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Inside Bitcoin

Inside Bitcoin (Jul 9th, 2019)

Market Watch: Bitcoin is up 5.7 percent over the past 24 hours, the highest in the top 10 by market cap.

  • Bitcoin: $12,559.86 (⬆️ 5.70%) // $223.67 billion market cap.
  • Ethereum: $311.13 (⬆️ 1.08%) // $33.23 billion market cap.
  • XRP: $0.39 (⬇️1.14%) // $16.08 billion market cap.
  • Litecoin: $119.74 (⬇️ 0.66%) // $7.49 billion market cap.
  • Top 100 Winner:  Egretia: $0.07 (⬆️ 27.42%) // $314 million market cap.
  • Top 100 Loser: Dent: $0.001 (⬇️ 23.26%) // $82 million market cap.

Prices are as of 1:01pm EDT.

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1. The SEC said that some crypto brokerage services may soon receive a license to operate. Over two dozen firms are awaiting a ruling from the SEC on their standing as crypto brokerages as most have waited beyond the six-month period it takes regulators to make a decision. SEC commissioner Hester Peirce, who is a proponent of cryptocurrency adoption, tweeted, "If figuring out how to deal with the SEC on crypto issues feels like a regulatory version of an escape room, here’s the latest clue.” The SEC and FINRA in a joint statement said, "Noncustodial activities involving digital assets do not raise the same level of concern." - WALL STREET JOURNAL

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2. The founder of Bitmain, Wu Jihan, is launching a new crypto startup named MatrixportOperating out of Singapore where crypto laws are less stringent than China, Matrixport will be a one-stop platform for over-the-counter trading, lending, and custody for digital assets. Matrixport's 27-year-old CEO Ge Yuesheng said, "We are closely tied to Bitmain by our origin, but because we operate in different businesses, we are partners rather than competitors." - BLOOMBERG

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3. From The Forums: News of Deutsche Bank laying off 18,000 employees got a reaction from the crypto community on Twitter after a as a recently laid-off employee leaving his office with a "Bitcoins" duffel bag. Crypto Twitter believes its form of finance is the future, and traditional legacy banks will go through layoffs like this moving forward.

They leave deutsche banck with #Bitcoin bags lmao. @DeutscheBankAG sank because their employes was not productiv working because they traded $Crypto instead of working lmao The @BeaxyExchange Team and community will welcome them all. $BXY

— i₿rain (@Bitcoin_Brain) July 9, 2019

Working at Blockbuster when Netflix exists is a risky move.

Also, people are ignoring the fact that this bank is sketchy AF. Google: “trump and Deutsche Bank”

— Mik (@oneSaint) July 9, 2019

20,000 new recruits.

— Shiv⚡️Blockparty (@shivcoin) July 8, 2019
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4. Fortress Investment Group sent a letter to Mt.Gox victims offering to buy their Bitcoin claims at $900 per coin. At the current price of Bitcoin, $12,500, Fortress is offering just over 7 percent of Bitcoin's market value. The letter stated, "We review each claim individually but are now generally able to offer $900 per BTC claim, or roughly 200% of the bankruptcy value (which was $451 per BTC claim). We can pay that in Bitcoin, or any fiat currency of your choice. Our payment would be made within 10 business days of the claim transfer confirmation." - FINANCE MAGNATES

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5. Hackers who stole more than $8 million worth of Bitcoin from Binance moved the stolen Bitcoin into two separate addresses. The two transfers, for 706.1 BTC ($8 million) and 1 BTC ($11,384) were detected by @whale_alert on Twitter this morning. This comes on the heels of the hackers moving portions of the stolen funds to seven other accounts in June. - THE NEXT WEB

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6. KuCoin launched a Bitcoin derivatives trading product with 20x leverage. Named KuMEX and now in public beta the service will offer a bitcoin perpetual contract quoted in U.S. dollars. In a statement, KuCoin said, "This fund ensures that investors who are forced to close their positions will not lose money that exceeds their position margin." - COIN DESK

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7. Competitor blockchains are taking portions of Ethereums market share in game development. In a report from Dapp.com it stated, "User activeness has a strong correlation with ETH price – the higher the price, the more Ethereum dapp users. More token holders have also been converted to dapp users, as the price has increased since mid-May 2019." - BLOCKONOMI

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8. The Rio Branco Institute required that candidates who wish to become Brazilian diplomats have knowledge of cryptocurrencies and blockchain. The candidates crypto knowledge will be tested in two parts during an examination. This followed the Brazilian government's bill draft that would require all units of public administration to promote new technologies such as blockchain. - COIN TELEGRAPH

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9. As the price of Bitcoin is currently above $12,00 Morgan Creek Capital Management CEO Mark Yusko believes Bitcoin will go as high as $30,000 before a slight pullback. Yusko said, "I think we’re in the next parabolic move. That will take us probably into the $30,000 level before we get another little correction." - YAHOO

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10. Grayscale Investments has resumed private placement in its Grayscale Bitcoin Trust. The director of investments and research, Matthew Beck, said, "While it is still very early in Bitcoin’s life cycle as an investable asset, we have identified evidence supporting the notion that it can serve as a hedge in a global liquidity crisis, particularly those that result in subsequent currency devaluations." - 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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