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Crypto Space Over The Past Week From 15 To 21 Of October, 2018

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At the end of the week, we resume everything that the cryptocommunity talked about over the past seven days. This week Fidelity Investments announced the launch of its cryptocurrency platform and Ethereum developers postponed Constantinople update until the beginning of 2019.

Opinions

Cryptocurrency enthusiast, Mike Novogratz, unexpectedly changed his prediction and said that a bitcoin rally will start in 2019 again. In his opinion, Bitcoin can demonstrate a breakthrough approximately in the first half of next year. In addition, Novogratz believes that Tether cryptocurrency project has not proved its solvency, which caused a drop in investor interest in this digital asset.

According to the forecasts of the investment company Pantera Capital, the market value of cryptocurrencies will increase tenfold by 2020. The representative of the investment company Joey Krug said that the growth momentum of the cryptocurrency market can provide a solution to the problem of Bitcoin network scalability. If developers will solve this problem, then the likelihood of a sharp increase in demand for digital assets will high.

The head of Civic, Vinny Lingham, said that in the future, the cryptocurrency markets are likely to have another bubble. Then the price will again reach $ 20,000 and return to $ 100.

According to Alex Michaelis, co-founder of CoinSchedule, many investors who bought Tether on Bitfinex now want to “merge” it through Bitcoin: these people believe that Tether went bankrupt, so they exchange it for Bitcoin and push the price USDT on Bitfinex up.

In a recent tweet, Ethereum co-founder, Vitalik Buterin, admitted that he regretted the use of the term “smart contract” in his project. According to him, "it was necessary to choose a more boring technical name."

According to the former chairman of the US Commodity Futures Trading Commission (CFTC), Gary Jensler, ICO should be equated to the procedure for issuing securities.

Estimates

A recent study by Depository Trust & Clearing Corporation (DTCC) demonstrates that the blockchain technology is capable of supporting the entire peak trading volume of the US stock market. Thus, it is about 115 million daily transactions, or about 6300 transactions per second.

The international company Group-IB, which specializes in preventing cyber attacks, estimated the damage from targeted attacks on cryptocurrency exchanges in 2017 and the first nine months of 2018 at $ 882 million. According to experts, at least 14 cryptocurrency exchanges were hacked during this period, and five of them were attacked North Korean hacker group Lazarus, including the Japanese cryptocurrency exchange Coincheck, which lost $ 534 million in cryptocurrency.

MasterCard and Visa, the largest global payment operators, will include cryptocurrency and ICO as high-risk assets. With this classification, the refund procedure will compleate up to 540 days after the actual date of the transaction.

According to Octoverse, Ethereum is currently the fifth fastest-growing open source project on GitHub. However, on Friday, the developers announced that the implementation of the update of Ethereum Constantinople is being postponed until the beginning of 2019. The team members, who originally planned to conduct hard fork in November, decided to postpone it, since several bugs were found in the code.

Cryptocurrency Exchanges

Clients of the cryptocurrency exchange Poloniex on Wednesday faced problems when withdrawing and depositing funds in Bitcoins. The support of the platform acknowledged on Twitter the fact of a problem and apologized for the inconvenience. The report noted that the failure occurred in connection with the updating of cryptocurrency wallets.

Binance Exchange announced a partnership with the analytical blockchain company Chainalysis, within which the website plans to integrate special software to detect illegal transactions and identify customers who could potentially engage in money laundering. Also, Binance Uganda, a cryptocurrency exchange platform, officially announced the start of operating this week. Binance soon plans to open offices in Singapore, Liechtenstein and Malta.

American cryptocurrency exchange Coinbase intends to strengthen its position in Europe and opens an office in Ireland for this. This step will allow the trading platform to gain a foothold in the EU in case of Brexit. Coinbase stressed that the exchange is committed to serving customers from all over Europe and sees the Irish market as a good entry point.

OKEx and Huobi announced the listing of a group of new stablecoins. From now on, transactions with digital currencies TrueUSD (TUSD), USD Coin (USDC), Gemini dollar (GUSD) and Paxos Standard Token (PAX) are available on the websites. The “dollar” of the Winkelvoss brothers and other stablecoins are also eyeing Binance.

On Monday, the decentralized platform Bithumb was officially launched. Ether will be the first basic digital asset with which it will be possible to enter into transactions on the platform. Bithumb also launched a promotional program for foreign users.

Under the pressure of the central bank of the country, the Indian cryptocurrency exchange Zebpay was forced to find a new home abroad, and Malta became this haven. Restrictive measures by the Central Bank led to the fact that Zebpay users could no longer introduce funds to the platform in the Indian national currency, as well as carry out their withdrawal.

