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Crypto Space Over The Past Week From 22 To 28 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 on network there was information on possible IPO Coinbase and Bitfuryk, the launch date of Bakkt’s “main institutional cryptocurrency platform” became known, and legendary Timothy Mai has ruthlessly criticized the cryptoindustry.

Opinions

According to the creator of the digital currency Dogecoin, Jackson Palmer, the arrival of institutional investors in the cryptocurrency market can harm this segment of the economy. He believes that such investors can create conditions under which the cryptocurrency markets will actually become Wall Street 2.0, that is, they will be fully controlled by the big players.

The head of Dash Core Group, Ryan Taylor, in an interview with Cointelegraph, said that cryptocurrencies emitted by central banks are an inevitable future, but the last word is for people who "decide what form of money they want to use as part of their life."

According to the CEO of the DeVere group, Nigel Green, over the next ten years, the capitalization of the cryptocurrency market will increase by 5,000%. In the same period, competition between digital assets will grow in the market, which ultimately will lead to a weakening of Bitcoin's position.

Tom Lee, head of the Fundstrat and one of the most popular analysts in the cryptocurrency community, said that Bitcoin has every chance to overcome the $ 20,000 barrier in 2019. According to his analysis, in 80% of scenarios similar to the current situation, the price of Bitcoin increased. Lee said that the ethereum also has a high chance of reaching a price level of $ 2,000, given its active distribution.

A social economist, a cryptocurrency trader and the founder of the Bitcoin Foundation, Charlie Schrem, said that steblecoins are nothing more than a publicized version of PayPal. Shrem pointed to the fall of the NASDAQ, S & P 500 and Dow Jones Industrial Averages over the last month, as well as the decrease in bitcoin volatility over the same period, and summed up: the new steylcoin is bitcoin.

Tokens produced by the world's largest cryptocurrency exchange Binance can gain a second wind as a means of payment. At least that is what Changphen Zhao thinks. In an interview with Crypto Briefing, he stated that he plans to turn Binance Coin (BNB) into a payment token.

Large economies should initiate the coordinated regulation of cryptocurrencies. This opinion was expressed by Jeremy Alleir, head of the cryptocurrency startup Circle. He stressed the growing support for the creation of international regulations for the regulation of digital assets by the cryptoindustry.

The founder of the Freedom Investment Group, Olivier Janssens, believes that the majority of the early members of the Bitcoin user community have left this sphere and in fact “destroyed” the industry.

Estimates

The results of a joint study by IBM Blockchain and the Official Forum of Monetary and Financial Institutions (OMFIF), published on October 25, suggest that most financial institutions are in favor of central banks issuing their own digital currencies.

According to the Bitcoinist, in July of this year, 500,000 people in Ontario owned cryptocurrencies. The calculations were made based on a survey of more than 2,500 residents of the city by the Ontario Securities Commission (OSC). Bylls CEO Francis Pullo claims that between 3 and 5% of Canadians own Bitcoins.

According to analyst at the Chicago Stock Options Exchange (Cboe) Kevin DeWitt, the main cryptocurrency is now less volatile than stocks of giants like Amazon and Nvidia.

According to Google Trends, the number of search requests on the topic of Bitcoin was reduced to a mark that was recorded in May 2017. Compared to December 2017, the popularity of requests related to the main cryptocurrency lost 93%.

Cryptocurrencies

Monero network upgrade to version v0.13.0.0., called Beryllium Bullet, made it possible to reduce transaction fees in the cryptocurrency ecosystem by about 97%. During the update, the developers have implemented the Bulletproofs protocol in the network.

NEM Foundation team launched a center in Australia that will study the use of cryptocurrencies and distributed registry technology. He is in Melbourne and will collaborate with startups creating products for the business.

Ripple Company reported an increase in sales of XRP tokens in the third quarter of 2018. This week it became known that the British trading and currency company MoneyNetInt and the Malaysian financial company MoneyMatch have joined the payment system RippleNet. About why Ripple can count on special favor from the SEC, read in this article.

On October 24, Tether, which produces the same-name stablecoin, announced on Twitter that it had destroyed 500 million USDT tokens. As a result, the amount of USDT in circulation decreased by about a quarter in a week and a half, to $ 2 billion.

The Russian metallurgical giant Norilsk Nickel in 2019 may release its own steyblecoin. Cryptocurrency will receive security in the form of metals available to the company. As noted by the president of Norilsk Nickel, Vladimir Potanin, this will help make the asset less volatile. On why stablecoin new generation fundamentally built on ethereum, read this article.

Mining

The company Bitmain, a Chinese manufacturer of mining hardware, has released a software update for its ASIC miners (Asiki) Antminer S9 with support for AsicBoost technology, which makes Bitcoin mining more efficient.

AMD  unveiled third quarter financials. The company reported that its quarterly revenue grew by 4% compared to the same period last year, to $ 1.65 billion, but did not reach the expected $ 1.7 billion. AMD attributed this to a decrease in demand for video cards for mining.

Employees of the security department of the Interregional Distribution Company of the Volga, a member of Rosseti, discovered an underground mining farm in the Samara region. Having fixed atypical energy consumption, the power men visited this building and saw that the transformer was replaced with a more powerful one and the meter was disrupted to transmit incorrect data on the amount of energy consumption.

According to Bloomberg, the mining company Bitfury is considering the possibility of an initial public offering (IPO) as one of its business development strategies.

