Inside Cryptocurrency - August 1st, 2019

Inside Cryptocurrency (Aug 1st, 2019)

85% of Bitcoin mined / FCA issues crypto guidance / The NBA turns to crypto

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Market Watch: Bitcoin may be floating above the $10,000 mark, but it remains slightly down over a 24-hour period. Litecoin is the only one within the top four that is in the green during Thursday afternoon trading.

  • Bitcoin: $10,013 (⬇️ 0.08%) // $178.7 billion market cap.
  • Ethereum: $214 (⬇️ 1.32%) // $22.9 billion market cap.
  • XRP: $0.313 (⬇️ 2.19%) // $13.4 billion market cap.
  • Litecoin: $97 (⬆️ 1.47%) // $6.1 billion market cap.
  • Top 100 Winner: THETA: $0.136 (⬆️ 7.06%) // $118 million market cap.
  • Top 100 Loser: Ren: $0.095 (⬇️ 8.22%) // $74 million market cap.

Prices are as of 12:20 pm EDT.

1. Bitcoin has mined 85 percent of its supply of coins, leaving around 3.15 million for the remaining 120 years. The number one crypto asset has a total supply of 21 million units; yet with a decreasing number of new coins available during each mining reward, it will be some time before those remaining coins will be mined. The year 2140 to be exact. Data from Blockchain, a monitoring service, shows that miners have found 17,850,000 Bitcoin. However, rather than being a cause for concern, the set supply will increase Bitcoin's scarcity and value, which, in turn, should help to stop it being devalued. –THE NEXT WEB

2. The U.K.'s Financial Conduct Authority (FCA) has issued its guidance on crypto, clearing up what assets fall under which categories. The financial watchdog has stated that coins such as Bitcoin and Ether are considered as "exchange tokens" and don't need regulating; however, anti-money laundering (AML) procedures apply. Security tokens are classed under the "specified investment" category and the FCA's responsibility. Utility tokens, on the other hand, will generally fall outside of the FCA's remit unless they come under electronic money and fall within a new category of e-money tokens. –COIN DESK

3. Throw Back Thursday: Bitcoin Cash hard fork

It's hard to believe where the time has gone, but this day two years ago, the first Bitcoin hard fork took place, creating Bitcoin Cash. This altcoin is also frequently promoted by "Bitcoin Jesus" Roger Ver, who also happens to be the CEO of Bitcoin Cash-focused news site

The original Bitcoin has a block size of one megabyte; however, since its launch, one of its drawbacks has been its small block size. Because of this, transaction processing times can be slow, which, in turn, limit the asset's full potential. Since a consensus couldn't be reached within the community in a timely manner, a hard fork was put into place creating Bitcoin Cash.

Coming in at eight megabytes, Bitcoin Cash is aiming to achieve what Bitcoin hasn't so far: compete with the amount of transactions that the likes of VisaNet can get through daily. This is currently around 24,000 transactions per second. Yet, it seems Bitcoin Cash still has a long way to go. According to this site, it can process 60 TPS, which is considerably more than Bitcoin's seven, but far behind Ripple's 1,500 TPS.

4. The NBA and the National Basketball Players Association (NBPA) have announced they are releasing a digital collectibles game. Teaming up with Dapper Labs, the creator team behind CryptoKitties, the game, NBA Top Shot, is scheduled to launch early next year. Based on crypto collectibles, it will be a competitive game that sees fans compete head-to-head by putting their digital collectibles against each other. By gathering live footage of NBA games, fans will be able to use this in some way to create a competing roster for the game. –YAHOO! FINANCE

5. Bitcoin bull Mike Novogratz has said that a rise in Beyond Meat's share price is similar to the Bitcoin bull run in 2017, which was then followed by the 2018 crash. According to Novogratz, the plant-based meat company is trading at a "ludicrous price" and calls its recent surge "a great bubble." –CNBC

6. Fundstat's Tom Lee has said that the U.S. interest rate cuts by the Federal Reserve are positively impacting investments in Bitcoin. According to Lee, Bitcoin is becoming a "macro hedge" that investors are turning to when things go wrong. With rate cuts adding liquidity and liquidity pushing money into risk assets, this is aiding Bitcoin, he said. –FOX BUSINESS

7. Quedex, a Gibraltar-based crypto derivatives platform, has received a Distributed Ledger Technology (DLT) Providers license from the Gibraltar Financial Services Commission (GFSC). In a blog announcement, it claims to the "first regulated entity of its kind globally." The DLT license, which allows it to trade crypto derivatives and for the custody of crypto, comes after working with authorities in Gibraltar for 15 months to meet all the conditions required. –COINTELEGRAPH

8. Interchain Foundation, Blockfolio, and 10 other blockchain projects are teaming up to create an industry association that aims to educate regulators about the blockchain. Called the Proof of Stake Alliance (POSA), the intention is to sit down with regulators and policymakers and to create an open dialogue about the technology. –THE BLOCK

9. Russia's S7 Airlines reportedly processed more than $1 million through its blockchain payment platform for the month of July. In partnership with the country's largest bank, Alfa-Bank, S7 has taken in around $4 million since the beginning of the year. According to Ekaterina Dmitruk, S7 Group Sales Director, the technology is allowing the company to expand on its sales network. –FORK LOG

10. U.S. Senator Brian Schatz has said that he thinks it's unlikely that crypto will bring financial inclusion to the unbanked and underbanked. Speaking during a U.S. Senate hearing, he stated that while he doesn't "doubt the potential for this tech," he doesn't believe anyone has been persuaded that it's the silver lining to bringing financial services to those who need it the most. –COIN DESK

This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter.

Editor: David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).

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