Crypto Market Makes Minor Retreat Post-Rally, Ether and Bitcoin Cash Down 5%


After adding more than $20 billion within a 30 minute period, the crypto market has declined in valuation, led by the 5 percent drop of ether and Bitcoin Cash.

Over the past 24 hours, the price of Bitcoin Cash, ether, Ripple, and EOS dropped by 4 to 6 percent, while bitcoin remained stable in the $7,300 region. Despite its Relative Strength Index (RSI) demonstrating overbought conditions, the price of bitcoin has not fallen by more than 1 percent since its mini bull run on July 18.

Interest From Large Investors

Earlier this week, Barry Silbert-managed Digital Currency Group’s Grayscale, a fund that oversees $2 billion in assets, has revealed that in the first half of 2018, it raised over $250 million from accredited investors, the most amount of money it ever raised in its crypto fund in a six-month period.

According to Business Insider, the report of Grayscale emphasized that institutions are more interested in the crypto market than in 2017, possibly due to the large drop in the price of major digital assets.

Throughout 2017, especially in the latter half of the year, investors emphasized the overly high value of cryptocurrencies, especially bitcoin and ether that achieved $20,000 and $1,500 respectively at their all-time highs.

Now that the market has fallen by more than 70 percent over the past seven months, the crypto market has started to see an influx of investors from the public market, as portrayed by the recent spike in the volume of bitcoin.

The daily trading volume of bitcoin and ether have risen to $5.6 billion and $2.25 billion respectively, up from $3.5 billion and $1.3 billion last week.

The short-term rally of major digital assets on July 18 was met with a minor drop on July 19, as most tokens alongside ether, Ripple, Bitcoin Cash, EOS, litecoin, IOTA, TRON, and NEO fell by relatively large margins.

Bitcoin Cash in specific dropped from $890 to $815, by nearly 10 percent since achieving a weekly high on July 18.

More to that, as Anthony Pompliano, a partner at Morgan Creek Digital Assets, said, the filing of a bitcoin ETF by Cboe, the launch of a crypto exchange by Japan’s second biggest bank SBI, Goldman Sachs clearing bitcoin futures for clients, and Andreessen Horowitz raising $300 million will contribute to the next rally of the cryptocurrency market, which may occur in the upcoming days if the volume of the market can be sustained.

Tokens Underperform

While bitcoin prevented a downward movement to the $6,200 region, tokens like Aion, Loom, Power, and Waltonchain recorded losses in the 8 to 10 percent range, after recording large gains on July 19. The volume on tokens remain low on major crypto exchanges like Binance, signifying that investors are not ready to take high-risk and high-return trades in the crypto market just yet.

Featured image from Shutterstock.

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The Daily: Report Sees UK as Crypto Leader, Jersey Adopts ICO Rules

The Daily

The United Kingdom has what it takes to become a true leader in the crypto space, according to a new report covered in today’s Bitcoin in Brief. Also in The Daily, the British Crown dependency of Jersey has adopted new requirements for ICO projects to better protect participating investors, Malta now has a two-way bitcoin ATM, and Hong Kong has been promised thousands of crypto payment terminals.   

Also read: Blackrock Probes Market, Coinbase to List Securities, Bitpay Gets a Bitlicense

Britain Set To Become Crypto Economy Leader, Report

The Daily: Report Sees UK as Crypto Leader, Jersey Adopts ICO RulesThe United Kingdom is in a good position to be a leader in the crypto economy and the implementation of blockchain technologies, according to a new report quoted by the British press. Britain has all the required resources, the authors claim, as well as industrial and governmental will to become a global hub for the technology by 2022. The analysis has been conducted by Big Innovation Centre, DAG Global and Deep Knowledge Analytics.

The gap between the traditional financial system and the crypto economy in the UK will close, DAG Global CEO Sean Kiernan believes. “The UK is a major global financial hub and in recent years has become a fintech leader as well. At the same time, it is starting to demonstrate significant potential to become a leader in blockchain technologies and the crypto economy,” he said, quoted by The Guardian.

