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Friday November 2 2018, Daily News Digest

cryptocurrency returns

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Popular Ethereum DApp Browser MetaMask to Launch Mobile App Version (CoinTelegraph), Rated: AAA

The mobile app version of the currently most-downloaded Ethereum Chrome browser extension MetaMask was revealed during Ethereum’s annual Devcon conference Oct. 31, according a tweetfrom the CEO of ConsenSys Joseph Lubin.

Coinbase Surges 400% in a Year, Crypto Exchange Now Valued at $ 8B (Blokt), Rated: AAA

Despite the bearish market, Coinbase’s appeal to investors remains undiminished as the exchange just successfully raised $300 million in a recent series E funding round, according to a report by CNBC. But what is even more surprising is the company’s valuation during the round, Coinbase is now an $8 billion juggernaut, a seemingly impossible feat considering that the entire market declined since January this year.

Coinbase’s Emilie Choi: $ 300 Million Raise Was ‘For a Rainy Day’ (CoinDesk), Rated: A

With its latest funding round, Coinbase, the cryptocurrency exchange turned Silicon Valley unicorn, is amassing a “war chest” for a “rainy day.”

At least, that’s how Coinbase’s vice president of corporate and business development, Emilie Choi, described the $300 million the company recently raised in a Series E round with investors such as Tiger Global Management and Polychain, the latter of which is headed by former Coinbase employee Olaf Carlson-Wee.

Stablecoin Wars: Coinbase Token Attracts Capital But PAX Dominates Trading (CCN), Rated: AAA

It’s now been nearly two months since Winklevoss-led cryptocurrency exchange Gemini fired the first shot in the stablecoin wars through the launch of its USD-pegged crypto token, the eponymous Gemini Dollar. That same day, Paxos — like Gemini an NYDFS-regulated firm — made a similar announcement, and before long, crypto unicorns Circle and Coinbase revealed that they had partnered to co-issue a consortium-led, fiat-backed token, USD Coin.

These three tokens, along with fellow “regulated” stablecoin TrueUSD (TUSD), which launched earlier in the year, have collectively attracted more than $400 million in fiat inflows while tether (USDT) — long the dominant stablecoin with a market cap as high as $2.9 billion — shed more than $1 billion during October alone as it struggled to maintain dollar parity.

Source: Stablecoins War

How bitcoin has failed to achieve Satoshi Nakamoto’s original intent, in one chart (MarketWatch), Rated: AAA

In a 65-page report outlining bitcoin’s “rapidly morphing thesis”, the U.S. banking giant said the world’s largest cryptocurrency is now better categorized as a new institutional investment class and not digital cash, or a replacement payment system, like the early cryptographers intended.

Source: Morgan Stanley

Moreover, Morgan Stanley MS, +0.50% said the surge in capital allocation to digital-currency funds is evidence that investors now see the technology as an opportunity to turn a profit, citing a $6.9 billion increase in crypto fund assets under management since January 2016.

Bitcoin ATM provider gets first stamp of approval from New York authority (MarketWatch), Rated: A

Fort Worth, Texas-based bitcoin ATM provider Coinsource has received its BitLicense from the New York State Department of Financial Services (NYDFS), the company said Thursday.

Coinsource becomes the first virtual currency ATM provider to be granted the license and the 12th company overall to receive the stamp of approval from the state regulator, the company said.

Bitcoin Price May Break Three-Month Losing Streak in November (CoinDesk), Rated: AAA

Bitcoin ended October on a weak note, confirming its first three-month losing streak since 2015, but things may be looking up for November.

Bitcoin performance

The cryptocurrency closed yesterday at $6,320 – down 4.32 percent from the Oct. 1 opening price of $6,606, according to CoinDesk’s Bitcoin Price Index (BPI). Over August and September, prices had dropped 9.22 percent and 5.8 percent, respectively.

Bitcoin November

Bitcoin’s average trading range has narrowed nearly 90%, says analyst (MarketWatch), Rated: AAA

In Thursday trading, one bitcoin BTCUSD, +0.14%  was fetching $6,331.63, up 0.2% since Wednesday 5 p.m. Eastern Time on the Kraken crypto exchange.

The lull has analysts turning to stocks to cure their craving for volatility. “The average true trading range of bitcoin has dropped to $157 from its January peak of $1,500. Its historical volatility has also dropped so low that stocks like Amazon and Apple are more attractive,” wrote Naeem Aslam, chief market analyst at Think Markets U.K.

The move from $1,550 to $157 represents a fall of 89.5%.

Grayscale investor flows
Source: MarketWatch

Crypto Analyst Ran NeuNer Retracts His Claim That Bitcoin Will Hit $ 50K in 2018 (CoinTelegraph), Rated: A

Ran NeuNer, the host of CNBC’s CryptoTrader show, has rescinded his earlier prediction that Bitcoin (BTC) will reach $50,000 by the end of 2018, in a tweet Thursday, Nov. 1.