Cryptocurrency Exchanges

The users of WEX cryptocurrency exchange started submitting applications to the Russian police, since they have been unable to withdraw their cryptocurrencies and fiat money from the site for more than three months. One of the affected traders urges other users to initiate a formal investigation and clarifies that about 35 applications have already been sent via the website of the Ministry of Internal Affairs.

Cryptocurrency exchange Coinbase has announced support on its website for the first stablecoin. They became USD Coin (USDC) poduced by Circle. Coinbase also received approval from the New York regulators to create a specialized company that will provide cryptocurrency storage services. Ren Nuner, host of Crypto Trader on CNBC Africa, on his October 25 tweet states that Coinbase is about to announce an IPO.

One of the largest cryptocurrency exchanges in Brazil Mercado Bitcoin began to reduce the number of staff amid a change in the format of customer service. The management of the marketplace has already fired more than 20 employees, and the first cuts began in the company last week.

David Floyd from CoinDesk tried to find out why Bitfinex, which has the most direct relation to this stablecoin, displays a pair of USDT/USD on CoinMarketCap, on which there is virtually no trading on the exchange. The exchange said that the pair is a deposit and a withdrawal of USDT on Bitfinex, and the article is another not very successful example of FUD against Bitfinex/Tether.

Investment company Temasek, owned by the government of Singapore and managing the national wealth fund, acted as an investor in the Binance cryptocurrency exchange.

Regulation

Financial Action Task Force on Money Laundering (FATF) has demanded that member countries issue licenses or otherwise regulate the activities of cryptocurrency exchanges operating in their jurisdictions. FATF has declared an “urgent need” to prevent the use of cryptocurrencies in money laundering and settlements for illegal services. FATF members are 36 countries, including Russia.

In the Russian Union of Industrialists and Entrepreneurs  extremely negative attitude to the draft laws on cryptocurrency, which the government proposes to adopt. The head of the organization, Alexander Shokhin, asks the prime minister and the parliament to refuse altogether to consider bills at least until next year.

Ukraine submitted a bill on the provision of tax benefits to holders of digital assets. According to the bill, the authorities should impose a moratorium on the collection of taxes on cryptocurrency transactions by the end of 2029. On October 25, the press service of the Ministry of Economic Development and Trade of Ukraine announced plans to initiate the adoption of the Concept of State Policy in the Field of Virtual Assets in order to create “conditions for conducting activities in the field of virtual assets and virtual currencies with a view to legalizing them”.

Japan officially approved self-regulation for its cryptocurrency industry. Regulators of the country decided that the Japan Virtual Currency Exchanges Association (JVCEA) would ensure order on cryptocurrency exchanges and their compliance with legal requirements. However, the Deputy Governor of the Bank of Japan, Masayoshi Amamiya, confirmed his negative attitude to digital currencies from central banks. Amamiya expressed doubts about the effectiveness of such instruments, saying that they are unlikely to be able to improve existing monetary systems.

The Financial Services Commission of South Korea (FSC) has issued a statement in which it warns investors about the need to observe precautions when investing in cryptocurrency funds. FSC believes that public cryptocurrency funds can mislead investors by presenting their activity as legal, although in reality it does not comply with South Korea’s capital market law.

The Spanish authorities want to restore order in the cryptocurrency industry and force all citizens to provide information about their digital assets. The corresponding bill was approved in the government of Spain.

The central bank of Sweden is studying the technical details of issuing a digital currency called E-krona. For the first time, Sweden announced its readiness to create its own token in the spring of last year, at the same time a commission was created, which began to study the technical side of the issue.

On October 22, the Australian ICO-project Global Tech Exchange, which intended to raise $ 50 million, announced that the local regulator had stopped its tokensale. The Australian Securities Investment Commission (ASIC) intervened in the work of a Brisbane startup.

Institutional investors

The Bakkt cryptocurrency platform announced ICE will begin operate on December 12 of this year. The first product on the platform will be one-day Bitcoin futures contracts with physical asset delivery.

According to the Abacus Journal website, quoting unnamed insiders on the Chicago Stock Exchange (Cboe), the approval of Bitcoin-ETF is inevitable. According to sources, VanEck, SolidX and Cboe resolved all controversial issues in dialogue with the US Securities and Exchange Commission (SEC), so a positive decision by the regulator is only a matter of time.

Since its launch in December 2018, bitcoin futures, contrary to expectations, have not caused a revival of the market. In the third quarter, CME and Cboe together accounted for 9,000 contracts per day, which is very small compared to the traditional futures market.

Crime

This year, hackers spent at least five attacks of 51%, earning $ 19.5 million from this, writes The Next Web, citing a report by cybersecurity experts from Group-IB. The document notes that last year there was not a single such case.

A New York court rejected a class action lawsuit against the Altcoin Nano (XRB) development team, initiated by one of the investors. This is evidenced by court documents dated October 22. The plaintiff accused the developers of “luring traders” to trade coins on the BitGrail exchange, which later lost hundreds of millions of dollars in cryptocurrency.

The FBI suspects the two Call of Duty players have helped steal more than $ 3 million in cryptocurrencies.

Blockchain

The co-founder of Ethereum and founder of Parity Technologies, Gavin Wood, announced that his company would soon launch a new DIY tool called Substrate. As a technical basis for the Polkadot interaction protocol (from Parity), it provides a platform for developing blockchains.

NBC, one of the largest Canadian commercial banks, will use the blockchain for faster and more transparent customer service.

The Indonesian company Blossom Finance plans to issue bonds on the blockchain platform according to Islamic sharia law. The funds raised from the sale of such papers will be used by the startup to finance social projects, including waste management and the construction of hospitals.

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