Home / Crypto Currency / EOS Takes a Vow, Malta at the UN, and an $8 Billion Valuation: This Week in Crypto

EOS Takes a Vow, Malta at the UN, and an $8 Billion Valuation: This Week in Crypto


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Make sure you check out our previous edition here, now let’s go over what happened in crypto this week. Also, make sure you subscribe for this week’s edition of The CCN Podcast on iTunes, TuneIn, Stitcher, Google Play Music, Spotify, Soundcloud, YouTube or wherever you get your podcasts. Also make sure you check out our interview with Caitlin Long.

Price Watch:

  • Bitcoin is down 1.11% this week following a stable few weeks. Bitcoin is up 1% this month and continues to oscillate around the $6,500 level.
  • Ethereum is down 4% this week to $222, despite the negativity around some of Ethereum’s fundamentals, analysts are gaining confidence that Ethereum bottomed out at $170 after a long slide backward from over $1,000 at the peak of the great bull run of 2017.
  • The entire coin market capitalization is down around 1.8% in what’s been a slow week on price movements. Ripple declined precipitously this week

Bulls & Bears:

Tokens:

  • Tether Dominates 98% of Stablecoin Trading Volume – In a report titled The State of Stablecoins, digital assets tech firm Blockchain Luxembourg SA estimates that approximately 98% of the total daily trading volume of stablecoins is dominated by Tether. On a daily basis, this translates to approximately 60% of the daily trading volume of Bitcoin.
  • Chinese Billionaire Bitcoin Investor ‘Done’ Investing in Blockchain ProjectsLi Xiaolai, the founder of Beijing-based venture capital firm BitFund and a widely recognized billionaire Bitcoin investor in China, has publicly stated that he will personally move away from the blockchain and initial coin offering (ICO) space.
  • Block.one Vows to Use its EOS Tokens to Prevent Voting Cartels – When cryptocurrency development firm Block.one concluded its initial coin offering (ICO) and released the first version of the EOSIO software, it didn’t just raise a record ~$4 billion in crowdfunded contributions — it also received 100 million of the 1 billion EOS tokens distributed through the network’s Genesis block. Now, the well-funded blockchain startup is vowing to use those tokens to stave off any block producer voting cartels, whether they are present now or arise sometime in the future.
  • XRP is ‘Very Clearly Decentralized’: Ripple CEO – Ripple CEO Brad Garlinghouse in a recent interview with financial news outlet Cheddar spoke to some of his critics concerns this week. Garlinghouse, who was speaking on the sidelines of the Ripple-sponsored industry conference “Swell” in San Francisco, said that he believes XRP is “very clearly decentralized.”

Governments:

  • Malta PM Talks Crypto at UN General AssemblyAt the UN General Assembly, Malta Prime Minister Muscat emphasized that recognizing the potential of the blockchain, Malta has openly embraced the crypto market and businesses within it, leading the global cryptocurrency sector with favorable regulations and practical policies. The island has been rewarded with investments from the likes of Binance and endorsements by its CEO Changpeng Zhao.
  • TechCrunch Founder Outraged at US SECMichael Arrington, the co-founder of TechCrunch, announced that his venture capital firm has decided to move out of the US and relocate to Asia after the SEC sent two subpoenas to XRP Capital. Outraged by the decision of the SEC to crack down on local companies and investment companies, Arrington added: “the U.S. has already been left behind.”

Exchanges:

  • Will Coinbase Achieve $8 Billion Valuation?Tiger Global, a U.K. hedge fund that invests mainly in global consumer brands, is reportedly considering a $500 million investment in Coinbase, which would boost the startup’s valuation close to $8 billion and strengthen the cryptocurrency market’s legitimacy, according to sources that spoke to Recode. The investment would make Coinbase one of the highest valued U.S. startups.
  • BitMEX Taps Former Hong Kong Regulator as Chief Operating OfficerBitMEX, one of the largest cryptocurrency trading platforms, has named Angelina Kwan, formerly managing director and head of regulatory compliance for Hong Kong Exchanges and Clearing Limited (HKEX), as its chief operating officer. Kwan, who joins the company as it rides exceptional growth, will work with regulators worldwide to develop rules that will support cryptocurrency’s continued growth.

Featured image from Shutterstock.

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Barclays’ Crypto Trading Desk Put ‘on Ice’ as Competition Heats Up

Barclays has reportedly put plans for a cryptocurrency trading platform on pause, according to sources familiar with the matter. Barclays Puts Crypto Trading Project on Hold U.K.-based multinational bank and financial services company Barclays is said to have frozen a project that would see the firm launching a cryptocurrency trading desk, two sources “familiar with the situation” claimed. The “digital assets project” was being led by Barclays former global head of commodities Chris Tyrer, alongside head of forex and emerging markets macro strategy, Marvin Barth, technology officer Lee Braine, and digital assets consultant Matthieu Jobbe Duval. The decision to axe the project reportedly prompted Tyrer to exit his post leading the project in September. The quartet had been researching cryptocurrencies viability as an asset Barclays’ customers might be interested in, and to better understand what operational infrastructure would be required to support the effort. However, it appears that the research either discovered a number of challenges Barclays wasn’t prepared to face, or found a distinct lack of interest from customers willing to explore the emerging asset class as an investment vehicle. No specific reason was given for the decision, only that the project was put “on ice.” In recent weeks, as cryptocurrencies continue to experience declining prices, a general lack of interest from institutional investors has caused other cryptocurrency products to be folded. However, past comments from Barclays chief executive officer Jes Staley could shed some light as to why Barclays got cold feet with a crypto trading desk. Staley worried that cryptocurrencies could be “used for activities that the bank wants to have no part of.” Barclays was rumored to be investigating a cryptocurrency trading desk back in April of this year, in partnership with Goldman Sachs. The buzz surrounding the rumor picked up steam when Barclays created its Digital Asset Team in August. Competition in Crypto Space Begins to Heat Up Barclays’ potential partner on the project, Goldman Sachs, is also rumored to be working on its own cryptocurrency trading desk. Like Barclays it too has pivoted back and forth between supporting and denying the existence of such a trading desk. Last month, rumors emerged from anonymous sources claiming that the major U.S. finance firm was ditching plans for a cryptocurrency trading desk. Yet, Goldman’s chief financial officer Marty Chavez called the report “fake news.” Traditional finance firms like Goldman Sachs, Barclays, JPMorgan, and others, are in a race to open the first cryptocurrency trading desk geared toward institutional investors. Competition in the space is beginning to heat up, with New York Stock Exchange parent company Intercontinental Exchange set to take the first step by offering physically delivered Bitcoin futures via its Bakkt platform this coming November. Featured image from Shutterstock. The post Barclays’ Crypto Trading Desk Put ‘on Ice’ as Competition Heats Up appeared first on NewsBTC.

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