Coinmama’s News Roundup: Digital Asset Infrastructure Development Strengthens, While Crypto-Markets Show Recovery
Over the last week, a broad range of cryptocurrencies dipped in value as the entire digital asset market capitalization dropped from $262B to $226B USD. At the moment Bitcoin (BTC) prices are hovering around $6,600 after BTC dipped to around $5,850 six days ago. The second largest cryptocurrency market held by Ethereum (ETH) had lost 4 percent over the last seven days as one ETH is valued at $317 at press time. At the moment most traders and investors are still optimistic about the long-term value but in the meantime wonder what will happen in the short term.
Cryptocurrency Markets Rebound
It’s been an interesting week in cryptocurrency land and all eyes have been closely focused on last week’s bearish markets. The entire digital currency economy has shaved around $36B since our last weekly news roundup. The biggest losses were held by the Cardano (ADA), Ethereum (ETH), and EOS. Most markets have been very correlated with BTC’s price movements for most of the year but this week BTC’s losses were far less than most digital assets. This has led to bitcoin’s market dominance to rise to 54 percent among all the other cryptocurrencies in the space. At the time of writing BTC dominance is 50 percent at press time. Most of the crypto-slump last week was caused by the US Securities and Exchange Commission (SEC) postponing its decision for the Cboe bitcoin exchange-traded (ETF).
Swedish Bitcoin ETN Now Available for US Investors
Although mainstream US investors won’t have to wait for the Cboe ETF as they could invest in the exchange-traded notes (ETN) called Bitcoin Tracker One. This week it was announced that US residents can now purchase CXBTF ETNs that have been trading on the Nasdaq Stockholm exchange since 2015. The ETNs were only sold for euros and Swedish krona but now are quoted and sold for USD. “Given the current climate on the regulatory front in the U.S., this is a big win for Bitcoin,” explains Ryan Radloff, the CEO of CoinShares Holdings Ltd., the firm that sells the CXBTF ETN.
Pantera Capital New Crypto-Fund Raises Over $71 Million
This week the heavy hitting investment firm Pantera Capital raised over $71 million for a new cryptocurrency fund that’s been filed with the US Securities and Exchange Commission (SEC). The SEC filing called the Venture Fund III was submitted this past Wednesday. Pantera says during the announcement that they have already invested in its first initial investment with the New York Stock Exchange’s parent firm the Intercontinental Exchange (ICE). Pantera will be investing some of the newly raised capital in the Bakkt platform. Pantera Capital has recently reported the investment vehicle has generated a more than 10,000 percent lifetime return since 2013.
Bank of China and Unionpay Initiate Blockchain Research and Development
China is headstrong for blockchain these days and this week the state-backed Bank of China (BOC) revealed it is working with Unionpay in order to explore blockchain technology. According to the press release the partnership aims to study distributed ledger systems in order to build a payment system. The news follows the recent Chinese Ministry of Industry and Information Technology (MIIT) bolstering blockchain tech. According to the BOC’s announcement, there is market demand for cross-border mobile payments powered by blockchain technology. Blockchain will bring a “safer, more convenient and more efficient mobile payment service experience,” explains the BOC press release.
Ethereum Co-Founder Says Bear Markets Strengthen Cryptocurrency Infrastructure Development
Ethereum co-founder Joseph Lubin told Bloomberg this week that digital currency markets were in a bubble but are growing stronger in this bear market. “We’ve seen six big bubbles, each more epic than the previous one, and each bubble is astonishing when they’re happening but when you look back they look like pimples on a chart,” Lubin the CEO of ConsenSys said during an interview on Bloomberg Television. “With each of these bubbles we have a tremendous surge of activity and that’s what we’re seeing right now.” As far as Ethereum and other cryptocurrencies are concerned Lubin believe right now core infrastructure development is taking precedence.
UK FCA Regulated Bitcoin Cash Futures Products Approved
Bitcoin Cash fans are pleased to find out this week that there’s a regulated futures product now available from the firm Crypto Facilities. The company is a CME Group partner and helps provide CME with BTC and ETH reference rates. The derivatives contracts will be the first Bitcoin Cash – Dollar (BCH/USD) futures that are regulated by the UK’s Financial Conduct Authority (FCA). The move makes BCH more available to institutional investment and market makers who want to short and long the bitcoin cash markets against USD. Futures contracts add a level hedging that traditional BCH spot markets don’t offer.
Capital One Goes Blockchain With New Authentication Patent
The mega US bank Capital One has revealed it’s working on a blockchain authentication protocol. According to public records, the financial institution submitted a patent application with the US Patent and Trademark Office (USPTO) the firm has filed for the intellectual rights for “a distributed, non-reputable record of authentication interactions.” Capital One has been headstrong about blockchain technology for quite some time and the patent is a continuation of a distributed ledger patent filed last June. Capital One says the invention could “therefore benefit from a collaborative authentication system that handles authentication interactions for multiple institutions.”
Blockchain Could Be Used in Russia for Transparent Voting
A Russian electoral organization plans to test blockchain technology for public voting. According to a Tass report the non-profit Association of Independent Public Observers, otherwise known as the “National Public Monitoring” (NOM), revealed they are using blockchain technology in a piloted voting system experiment. “As part of our congress, we are launching a pilot electronic voting system built on a blockchain system,” explains NOM. The regional Tass publication explains the event announcement saw an attendance of over 300 participants and the press release reports that members of the Public Association Group 32, Corps for Clean Elections, and the People’s Observer were also in attendance.
Overall markets are seeing a large recovery across the board as most of the top markets are up 6-25 percent at the time of writing. Most crypto-proponents are still very confident that markets, in the long run, will continue to exceed expectations. As usual, there’s a lot going on in the cryptocurrency space and Coinmama will be sure to follow all the hottest blockchain and digital currency solution trends in order to inform our readers.
Coinmama’s review is always on a mission to hunt for the latest topics being discussed within the digital currency space. Follow us here every week to keep up-to-date with current events concerning Bitcoin, Ethereum, and blockchain technology innovation.