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Inside Bitcoin

Inside Bitcoin (Aug 13th, 2019)

Market Watch: Bitcoin continues to fall, dropping below $11,000 after nearly reaching $12,000 last week. Bitcoin Cash is the only one out of the top four to record positive gains in a 24-hour period.

  • Bitcoin: $10,976 (⬇️ 3.61%) // $196.2 billion market cap.
  • Ethereum: $206 (⬇️ 2.90%) // $22.1 billion market cap.
  • XRP: $0.294 (⬇️ 1.93%) // $12.6 billion market cap.
  • Bitcoin Cash: $338 (⬆️ 2.42%) // $6 billion market cap.
  • Top 100 Winner: ABBC Coin: $0.175 (⬆️ 18.59%) // $97 million market cap.
  • Top 100 Loser: VestChain: $0.008 (⬇️ 11.31%) // $58 million market cap.

Prices are as of 12:10 EDT.

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1. The U.S. Securities and Exchange Commission (SEC) has delayed making a decision on three Bitcoin exchange-traded funds (ETFs). The ETFs in question are from investment management firms Bitwise Asset Management, VanEck/SolidX, and Wilshire Phoenix, all of which were proposed earlier this year. All three are attempting to become the first ETF based on Bitcoin. A decision is projected for Wilshire Phoenix on September 29, Bitwise on October 13, and October 18 for VanEck/SolidX. Market manipulation and a market divergence are a few of the concerns that the agency fears, which is why it hasn't made a decision. Bitwise is aiming to alleviate these fears, claiming that the Bitcoin market is much smaller, better surveilled, and regulated than expected. –COIN DESK

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2. A new report has found that criminals have raked in $4.3 billion so far this year as a result of crypto theft, fraud, and other crimes. The study, by CipherTrace, shows that in the last few months, crypto criminals have taken around $160 million from several crypto funds. The $4.3 billion figure puts that of 2018 in the dark, which saw scammers taking away $1.1 billion. Crypto-jacking, SIM swapping, and Ponzi schemes are just a few crime examples that target the industry. –DECRYPT

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3. Cryptocurrency exchange Poloniex has announced that it will reimburse traders who lost funds during a flash crash in May involving the lesser-known Clams coin. According to a blog post, the platform will cover the lost funds by covering daily trading fees of those impacted back through June 6. On May 26, Poloniex's Clams margin trading underwent a flash crash, dropping 80 per cent in less than an hour. At the time, 1,800 Bitcoin were wiped out, amounting to around $13.5 million. This is the second step taken by the exchange to reimburse customers' funds. The first was on June 14 when around 10 per cent of the losses (180.73606744 BTC) were redistributed. –POLONIEX BLOG

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4. South Korean-based blockchain payments system​​​​​​ Terra has revealed data that shows women are dominating the crypto shopping space in the country. According to Terra, three out of four users – around 74.04 per cent – are women in their late 30s and early 40s. The most frequently bought items include baby wipes, clothes, and coffee. Launched in 2018, Terra saw 11,000 users adding their bank account details to the platform on the first day, enabling them to pay with the technology. –ZDNET

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5. Former Goldman Sachs analyst Murad Mahmudov has said in a tweet that he believes Bitcoin will hit $100,000 after a "steady accumulation." He doesn't indicate when this will happen, but his observation looks at the coin's key support, focusing on a 200-day moving average, an exponential moving average, relative strength indicators, and weekly support. –TWITTER

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6. Three men from the U.K. have been arrested for their involvement in a Bitcoin-based dark web drug ring. The men aged from 36 and 39 earned more than $1.2 million after selling Class A drugs online. The three involved reportedly used Bitcoin as a way of avoiding detection from authorities. They were sentenced to between 14 months and 12 years behind bars. –BBC

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7. Blockchain-based Colu Local Network is shutting its doors. However, in an announcement, it has said that it will repurchase tokens sold to investors during its initial coin offering (ICO). The company has said that it has a "sense of responsibility towards token holders." It will purchase them in Ether and will then burn them once the process is complete rendering them worthless. –COINTELEGRAPH

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8. Blockchain firm Bitfury is turning its attention to artificial intelligence (AI) for big data mining. In an interview, Valery Vavilov, CEO and co-founder of the organization, said that they had launched an AI division to analyze data and extract value from it. According to Vavilov, "data is becoming the next oil." –REUTERS

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9. France-based Ingredia is teaming up with technology startup Connecting Food to track milk production in real-time on the blockchain. Connecting Food's blockchain platform will enable Ingredia to track and trace all food products across the supply chain from animal feed to the producer. The information will then be made available to the end consumer. –FOOD NAVIGATOR

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10. The U.K.'s Department for Work and Pension (DWP) is considering the blockchain and distributed ledger technologies to enable faster payments. In a blog post, the department noted that it is continually working on improving its services so that its 20 million customers "receive their payments on time." –DWP DIGITAL

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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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