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Inside Bitcoin

Inside Bitcoin (Jul 2nd, 2019)

Market Watch: Only four coins in the top 50 have seen positive movement over the past 24 hours. Bitcoin continues its slide as it approaches $10k. For a second consecutive day, Aurora is the Top 100 loser.

  • Bitcoin: $10,068.16 (⬇️ 6.36%) // $179.14 billion market cap.
  • Ethereum: $282.28 (⬇️ 2.76%) // $30.12 billion market cap.
  • XRP: $0.39 (⬇️2.40%) // $16.68 billion market cap.
  • Litecoin: $116.76 (⬇️ 3.09%) // $7.29 billion market cap.
  • Top 100 Winner: Waltonchain: $1.67 (⬆️ 15.96%) // $69 million market cap.
  • Top 100 Loser: Aurora: $0.02 (⬇️ 14.19%) // $194 million market cap.

Prices are as of 9:15am EDT.

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1. TD-Ameritrade backed ErisX won regulatory approval for a crypto futures product and was granted a Derivative Clearing Organization License. As a registered DCO, the ErisX clearinghouse will offer the clearing of digital asset futures contracts traded on ErisX’s regulated derivatives market, which is scheduled to launch later this year. Thomas Chippas, Chief Executive Officer of ErisX, said, “ErisX is unique in that for our digital asset market, we have divided the trading and settlement functions using traditional DCM (exchange) and DCO (clearing) models.” - ERIS X

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2. Binance will launch a futures trading product that will introduce leverage up to 20 times. Changpeng Zhao, CEO of Binance, said, "Binance will be launching a futures platform very soon. I don’t have the exact date yet. The simulation test version will be live in a few weeks." Binance futures will initially support BTC/USDT and is expected to support more pairs soon after. - COIN DESK

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3. From the forums: What if you bought $1,000 worth of the Top Ten Cryptos on January 1st, 2018? That is a question posed to Reddit by @Joe-M-4. After running his experiment it was shown that you would be down 71 percent had you bought $1,000 worth of the top ten cryptos by market cap. This post caused many in the community to tune in and respond.

@NomBox said, " I think an important thing for people to take away from this is the opportunity cost of investing in a crypto bear market. If the regular stock market is going up, and crypto has been bleeding for a year, you not only lose on the money you put into crypto, but you miss out on gains from the regular market."

@Americanrealism responded, " You're right but unfortunately, opportunity cost is usually revealed in hindsight. When comparing a booming stock market against a falling crypto bear market, there are a ton of investors out there who would look at that and say "Well the stocks have been on a run so they might be running out of gas soon, but crypto has been in a bear market so maybe this has more upside and I can get in on the cheap and realize bigger gains."

Just saying the whole Warren Buffett adage of "You want to buy when there's blood in the streets" wins over for a lot of people. That right there is how a lot of people kept throwing fiat money at falling crypto."

@JeremyLinForever chimed in with, "Opportunity cost is speculation and luck. Like another poster said, it’s basically hindsight. It’s becoming increasingly obvious that gold and Bitcoin is inversely correlated with the stock market and interest rates, and you should know that Bitcoin dips when there is pending news of economic prosperity. Because the inverse yield curve has been going on for 3 months now, and people are chasing the gains from the stock market, now is the perfect time to try and acquire as much Bitcoin as you can. Why would you chase the stock market when it’s at its historic peak? This won’t bode well in a few years..."

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4. Despite the 220% rise in price, 60% of Bitcoin hasn't moved in a yearIn Delphi Digital's latest report they discovered that 21.5 percent of Bitcoin hasn't moved in 5 years. UXTO data or Unspent Transaction Output is the length of time an amount of Bitcoin stays in its wallet and was what Delphi used to track these numbers. The report said, “The active portion of Bitcoin supply, which we categorize as the coins that have moved within the last three months, is beginning to slightly increase. The new sellers are actually mostly individuals who’ve been holding for three-to-six months.” - THE NEXT WEB

via GIPHY

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5. Criminals will spend $1 Billion on the dark web this year using Bitcoin. Chainalysis reported while the growth in illicit Bitcoin spending may be alarming, the proportion of Bitcoin transactions tied to illicit deals is declining. - BLOOMBERG

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6. Blockchains.com founder acquired a local bank. Jeffery Berns the founder of Blockchains.com acquired Kirkwood Bank of Nevada for $28 million. - COIN DESK

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7. Henry Kravis of KKR & Co., invested in a cryptocurrency fund, ParaFi Capital. ParaFi Capital is run by former KKR & Co., employee Ben Forman. - FX STREET

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8. Docusign will continue to invest and implement blockchain technology. This comes after the company tested integrating Bitcoin and Ethereum's blockchain within its products. - FORBES

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9. eToro added 5 new ERC-20 tokens to its digital wallet. It plans to add 115 more ERC-20 tokens to its on-chain wallet. - THE NEXT WEB

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10. Dutch finance ministers call for cryptocurrency regulation regarding money laundering. Minister of Justice and Security Ferdinand Grapperhaus said, "Crime cannot pay. Not in the Netherlands, not in Europe and not worldwide. Through a joint effort, we want to take the approach to money laundering to a higher level." - COIN TELEGRAPH

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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).

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