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Inside Bitcoin

Inside Bitcoin (Nov 8th, 2019)

Market Watch: Friday trading ends the working week with a significant number of coins down in the red. Bitcoin has dropped below $9,000 again as price swings continue.

  • Bitcoin: $8,840 (⬇️ 4.42%) // $159.4 billion market cap.
  • Ethereum: $184 (⬇️ 1.42%) // $20 billion market cap.
  • XRP: $0.275 (⬇️ 5.56%) // $11.9 billion market cap.
  • Bitcoin Cash: $279 (⬇️ 4.35%) // $5 billion market cap.
  • Top 100 Winner: DxChain Token: $0.001 (⬆️ 28.42%) // $61 million market cap.
  • Top 100 Loser: ILCoin: $0.125 (⬇️ 7.87%) // $41 million market cap.

Prices are as of 1:35 p.m. ET.

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1. The possibility of the Libra stablecoin becoming a reality has highlighted the need for the Federal Reserve to launch its own real-time payments system, known as the FedNow Service, according to a commissioner at the U.S. Federal Trade Commission. Rohit Chopra submitted a letter to the Federal Reserve’s Board of Governors yesterday. In it, Chopra said that the central bank should move quickly to prevent threats to its oversight. He went on to argue that large firms on Wall Street and Silicon Valley were seeking to "leverage their market power through control of critical infrastructure." Chopra's concerns come at a time when Facebook is attempting to launch a payment system through the creation of the Libra stablecoin project. –COINTELEGRAPH

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2. Tether has published a response to a paper that claims a single whale manipulated the market to create the 2017 crypto bull run. Posting a response yesterday on the company's website, Tether denied the allegations, arguing that the authors of the paper, John M. Griffin and Amin Shams, had "released a weakened yet equally flawed version of their prior article." This latest paper has yet to be published, and was initially reported on by Bloomberg earlier this month. During the report, the two authors thought that Tether and Bitcoin transactions between March 1, 2017, through March 31, 2018, were driven by "a single large account holder." Tether's General Counsel Stuart Hoegner stated that the paper was "foundationally flawed." –TETHER

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3. Follow Friday: Miko Matsumura

Matsumura is the co-founder of Evercoin Exchange, a noncustodial exchange backed by industry executives such as Roger Ver, and is a venture capital general partner with the Gumi Cryptos Capital, a $30 million venture capital fund. He's also an investor in Pantera Capital, a Venture Partner with BitBull Capital, and an advisor to Arrington XRP capital.

He has over 25 years' enterprise software marketing experience in Silicon Valley and has raised more than $50 million in venture capital funding for the likes of Open Source startups such as Gradle and Hazelcast. He leads the Crypto Underground meetup in San Francisco and is a well-known speaker within the crypto and blockchain space.

With just over 16,000 followers on Twitter, Matsumura is an avid user. He often retweets posts such as the rise of the decentralized finance market and the market cap of crypto asset Dai rising to $120 million.

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4. Chinese internet company Tencent has been granted a license to operate as a blockchain bank by the Hong Kong Monetary Authority. According to Cai Weige, general manager for blockchain at Tencent, the company is "preparing a blockchain virtual banking team." While there is little detail about the move, the announcement has been labeled as bullish for the crypto industry, particularly in Hong Kong. It also comes at a time when China's President Xi Jinping called for the nation, last month, to "seize the opportunity" with adopting the blockchain. –DECRYPT

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5. Indeed.com has published new research that shows searches for crypto-related jobs have dropped by 53 percent. Notably, though, the number of job postings has risen by 26 percent. The recruitment platform published its findings yesterday, which showed that the share of jobs per million between September 2015 and September 2019 grew by 1,457 percent. At the same time, the share of searches per million rose by only 469 percent. –SEEN BY INDEED

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6. FBI Director Christopher Wray has said before the U.S. Senate Homeland Security Committee that cryptocurrency is already a "significant issue" that is going to become "bigger and bigger." Wray was responding to Wray was responding to Sen. Mitt Romney (R-Utah), who questioned whether some kind of effort should be taken in America to deal with crypto when it comes to following the money. –COINTELEGRAPH

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7. Singapore-based blockchain application platform VeChain has revealed a blockchain tracking system designed for the food and beverage industry called Foodgates. Announced by a blog post yesterday, the company unveiled that it was working with DNV GL, a food certification group, and ASI Group, a supply chain firm. The system has already been put to use tracking Limousin Label Rouge Beef from France to China, tasted by France's President, Emmanuel Macron, and China's President, Xi Jinping, at the China International Import Expo (CIIE) earlier this month. –VECHAIN FOUNDATION/MEDIUM

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8. Venture capital firm Andreessen Horowitz has announced details regarding its crypto startup school, which is due to kick off in February 2020. Running for seven weeks, the free educational program will take place from February to April next year and will see guest speakers from Paradigm, Union Square Ventures, Galaxy Digital, and Facebook’s Calibra to name a few. According to Chris Dixon, a general partner at the VC firm, the school is intended to help entrepreneurs interested in entering the space. –THE BLOCK CRYPTO

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9. Billionaire and Galaxy Digital CEO Mike Novogratz has said that the "crypto revolution is real." Speaking at the Reuters Global Investment Outlook Summit, Novogratz said that it was real because of a desire to democratize finance and to disrupt the "old school" way of doing things. Known for being a Bitcoin bull, the CEO went on to state that the crypto asset was "just getting started." –CRYPTO DAILY

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10. Toronto-based Mavennet Systems has been awarded $182,700 by the Science and Technology Directorate (S&T) of the U.S. Department of Homeland Security to introduce the blockchain for its cross-border oil imports. The technology will be used to track oil and gas flow into the U.S. from Canada via the Customs Border Protection (CBP). Mavennet will enable CBP to track oil imports and to build an end-to-end platform, which can then be used for other commodities. –LEDGER INSIGHTS

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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.

Edited by Inside Dev and Inside Deals editor Sheena Vasani, a freelance journalist based in California

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