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Inside Bitcoin

Inside Bitcoin (Jul 11th, 2019)

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

  • Bitcoin: $11,633.77 (⬇️ 6.82%) // $207.22 billion market cap.
  • Ethereum: $270.21 (⬇️ 7.48%) // $28.87 billion market cap.
  • XRP: $0.32 (⬇️10.46%) // $13.95 billion market cap.
  • Litecoin: $99.54 (⬇️ 8.45%) // $6.23 billion market cap.
  • Top 100 Winner:  Japan Content Token: $0.30 (⬆️ 42.28%) // $90 million market cap.
  • Top 100 Loser: Qtum: $3.51 (⬇️ 17.65%) // $336 million market cap.

Prices are as of 11:55 am EDT.

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1. The Securities and Exchange Commission cleared Blockstack on Thursday to sell its digital token under Regulation A+. Blockstack will raise $28 million using this funding vehicle. Participants won't receive equity in Blockstack, rather it will allow users to participate in its network using its utility token. Blockstack spent about $2million and 10 months to get SEC approval. The co-founder of Blockstack, Muneeb Ali, said, "My joke has been that the $2 million is our donation to the crypto industry." - Wall Street Journal

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2. Samsung released its blockchain Software Development Kit. In an announcement, Samsung said, "The Samsung Blockchain SDK allows for account management and backup, payment and digital signature facilitation, Samsung Keystore and other cold wallet support. To ensure complete security, the private key and information located in the Samsung Blockchain Keystore are never saved to a Samsung or external cloud, nor is it seen by the devices’ Android OS. In addition, DApp does not need to make separate types of transaction that follows coin types by themselves anymore." - COIN TELEGRAPH

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3. From The Forums: Twitter user, @PropelForward, had a great tweet storm about the Blockstack getting its Regulation A+ proposal approved by the SEC.

A few thoughts about @Blockstack getting its A+ approved & cleared for sale. The approval sets up the best market test we've seen in #crypto to date to test the fat protocol thesis & to test if legal access to closed network payment instruments are marketable. Previously, /1

— Drew Hinkes (@propelforward) July 11, 2019

we've seen instruments like Stacks sold without legal complaince as #ICOs. Now we have a complaint network payment instrument. However, these are still #securities & have to transact thru intermediaries- so they are not freely flowing instruments and don't trade like like /2

— Drew Hinkes (@propelforward) July 11, 2019

#ICO did in the unregulated or under regualted world. So...this sets up the qusetion- do ICO's that are to be used as payment instruments on closed market environments only have value because they can be pumped and dumped on unregulated exchanges, or /3

— Drew Hinkes (@propelforward) July 11, 2019

or (as in this case where there are no frictionless or friction-lite exchange facilities available) do they have value because people want to or expect to use them?

— Drew Hinkes (@propelforward) July 11, 2019
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4. The Iranian government moved to authorize cryptocurrency mining. The governor of the Central Bank of Iran, Abdol Nasser Hemmati, said, "Mining of the international digital currencies should be done based on the price of electricity for export. What’s more important is that these mined currencies should be fed back to the national economic cycle." Hemmati also said that the government approved parts of an executive law on Wednesday that would allow cryptocurrency mining within the country. - PRESS TV

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5. Crypto exchanges in Canada must register with the Financial Transactions and Reports Analysis Centre of Canada. Osler, Hoskin & Harcourt partner, Lori Stein, said, "The hope is that now that there is going to be a requirement to register and comply, and oversight by FinTRAC, that banks and other financial entities are going to be more open to providing services to and dealing with virtual-currency businesses." - COIN TELEGRAPH

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6. The price of Bitcoin fell more than 8 percent yesterday in two hours. The price fell to $12,138.37 shortly after 11:00 EDT, a roughly 7.9% drop from its intra-day high of $13,175.69 reached at roughly 09:30 EDT. John Todaro, director of digital currency research at TradeBlock, said, "Bitcoin has had a hard time maintaining buying support above $13,000 per coin during the recent rally." - FORBES

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7. Peer-to-peer crypto exchanges are growing in popularity. The co-founder of Coin Metrics, Nic Carter, said, “The major exchanges do not work for the kinds of businesses that use crypto and aren’t accepted in polite society -– think legal cannabis businesses, sex workers, political dissidents. There will always be a need for P2P exchanges.” - BLOOMBERG

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8. U.S Election Authority set to approve Florida congress candidate Omar Reyes' request for distribution of his 'Omar2020' token built on Ethereum to campaign volunteers. The campaign sent a letter to the Federal Election Committee stating they want permission for distribution to potential volunteers and any voters interested in participating in our cryptocurrency experiment. The letter also stated that the tokens distributed will have no monetary value. - COIN DESK

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9. The European Union Central Bank doubled down and stated that Bitcoin is not a currency and won't add it to its reserves. Chief economist, Philip Lane, said, "Bitcoin is not a currency, it rather is an asset and it is very volatile." The EU Central Bank stated underlying deficiencies with the technology, security, scalability and the volatility of the crypto as reasons why it won't be added. - COIN GEEK

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10. Figure is issuing $85 million a month in loans. Jennifer Mitrenga, Head of Investor Relations and Strategic Initiatives at Figure, said, "A customer doesn’t care whether a product is powered by data or blockchain or artificial intelligence. What they care about is that they are going to get a better product in a faster time period and at a cheaper rate.” - FORBES

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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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