NeuNer bitcoin

BlackRock won’t offer a cryptocurrency ETF until the industry is “legitimate,” CEO Larry Fink says (CNBC), Rated: A

The world’s largest asset manager is not launching an exchange traded fund for cryptocurrency — at least not until the industry grows up a bit.

“I wouldn’t say never, when it’s legitimate, yes,” BlackRock CEO Larry Fink said at the New York Times Dealbook Conference in Manhattan Thursday.

Unchained Capital Makes Crypto Lending Safer with Collaborative Cold Storage (Business Wire), Rated: A

Unchained Capital, a blockchain financial services company that lends cash to long-term cryptocurrency holders, has announced the first multi-institution, multi-signature collaborative cold storage solution for the cryptocurrency lending industry.

SEC expands cryptocurrency crackdown with nationwide sweep (Politico), Rated: A

The Securities and Exchange Commission is probing investment advisers for potential misconduct involving cryptocurrencies, signaling a new direction in its oversight of the emerging market, according to three people familiar with the matter.

The regulator is focusing on how investment advisers registered with the agency are storing the cryptocurrency assets they hold, as well as on possible price manipulation, and the digital currencies’ vulnerability to cyberattacks.

Ethereum Studio ConsenSys Just Bought an Asteroid Mining Company (CoinDesk), Rated: A

ConsenSys, the ethereum-focused venture studio, has just acquired Planetary Resources, a space venture hoping to mine asteroids.

One of the hottest things in cryptocurrency right now: Stablecoins (The Washington Post), Rated: A

A cryptocurrency whose price never fluctuates might sound nonsensical, particularly to entry-level traders who want to profit off a cryptocurrency’s appreciation. But many in the industry say the rise of “stablecoins” has in fact been instrumental for active investors — and could represent a crucial steppingstone to the future of money.

In recent months, dozens of stablecoin projects have been launched or announced. With names like TrueUSD, Paxos, Havven and Dai, this new crop of coins enjoys a combined market cap of more than $2.3 billion, according to CoinMarketCap, which tracks the price of hundreds of cryptocurrencies.

More rich millennials are investing in cryptocurrencies. Here’s why (Fox Business), Rated: A

Millennials may be skeptical of overarching financial institutions, but when it comes to cryptocurrencies, the largest generation in the U.S. eagerly embraces potential disruption, according to a new study published by Edelman.

The reason? According to the report, it’s President Trump’s Tax Cuts and Jobs Act  — signed into law last December — that temporarily increased more people’s take-home pay.

Released in October, the report found that 25 percent of affluent millennials (anyone from the age of 24 to 38 who has at least $50,000 in investable assets or $100,000 in individual or joint income) are using or hold cryptocurrency. That’s on top of another 31 percent of millennials who expressed interest in using it.

Civil Media Company was introduced earlier this year as both a media platform and a network, to be owned and operated by journalists and concerned citizens in tandem. It was an exciting proposal. Its technology (powered by the blockchain!) would churn under dozens of independent newsrooms, its machinery creating a new, utopian model, free from the clutches of miserly businessmen or politically compromised publishers threatening to gum up the works.

Civil took its currency to market in September for a month. In the end, it fell short of the minimum number of tokens it had hoped to sell by more than $6 million. Of the approximately $1.4 million worth of tokens the company did sell, about 80 percent was purchased by ConsenSys — the blockchain software company that underwrote Civil in the first place.

EOS is not a blockchain, it’s a glorified cloud computing service (The Next Web), Rated: A

A blockchain testing company claims it has found something quite shocking: EOS $EOS▲1.87%, a blockchain protocol that was worth $4 billion a few months ago, may not actually be a blockchain.

In a new experiment, benchmarking firm Whiteblock concluded that the EOS token (and its RAM market) is essentially a cloud service for computation – and is built on an entirely centralized premise. As such, it lacks some of blockchain’s most fundamental aspects, like immutability.

The tests were commissioned by major blockchain entity ConsenSys, to establish metrics for benchmarking base-layer blockchain protocols.

Sia Completes Hard Fork as Bricked Miners Form Rival Blockchain (CoinDesk), Rated: A

The distributed cloud storage blockchain network Sia has successfully completed a planned hard fork, changing its consensus rules in a way that prevents some specialized hardware from mining on the network.

Hyperledger Fabric Adds Support for Ethereum (Nasdaq), Rated: A

According to a recent report released by Hyperledger, a group of open-source blockchains and related tools founded by the Linux Foundation, the Hyperledger Fabric blockchain implementation now includes support for Ethereum Virtual Machine (EVM) smart contracts.

