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Inside Bitcoin

Inside Bitcoin (Jul 8th, 2019)

Market Watch: The overall crypto market is in positive territory as only two coins in the top 25 by market cap have seen negative movement over the past 24 hours. Bitcoin and Ethereum lead the way with both coins up 5 percent over the past 24 hours.

  • Bitcoin: $11,909.61 (⬆️ 5.43%) // $212.06 billion market cap.
  • Ethereum: $308.67 (⬆️ 5.29%) // $32.9 billion market cap.
  • XRP: $0.39 (⬆️1.89%) // $17.01 billion market cap.
  • Litecoin: $120.34 (⬆️ 1.75%) // $7.52 billion market cap.
  • Top 100 Winner:  Dent: $0.001 (⬆️ 17.34%) // $112 million market cap.
  • Top 100 Loser: WaltonChain: $2.31 (⬇️ 14.00%) // $97 million market cap.

Prices are as of 12:48pm EDT.

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1. New European Central Bank boss Christine Lagarde is pro digital assets. Set to take over as President of the ECB on November 1, Lagarde said in April," I think the role of the disruptors and anything that is using distributed ledger technology, whether you call it crypto, assets, currencies, or whatever it is clearly shaking the system." In a note to clients last week Mati Greenspan, a senior market analyst at crypto brokerage eToro, wrote of Lagarde, "Not bitcoin, of course, but she has advocated already for state-backed cryptocurrencies as well as settlement tokens like XRP and JPM coin. We can expect that someone so crypto friendly in such a position will be good for the industry as a whole." - FORBES

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2. The Central Bank of Iran’s deputy governor for new technologies, Nasser Hakimi, stated that it is illegal to trade Bitcoin and other cryptocurrencies in Iran. The Supreme Council on Countering Money Laundering has prohibited the sale and purchase of Bitcoin in Iran. In an interview with Tasnim News, a local Iranian news outlet, Hakimi said, "I also caution people against the advertisements and marketers of pyramid style network companies that promote Bitcoin like a tree with gold coins in the Adventures of Pinocchio." - COIN TELEGRAPH

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3. From The Forums:  A tweet from Matt Huang, co-founder at Paradigm and a former partner at Sequoia, got the crypto twitter community engaged after he stated something that seemed obvious to many. 

Cryptocurrency: highly overrated by insiders, highly underrated by outsiders.

— Matt Huang (@matthuang) July 6, 2019

Below are some responses from the thread showing many in the community agreeing with Matt.

From the outside, the shitshows that are btc vs bsv, craig wright, etc... is a total proof that this space is totally immature and should rightfully be laughed at by outsiders

— CryptoPiper (@piper_crypto) July 7, 2019

Much more overrated by insiders who suffer from cognitive bias and echo chamber syndrome.

— Bitcoin Jack (@CryptoJackBro) July 7, 2019

Electric cars/Internet/smartphones are the same way until Tesla came up a killer product.. after that everyone is a believer. Outsiders don't understand the full potentials of crypto.

— Jim Yang 👨‍🚀 (@proofstake) July 7, 2019
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4. Banco BTG Pactual SA, Latin America’s biggest investment bank, plans to sell more than $1 billion worth of tokenized assets as security tokens. BTG partnered with Dubai asset manager Dalma Capital to tokenize real estate assets like distressed property in Brazil and sports clubs in the Middle East. BTG and Dalma plan to issue tokens on the Tezos blockchain and launch the fundraising from the United Kingdom. Andre Portilho, a partner at BTG said, "When we look at capital markets, we notice that even with all of the recent technological advancements, we still have infrastructure that was designed for an analog, local world. It is our job not only to understand how new technologies can change the market but also and foremost lead the process." - BLOOMBERG

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5. A regulatory overview of crypto mining across the world shows a stark difference between countries in the east and the west. Crypto mining is unregulated in the U.S. and Canada, with Bitcoin being regulated as a commodity in the U.S. Crypto mining is illegal in Iran, China and Russia. - COIN TELEGRAPH

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6. Credibility for cryptocurrency among institutional investors is rising. Philip Liu, co-founder of Arca said, "Big players like Fidelity coming into this space and saying 'we'll custody your bitcoin', that type of assurance is invaluable. The big players will be critical for future adoption." - PIO ONLINE

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7. Coinbase is being sued by a Texas-based LLC for SMS technology infringement. Anuwave LLC is asserting that Coinbase’s text notification solution is infringing on Anuwave’s patented technology. Anuwave was granted a patent in 2012 for a "[m]ethod and system to enable communication through SMS communication channel." - THE BLOCK CRYPTO

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8. The computer power needed to power the Bitcoin network uses as much energy as the entire country of Switzerland in a year. Researchers from the University of Cambridge said the network uses around 0.25 percent of global energy consumption, and if it were a country it would be the 41st most energy-demanding country. - INDEPENDENT

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9. Ether futures are on the horizon. The CME group is set to make changes to its reference rate and index tied to ether, which is being done to prep an ether vehicle. This listing would follow up on CME group launching their Bitcoin futures in 2017. - NEWS BTC

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10. The Ethereum Foundation’s head of special projects, Virgil Griffith, is touting Ethereum to Persian Gulf royals and financiers. Griffith said, "Probably nothing will happen. But there’s a hypothetical case where say, the Saudi sovereign wealth fund invests, like, a trillion dollars [in ethereum projects], which would be a real boon. That would be really great." - COIN DESK

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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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