a natural progression in the monetary system. The research was conducted by the Imperial College London, a leading university in the UK, in partnership with London-based trading giant eToro.
Read the full report here.
The Bank of England to Upgrade Payment System to Help Serve DLT Systems by 2020 (Bitrates), Rated: A
The Bank of England has announced that they will upgrade their payments systems to work with DLTs systems, with a deadline of 2020.
Skrill Wallet Users Can Now Instantly Buy and Sell Cryptocurrencies (The Daily Times), Rated: A
Skrill is now offering its customers the opportunity to instantly buy and sell cryptocurrencies, including Bitcoin, Bitcoin Cash, Ether and Litecoin, using any one of the 40+ fiat currencies available in the Skrill wallet.
Aussie fintech Coinnup is making a $ US32 million pitch (Stockhead), Rated: A
Perth-based fintech Coinnup has launched the second round of its cryptocurrency token sale on a quest to raise $US32 million from “PMZ” tokens.
Qtum Platform Now Available Through Amazon Web Services (Globe Newswire), Rated: AAA
Qtum (https://qtum.org/en), the first UTXO-based smart contract system, today announced that its Dapp development platform is now available on Amazon Web Services. Users across the enterprise and elsewhere will now be able to develop and deploy their own smart contracts from this ready-to-use Amazon Machine Image (AMI) featuring Qtum core and the Qmix Integrated Development Environment (IDE).
The law commission of India, which has been studying the feasibility of sports gambling,has clubbed virtual currency with other legally accepted modes of payments. These methods used for settling online transactions can also be used for betting on sports if and when made legal, it said.
Iran Readies Own Digital Currency to Get Around US Sanctions (Sputnik News), Rated: AAA
Tehran and its partners around the world are looking at a number of ways to get around the economic consequences of US sanctions which are expected to kick in later this year.
Alireza Daliri, the Directorate’s deputy for management and investment affairs, said that a large number of Iranian knowledge-based companies working in cooperation with the Central Bank of Iran have the expertise to create a national cryptocurrency, but noted that some time would be necessary to remove any possible pre-launch bugs.