Ten Digital Currency Exchange “Best Practice Tips” from Virtual Markets Integrity Initiative Report (Lexology), Rated: A

2.1.5 Best practice tip #1: operators should be transparent about where:

  1. their operations are geographically based;
  2. the relevant operating entity is established or incorporated; and
  3. their customers are located.

2.1.6 Best practice tip #2: operators wanting to expand into a new territory should consider locating their assets and entities within that jurisdiction. This gives comfort to customers and to regulators alike.

Quantstamp Partners with OmiseGo to Make Ethereum Ecosystem Safer by Securing Plasma MVP (PR Newswire), Rated: B

Quantstamp, a blockchain security company backed by Y-Combinator, recently conducted their most significant audit to date: OmiseGo’s Minimum Viable Plasma (MVP) implementation.

Announcing the Formation of the Digital Currency Trade Association (DCTA) (GlobeNewswire), Rated: B

The Digital Currency Trade Association (DCTA) has launched a membership trade association focused on the new digital asset economy. The DCTA is organized as a “business association” under IRS tax law 501(c)(6) and the goal is to organize and educate on the benefits of blockchain technology. This is intended to be an inclusive organization representing the interests of all those in the chain of custody or with a financial interest the future of digital currency and assets.

Compound Stablecoin Vote – DAI, USDC, TUSD, GUSD, PAX (Medium), Rated: B

Between now and 11:59pm PT on November 6th, all Compound protocol users are invited to vote for a stablecoin, by signing a message with your Ethereum address — the stablecoin that receives the most votes will be added to the Compound protocol following technical diligence and integration planning.

To ensure fairness, you must be a Compound protocol user in order to vote.



‘Blockchain’ is now more popular than ‘cryptocurrency,’ according to Google data (The Next Web), Rated: AAA

It’s not the flippening everyone has been talking about, but Google search data reveals people are finally starting to show more interest in blockchain than cryptocurrency.

As Ethereum & Ripple (XRP) Plunged, Tron the Only Major Crypto Post Gains in October (CCN), Rated: AAA

The month of October saw many altcoins continue to bleed out in price, with ethereum (ETH) and ripple (XRP) each declining by more than 10 percent.

Tron’s October stability comes as a bit of a surprise for a coin that is often volatile. Earlier this year, Finder.com conducted a study ranking the top fifty cryptocurrencies by market cap in order of volatility. For the first two months of 2018, tron ranked as the most volatile.

This past month, tron saw a 30-day change of about one-quarter-of-one percent, with that movement occurring to the upside.

tron crypto market
Source: onchainfx

CoinGecko’s Q3 Cryptocurrency Report Suggests Rough Outlook for Ethereum (Ethereum World News), Rated: AAA

Popular cryptocurrency blog CoinGecko.com has released its latest report detailing its findings on the cryptocurrency space during Q3 of 2018.

Among the details include some not-so-happy stats for Ethereum, which currently sits in the number two spot of the world’s top five cryptocurrencies. While the other four – which include bitcoin, bitcoin cash, Ripple’s XRP and Litecoin – have all shown positive year-on-year returns, Ethereum has failed to step up to the plate, and has fallen by roughly 22 percent since quarter two, and many enthusiasts remain downtrodden.

The report’s findings show EOS as the highest-ranking performer amongst the crypto industry’s top coins, having shot up by over 700 percent since Q2. Next in line is Ripple, which is up by over 180 percent and then bitcoin, which has experienced a burst of roughly 52 percent. Though at the bottom of the list, even bitcoin cash is up by roughly 28 percent.

cryptocurrency returns

See the full report here.

Crypto Market Down But Exchanges Are Making Billions In Revenue (Toshi Times), Rated: A

The cryptocurrency market has struggled during 2018 and lost over 75 percent from its peak in January.

Coinbase is not the only exchange that has banked big profits. Binance, the worlds largest cryptocurrency exchange booked profits of $7,5 million during the first quarter and over $200 million during the second quarter of 2018, according to a Linkedin post from Binance CEO, Changpeng Zhao which came out a few months ago.

Upbit and Bithumb, two of the largestexchanges in South Korea, have reportedly been recording a monthly revenue of $100 million in early 2018 mainly from transaction and withdrawal fees.


In an October 1st press release, the recently-formed Global Digital Finance (GDF) announced it was releasing its Code of Conduct (also known as the GDF Code) and Taxonomy for Cryptographic Assets after a two-month ratification period from its community over a “series of mini summits.”

Coin Dance | Community Driven Cryptocurrency Statistics (Coin Central), Rated: A

Coin Dance is a community-driven platform offering statistics and services for Bitcoin and Bitcoin Cash. Along with other prominent sites like Bitfire, a new wave of sites are challenging models not even strictly in the field of cryptocurrency. It appears that decentralization is sparing no area of business, not even statistics.

