Inside | Real news, curated by real humans
Inside Bitcoin

Inside Bitcoin (Jun 28th, 2019)

Market Watch: Bitcoin regained some of its losses and breached the $200 billion market cap. However, in aggregate the top four cryptocurrencies are down over the past 24 hours. 

  • Bitcoin: $11.686.95 (⬇️ 1.04%) // $207.85 billion market cap.
  • Ethereum: $302.28 (⬇️ 1.86%) // $32.24 billion market cap.
  • XRP: $0.41 (⬇️3.43%) // $17.47 billion market cap.
  • Litecoin: $117.83 (⬆️ 1.47%) // $7.3 billion market cap.
  • Top 100 Winner: XMax: $0.005 (⬆️ 31.60%) // $91 million market cap.
  • Top 100 Loser: Insight Chain: $0.27 (⬇️ 18.55%) // $94 million market cap.

Prices are as of 9:40am EDT.

  • Email gray
  • Permalink gray

1. Goldman Sachs CEO David Solomon said that the bank may look into developing a digital currency. Speaking to Les Echos, a French financial newspaper, Solomon said, "Assume that all major financial institutions around the world are looking at the potential of tokenization, stablecoins, and frictionless payments." Solomon believes that because of banking regulations many crypto startups will have to partner with existing financial institutions instead of trying to become one themselves. - COIN TELEGRAPH

  • Email gray
  • Permalink gray

2. Apex Clearing launched a crypto trading platform for financial advisors and brokers-dealers. The Apex Crypto platform allows broker-dealers and financial advisors to meet legal and regulatory guidelines by holding crypto assets in separate accounts. At launch, Apex Crypto is offering access to four of the most-popular coins: Bitcoin, Bitcoin Cash, Ethereum and Litecoin. The COO of Apex Crypto, Edward Haravon, said, "The interest and demand for cryptocurrency continue to rise. With Apex Crypto, investors have unprecedented access to this important asset class. It’s never been easier to buy or trade cryptocurrency." - THE BLOCK CRYPTO

  • Email gray
  • Permalink gray

3. Follow Friday: Larry Cermak is the Director of Research at The Block. On his Twitter, Larry continually provides deep research and often has contrarian views regarding crypto assets. A self identified 'no-coiner', Larry is able to provide unbiased thoughts in an industry full of vertical partisan takes. Some of Larry's best tweets this week are below. 

In case you needed another proof that this price rally is entirely different than the one in 2017, just look at new followers on any of the large exchanges. Coinbase, Binance and Bitfinex followers all spiked hard in 2017. There isn't even a hint of a spike now. pic.twitter.com/B4SGNcttg5

— Larry Cermak (@lawmaster) June 27, 2019

Historically, volume on retail exchanges serves as a lagging indicator of price — as the price increases, more people start trading and volume increases. Not this month. Could mean that a lot of volume is coming from institutional platforms or OTC desks pic.twitter.com/vYMrBzacgq

— Larry Cermak (@lawmaster) June 26, 2019

This is the correlation matrix for Q2 2019. Stellar and Ethereum had the strongest correlation while Bitcoin SV and Grin have the weakest, followed by BNB and Bitcoin Cash. This could suggest that Bitcoin forks are starting to decouple from each other. pic.twitter.com/1EekWrxwg4

— Larry Cermak (@lawmaster) June 24, 2019
 

Some questions that I still have:

1. How does Libra reconcile KYC procedures with banking the unbanked?

2. What return can be expected from the founding members?

3. At what valuation did each member get the STO tokens? How much of the supply of the STO does Facebook own?

— Larry Cermak (@lawmaster) June 18, 2019

Just so we are clear, Libra is:
- not decentralized
- not censorship resistant
- not guaranteed to work technologically
- not guaranteed to be cleared by regulators
- not clear in regards to tax implications

— Larry Cermak (@lawmaster) June 18, 2019

Make sure you follow Larry, @lawmaster, for hot takes and insight into The Block's crypto research.

  • Email gray
  • Permalink gray

4. From The Forums: VeChain surpassed Ethereum in blockchain activity. A good discussion regarding the flippening[sic] between VeChain and Ethereum took place. Users on Reddit displayed their opinions on what this means for both blockchains. 

Card Card Card

Card
  • Email gray
  • Permalink gray

5. Lawmakers in the U.S. House of Representatives questioned FinCEN director Kenneth Blanco about Facebook Libra. Emanuel Cleaver II(D-MO) said, "We’ve seen the significant damage that foreign adversaries and bad actors have wrought on our democracy through Facebook’s platform, and that was simply through messaging and advertising." - COIN DESK

  • Email gray
  • Permalink gray

6. Democratic Minnesota House Representatives introduced a bill to keep cryptocurrency out of political donations.  The bill wants to outlaw from any source a contribution or donation of any digital unit of exchange, including but not limited to bitcoin, that is not backed by a government-issued legal tender. - COIN DESK

  • Email gray
  • Permalink gray

7. Opera launched a crypto wallet within its browser on its iOS app. The iOS launch followed the release of its Android version. - CRYPTO CURRENCY NEWS

  • Email gray
  • Permalink gray

8. Facebook and Binance had official discussions regarding Libra. Binance strategy officer Gin Chao said, "I think the potential that libra can have, not just on mass adoption but what it means to payments and forcing regulators’ hands to catch up a bit, is all good news." - COIN TELEGRAPH

  • Email gray
  • Permalink gray

9. Dublin-based crypto exchange Bitsane disappeared with users' funds. As many as 246,000 users have lost their crypto deposits. - THE NEXT WEB

  • Email gray
  • Permalink gray

10. Bitcoin internet searches have a correlation with the price of Bitcoin. Olga Andrienko, head of global marketing at SEMrush, said, “We identified that there’s an 80.8% correlation ratio between Google searches and bitcoin price,” - MARKET WATCH

  • Email gray
  • Permalink gray

Written and curated by Darren Webb. He created Currencylists and has worked in marketing roles for a multitude of cryptocurrency and blockchain projects since 2014. Based in NYC, Darren loves to read and continue to learn about cryptocurrency and emerging technology in his spare time. You can find him on Twitter @Dwebbny.

Editing team: Kim Lyons (Pittsburgh-based journalist and managing editor at Inside), David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology), and Bobby Cherry (senior editor at Inside, who’s always on social media).

  • Email gray

Subscribe to Inside Bitcoin