- Crypto Recap Feb 13: Absence of Clear Drivers, Alts Piggy-Backing Bitcoin
*Headlines below — except HOT! — are listed in chronological order. Make sure to follow us on Twitter at @CoinLive_IO and share the report, help us spread the word. We are launching the website this week!
Top Crypto Headlines
- HOT! BitFinex Announces Decentralized Exchange on EOS.IO Platform
- HOT! Microsoft to Utilize Blockchain in Decentralized Identity Systems
- HOT! South Korea May Introduce New Crypto Licenses for Exchanges
- HOT! Weiss Ratings Publishes Article on Dangers of Tether
- HOT! Bitgrail fiasco: Interview with the Bomber
- ITC Pegged to Be the Next Big Thing in IoT
- Iceland Will Consume More Electricity Mining BTC Than Powering Homes
- Blockchain Caucus Founder Urges US Congress to Disclose Crypto-Assets
- Waltonchain Partners with Loci
- ViaBTC Announces Zero Fees on All ZEC/ETH/ETC Nodes
- Monero Planning on Slight Pow Change for March Fork
- JP Morgan Believes That Crypto Can Help Diversify Portfolio
- Gibraltar to Regulate and Legalize ICOs
- VeChain CEO Meets Belgian Deputy PM
- Indian Banking Giants, Citi Bank, Has Banned Crypto Purchases
- Ledger Trello Roadmap Adds Cardano
- Qtum Announces Collaboration with SpaceChain Foundation
- Kyber Network Joins Forces with Wanchain
- Sora Foundation and Qtum Decide to Collaborate
- Americans Refrain from Reporting Gains via Cryptocurrencies to IRS
- Ten Traders to File Lawsuit Against Coincheck
- Stratis Publishes Development Roadmap Update
The crypto market remains in ‘wait and see’ mode, with both volatility and volumes having experienced a notable decrease since last week. Bitcoin is building up value ahead of the $9k handle, while Ethereum continues to piggy-back the movements of BTC; one has to only check the activity of ETH/BTC to come to the conclusion that it’s all about the price of BTC. Tentative evidence exists though, judging by the decrease in the sell-side volume, that potential re-attempts towards $9k in BTC might be in the cards.
By checking USDT/USD as a proxy of market sentiment, it communicates a positive context as the pair exchanges hands anchored at the parity level. In terms of volume by exchanges, with December’s hype long gone, and ahead of a potential curb in regulations in several countries, the number of transactions going through the books have continued to recede, with Binance and Bitfinex down 10%, while Bithumb saw a sharp 30% decrease. In terms of the total market cap, we stand around $415 billion, barely changed.
With regards to the main gainers, ZClassic, Revain, Ethereum Classic and ChainLink topped the board, while on the downside, SmartCash, Populous, BAT, Lisk were some of the worst performers. There were no dominant themes driving crypto assets on Tuesday other than the overall sense of vigilance ahead of US/European regulators flexing their muscles, hence providing fewer incentives for momentum traders to engage in transactions.
On the industry front, BitFinex announced the launch of EOSFinex, a high-performance decentralized exchange on the EOS.IO platform. JPMorgan Chase wrote a 71-page research report titled “Decrypting Cryptocurrencies: Technology, Applications and Challenges” wherein they state that cryptocurrencies could help investors diversify their equity and bond portfolios. Also, entering the growing list of banks which have now banned the purchase of cryptocurrencies, Citi Bank announcing they were banning purchases through both credit and debit card. The bank broke the news through an email which they sent to their customers.
In what was perceived as positive news, it looks like South Korea may have softened their stance when it comes to crypto regulation as the government is looking to adopt something similar to the New York Bitlicense model. What’s more, Alex Simons, Director of Program Management at Microsoft Identity Division, announced that after joining the Decentralized Identity Foundation, they will now be utilizing blockchain technology in decentralized IDs (DIDs) through the Microsoft Authenticator app.
As per the Bitgrail scandal, in which 17 million XRBs were stolen, CEO Francesco Firano was interviewed by Cointelegraph to shed his thoughts on the matter. He mentioned that they trying to understand how to proceed from a legal standpoint. Once we understand what we can and cannot do legally, we’ll proceed. Meanwhile, Weiss Ratings, a leading independent rating agency of financial institutions that released the first Cryptocurrency Ratings back in January, recently published an article in which they assessed the potential negative impact of Tether on the crypto space.
There were a large number of fundamentally-oriented updates in crypto projects. Waltonchain announced that it had entered into a strategic partnership with Loci. The Plasma ImplementersCall #2 took place among the people developing the scalable solution, including co-creator Joseph Poon. Monero is planning a slight PoW change for their upcoming March fork. Evan van Ness sent some interesting Ethereum updates to Eric Meltzer’s “Proof of Work” newsletter. The updates included lots of sharding research done, the DOGE-ETH bridge is finally live on testnet, while Relay Networks v0.1 code got released.
It was revealed via Cardano’s Reddit page that it has been officially added to the Ledger Trello roadmap. In a recently published article, NavCoin explained how Valence would help the project reach its goal of becoming a key player in the cryptocurrency space. Kyber Network recently announced that they partnered up with Wanchain. Sora Foundation decided to build on the Qtum blockchain; Sora is Asia’s first crypto-backed venture capital firm dedicated to blockchain and digital currency investments. Lastly, in an interview with Coin Central’s Bennett Garner, David Sønstebø, one of the co-founders of IOTA, talked about their primary goals in 2018.
Main Gainers / Losers Top 100 Coins
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- Date of publication:
- Tue, 02/13/2018 - 16:45
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