Chainlink acquires Town Crier (Cryptoninjas), Rated: B


European Union

World’s First Secure Private Transactions Launched on Ethereum Public Blockchain (NewsBTC), Rated: AAA

Ernst & Young (EY), one of the ‘Big Four’ public service firms, has devised a solution that allows businesses to enjoy the full benefits of private transactions over a public blockchain. This they have called the EY Ops Chain Public Edition (PE).

According to PRNewsWire, the incorporation of ZKP on Ethereum’s blockchain will dramatically reduce the barriers of entry. This is because adopting enterprises would tokenize their offerings in a standard manner and transfer the same tokens privately over a secure platform without breaking any consensus algorithms.

Ethereum 2.0 Launch ‘Really Not So Far Away,’ Says Vitalik Buterin in Devcon4 Keynote (CoinTelegraph), Rated: A

Ethereum co-founder Vitalik Buterin unveiled the roadmap for what he described as the “coherent whole” Ethereum 2.0 in a keynote presentation at the Devcon4 conference in Prague Oct. 31.

United Kingdom

CMC welcomes Litecoin, Bitcoin Cash, and XRP to its platform (Global Coin Report), Rated: A

CMC Markets, a trading company based in Queens Land (UK) has announced to add three new cryptocurrencies Litecoin, Bitcoin Cash and XRP respectively to its platform.

China/Hong Kong

Crypto Wallet Maker, Ledger, Expands Global Reach to Hong Kong (The Daily HODL), Rated: AAA

Ledger, a leader in security and infrastructure solutions for cryptocurrencies and blockchain applications, announced today that it’s expanding its operation to Hong Kong.

Hong Kong Issues New Rules to Regulate Cryptocurrency Funds and Exchanges (CoinTelegraph), Rated: A

Hong Kong’s securities regulator issued a statement setting out guidelines for funds dealing with cryptocurrency Thursday, Nov. 1, saying it could move to formally regulate exchanges.

Australia/New Zealand

Bitcoin, Ethereum, and Ripple storm higher on Nasdaq news (The Motley Fool), Rated: A

It has been another mildly positive 24 hours of trade for the crypto market and small gains are being seen largely across the board this morning. This has lifted the value of the entire market by 0.9% to US$205.3 billion according to Coin Market Cap. What happened? Although the end result has been a small gain, the last 24 hours have been one of the more volatile periods in recent weeks. In the blink of an eye overnight the value of the market leapt from US$203.3 billion to US$209.5 billion. That’s a 3% move in the space of just one…

New Zealand bank used blockchain to send meat to South Korea (The Next Web), Rated: A

A prominent bank has claimed a piece of New Zealand’s exporting history, by sending some meat to Korea and tracking it with its fancy new blockchain system.


TenX Crypto Wallet Temporarily Disables Logins, Brute Force Attack is the Culprit (Bitcoin Exchange Guide), Rated: AAA

TenX Wallet recently announced on Twitter that they had temporarily suspended it s wallet logins owing to a brute force attack aimed at the wallet.

Singapore Launches ‘Token Day’ to Bring Crypto to The Masses (NewsBTC), Rated: A

Yesterday, October 31st, cryptocurrency Bitcoin (BTC) celebrated its tenth birthday. As part of the celebration, a company called Bizkey has decided to start a new campaign called “Token Day” in Singapore.

Cardano (ADA) to Become Emurgo’s Base Currency (Crypto Recorder), Rated: B

Becoming the base currency of a cryptocurrency exchange is not a feat every digital asset can reach, and Emurgo is offering Cardano (ADA) the opportunity of reaching that before the fall of 2018.

Latin America

Peru plans to introduce state-backed cryptocurrency (Coingeek), Rated: AAA

The South American country of Peru has decided that it’s time to get into the cryptocurrency world. It plans on launching its own digital currency, the PeruCoin, as the country’s official state-backed cryptocurrency.


Binance Signs Up 40,000 Crypto Traders in Its First Week in Uganda (CoinDesk), Rated: AAA

Revealed exclusively to CoinDesk, Binance Uganda signed up 40,000 users in the first week since the world’s largest crypto exchange launched its local subsidiary in October.

BitMEX CEO Predicts Crypto Deep Freeze (The Daily HODL), Rated: A

In a new interview, Arthur Hayes told Yahoo Finance UK,

“My view is the volatility environment that exists right now could persist for another 12 to 18 months – the flatness.


Ripple joining forces with Canadian bank for new project (Crypto News Review), Rated: AAA

In an interesting turn of events, the central bank and Ripple Net collaborated for writing the white paper of Project Jasper, a collaborative approach between the public sector and the government. This initiative will help the central bank to test how efficient blockchain technology is when used for wholesale fund transfer.


George Popescu
George Popescu
Allen Taylor
Allen Taylor

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