The oldest Chinese cryptocurrency exchange BTCC, formerly known as BTC China, plans to launch a trading platform for South Korean investors in November of this year. At the same time, local cryptocurrency platforms, after tough actions by the South Korean government, agree that they have nothing more to do at home. Coinone representatives are planning to switch to other regions of Asia by next year. Bithumb and Upbit have already announced plans to work in Thailand and Singapore, respectively.

Institutional investors

Fidelity Investments, one of the largest asset management companies in the world, is launching its cryptocurrency platform. A subsidiary of Fidelity Digital Assets will provide corporate solutions for the storage and trading of cryptocurrency, as well as consulting services (around the clock and seven days a week). The launch of a subsidiary with 100 employees is currently the last and possibly the largest entry of institutional investors into the cryptocurrency market.

The Nasdaq Stock Exchange plans to launch its own platform for issuing ICO tokens and then trading them.

Genesis Global Trading, said it provided institutional investors with loans of digital assets totaling more than half a billion dollars.

The Chicago Mercantile Exchange (CME) reported an increase in bitcoin futures trading in the 3Q. CME notes that the average daily trading volume (ADV) increased by 41% compared with the second quarter, while the number of open contracts increased by 19% in the third quarter.

Barclays project to launch a service for cryptocurrency trading "temporarily frozen." At the end of September this year, the leadership of a British credit organization made an unexpected decision to suspend the team’s activities in launching a digital service.

Financial giant Goldman Sachs and Mike Novograts's cryptocurrency bank Galaxy Digital have invested $ 15 million in developing BitGo, a startup that specializes in developing services for the safe storage of digital assets.

Mining

Acting Prime Minister of Armenia, Nikol Pashinyan, launched the operation of the largest mining center in the republic. At the first stage, the company will work 3,000 units of hardware for bitcoin and ether mining. Then the company plans to increase the number of machines to 12,000.

The second largest manufacturer of equipment for bitcoin mining Canaan Creative announced a new miner called AvalonMiner A911. This miner is far superior to the Antminer S9i, which Bitmain is currently ready to offer the market.

Blockchain

On October 17 canadian blockchain-company DMG Blockchain Solutions officially announced plans to create a global logistics management platform for the cannabis industry.

Technology giant Sony Corporation announced that it is developing a blockchain system to protect the rights to digital content. The goal is to create an effective way to manage the ownership of various written works protected by copyright.

Japanese car manufacturer Toyota has entered into a partnership with the company Lucidity, which is exploring the use of the blockchain in the field of advertising. This step is aimed at reducing fraud in the creation and placement of digital advertising.

The Russian association IPChain has signed a partnership agreement with the Innovation Department of the Tashkent municipality. The startup specialists will help the authorities of the capital of Uzbekistan to introduce the blockchain technology into the sphere of intellectual property protection within the framework of the state program on digitization of the republic's economy.

Regulation

The head of the Central Bank of the Russian Federation, Elvira Nabiullina, believes that interest in cryptocurrency in Russia has begun to fall. However, the head of the Central Bank does not see anything wrong with the rapid development of the cryptocurrency industry and the introduction of innovative solutions to automate business processes and speed up the transfer of money to anywhere in the world.

The Financial Services Authority of the United Kingdom announced its intention to form its policy on digital currencies by the end of the year. The financial regulator has made such an item in the business plan for 2018-2019. Six months ago, it published a warning that companies offering cryptocurrency derivatives are not endowed with the appropriate powers.

The US Securities and Exchange Commission announced this week that it is launching its fintech hub to collaborate with companies that use blockchain, artificial intelligence and other innovative technologies.

The Tax Policy Committee of Japan wants to simplify the process of providing tax reports on cryptocurrency transactions. According to the authorities, the new system will encourage cryptocurrency holders to exit from the shadows.

Hong Kong authorities will protect cryptocurrency investors by regulating trading platforms. Hong Kong authorities do not plan to prohibit crypto-trading, but intend to strengthen control over the course of trading and increase the transparency of transactions for the sale of digital assets.

Other events

Almost two thirds of those who wish to receive a certificate of a cryptocurrency agent in Malta failed to pass the exam, although at the last minute the evaluation criteria became much softer. The agents are lawyers, accountants and auditors who want to act as intermediaries between ICO operators or other cryptocurrency vendors on the one hand and the country's financial regulator, the Financial Regulatory and Supervision Department (MSFA) on the other.

Blockstream has launched Bitcoin sidechain called Liquid Network. It should be said that the event did not cause a significant hyip, although we are talking about the world's first commercial sidechain.

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