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Inside Bitcoin

Inside Bitcoin (Aug 2nd, 2019)

Market Watch: Bitcoin and Ethereum are leading the way during trading Friday afternoon with both in the green over a 24-hour period. Will Bitcoin be able to break the $11,000 mark over the weekend?

  • Bitcoin: $10,465 (⬆️ 4.00%) // $186.8 billion market cap.
  • Ethereum: $217 (⬆️ 1.45%) // $23.3 billion market cap.
  • XRP: $0.312 (⬇️ 0.41%) // $13.4 billion market cap.
  • Litecoin: $94 (⬇️ 3.96%) // $5.9 billion market cap.
  • Top 100 Winner: 1irstcoin: $12 (⬆️ 48.26%) // $73 million market cap.
  • Top 100 Loser: Lambda: $0.197 (⬇️ 7.51%) // $105 million market cap.

Prices are as of 13:40 pm EDT.

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1. The U.S. Commodity Futures Trading Commission (CFTC) has said that LedgerX has "not yet been approved by the Commission" to launch a physical Bitcoin futures. The announcement from the CFTC comes after the Bitcoin derivatives provider revealed that it had launched a physically-settled Bitcoin futures contract in the U.S. earlier this week. If it had received the green light, it would have been the first to offer the contracts that pay out in cryptocurrency rather than fiat. –COIN DESK

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2. Crypto exchange Coinbase wants to create economic freedom for every person and company in the next decade said CEO Brian Armstrong. During an open house discussion, he noted how the company would continue to take a leading role in making sure that "100 million or more people start using cryptocurrency." He's aware they can't do it alone, which is why the platform will continue to invest in startups through its incubator program, Coinbase Ventures, to get more people into crypto. –COIN DESK

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3. Follow Friday: Ray Youssef

As CEO and co-founder of peer-to-peer Bitcoin marketplace Paxful, Youssef is working at creating financial inclusion for those who need it the most.

Founded in 2015, the platform works by connecting buyers with sellers and has a strong presence among African uses, particularly those within Ghana and Nigeria. Yet, while Youssef is showing how Bitcoin can be used for social good, it wasn't an easy road to get to where he is now.

Prior to setting up Paxful to what it is today, Youssef was living in New York when he lost his apartment and all his savings. With nowhere to stay he found himself staying with various friends until he and his business partner decided to take things seriously with Paxful. It was only when a fellow Bitcoin enthusiast mentioned how they could sell Bitcoin and make a profit that Youssef began to look into peer-to-peer trading.

On top of running Paxful, Youssef has also helped build two schools in Africa through the use of Bitcoin. Follow him on Twitter to learn more about what he's doing in the crypto space. Some of the topics he focuses on is fraud within the gift card sector, how Bitcoin is the path to financial inclusion, and his take on crypto investment advice online.

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4. Venezuelans who have been waiting for more than $300,000 in crypto donations will have to wait a bit longer for the funds due to technical limitations. The Air Drop Venezuela campaign is managed by AirTM, a digital currency exchange, and was meant to happen today. The aim is to give a one-time donation that is the equivalent of $10. However, technical limitations of the system mean that those in need of the funds will have to wait a bit longer before they receive it. This is the fifth delay in 10 months. –MIAMI NEW TIMES

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5. Crypto bull Anthony Pompliano believes that all central banks will purchase Bitcoin in an effort to hedge risks to the U.S. dollar. The co-founder of asset manager firm Morgan Creek Digital Assets, made his comments on Twitter yesterday. He also noted that central banks had bought over $15 billion in gold during the first six months of the year. –COINTELEGRAPH

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6. Former White House strategist Steve Bannon has said that cryptocurrencies have a big future. Bannon, who is an owner of Bitcoin, said in an interview that digital assets "could be a very important part going forward." This is despite the negativity the sector has received of late, particularly from President Trump. –CNBC

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7. A new study has found that over 85 percent of online crypto discussions are positive. The study, by technology researchers Comparitech, looked at more than 48,000 Reddit posts to see how the sector was being viewed. Notably, though, media outlets painted a different picture with the Huffington Post, Business Insider, and the International Business Times posting more negative stories than positive. –COINTELEGRAPH

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8. Researchers from the Massachusetts Institute of Technology (MIT) and blockchain analytics firm Elliptic have published a report that shows only two percent of Bitcoin transactions are associated with illicit activity. Using machine learning, the MIT-IBM Watson AI Lab categorized 203,769 bitcoin node transactions worth roughly $6 billion. Even though 21 percent were found to be lawful, 77 percent were unclassified. –COIN DESK

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9. Crypto exchange CEX.io has expanded its reach and is now in operation in 31 U.S. states and the District of Columbia. Following efforts to work with regulators, it has been granted seven new licenses bringing its total to 15, including Alaska, Florida, Georgia, Iowa, Kansas, Maryland, New Hampshire, New Jersey, New Mexico, Oklahoma, Oregon, Rhode Island, South Dakota, Vermont, and West Virginia. It also operates in 16 states that don't require licenses: Arkansas, California, Colorado, Indiana, Kentucky, Massachusetts, Michigan, Missouri, Montana, Mississippi, North Dakota, Pennsylvania, Utah, Virginia, Wisconsin, Wyoming. –COIN DESK

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10. Kids Crypto Camp in California is aiming to teach young children about the blockchain in a bid to get them to embrace the subject from an early age. The camp, which is open from those aged nine to 17, teaches them about crypto mining, cryptocurrency, mining rigs, and decentralized applications. It is projected to take place from December 30, 2019 to January 4, 2020. It will be held in Englewood, California. –COIN GEEK

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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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