The research, carried out in coordination with the parliamentary group on blockchain, has taken into consideration the £500m (~650 million) worth of investments into UK blockchain companies made in 2017-18 to conclude that the United Kingdom has the potential to become a world leader in the digital and crypto ecosystem within the next few years. “We are still at the early stages of the blockchain industry’s development and the huge impact it undoubtedly will have in Britain and globally,” said Birgitte Andersen, chief executive of Big Innovation Centre.

Jersey Introduces Requirements for ICO Projects

The Financial regulator of Jersey, one of the Channel Islands, has taken measures to protect investors participating in Initial Coin Offerings (ICOs). In a guidance note released this month, the Jersey Financial Services Commission (JFSC) provides basic definitions of cryptocurrencies, digital tokens, and token sales. It recognizes that their use “has risen dramatically” but also warns about the associated risks like high levels of price volatility, loss of funds through cyber-attacks, the high number of scams and pump-and-dump schemes.

Nevertheless, the JFSC states that most ICOs are unlikely to be regulated. Instead, the Commission places some conditions on the issuers of coins under the Island’s statutory instrument governing capital raising, the Control of Borrowing Order, noting for instance that a consent from the JFSC is required to establish a Jersey company. In granting such consent, regulators say, the JFSC may choose to impose certain conditions on the respective entity. Jersey-based ICO issuers are also required to be incorporated as a Jersey company and administered through a trust and company service provider licensed by the JFSC under the Financial Services Law.

The Daily: Report Sees UK as Crypto Leader, Jersey Adopts ICO Rules

The Commission classifies digital coins in two major categories – security and non-security tokens. The latter have been divided into “utility token” – “a usage right or the right to access a product or service”, and “cryptocurrency token […] designed to behave like a currency, being a store of value and medium of exchange.”

The document also lists a number of requirements that apply to ICO issuers and describes certain procedures and processes that should be followed in order to mitigate and manage the risks for retail investors. Companies are expected to apply anti-money laundering and counter-terrorist financing measures as well as inform investors about the risks.

In recent years, the British Crown dependency, situated off the French coast of Normandy, has attracted many startups from the crypto space. In the summer of 2015, the Government of Jersey released a consultation paper on cryptocurrencies, becoming one of the first jurisdiction in Europe to address the regulatory challenges in the fintech industry.

Malta Acquires Two-Way Crypto ATM

Malta, another crypto-friendly European destination, has reportedly acquired its first two-way automated teller machine exchanging cryptocurrency with fiat. Last week, a company called Moon Zebra launched the ATM located at the Quicklets offices, on Tower Road in Sliema. It operates Monday through Friday, 9 am – 6:30 pm.

The Daily: Report Sees UK as Crypto Leader, Jersey Adopts ICO RulesThe new BATM offers users the opportunity to buy and sell two cryptocurrencies, bitcoin (BTC) and litecoin (LTC). Moon Zebra claims this is the first device offering two-way transactions with cash. Another teller machine supporting purchases of cryptocurrency strangely disappeared last year. According to Coinatmradar, two other devices are also operational not far from Moon Zebra’s ATM, but both are buy only machines. One of them offers BTC, and the other supports BTC and LTC purchases.

The launch of the new BATM comes after the island nation took another step towards becoming one of the most crypto-friendly nations in Europe. Recently, the parliament in Valletta adopted three laws designed to introduce clear regulations for the country’s growing crypto industry. It’s been reported that the largest crypto exchange by trade volume, Binance, is considering a project to launch a “decentralized bank” in Malta. The favorable business climate has attracted other large crypto businesses to the island, including the Chinese exchange Okex and the Polish Bitbay.

Hong Kong Promised 5,500 Crypto POS Terminals

The Daily: Report Sees UK as Crypto Leader, Jersey Adopts ICO RulesThe Indonesian startup Pundi X is working to build a network of 5,500 POS terminals in Hong Kong supporting payments in a number of cryptocurrencies, the South China Morning Post reported. The devices will be able to connect not only to crypto wallets but also with other traditional payment methods like Visa, MasterCard, and Apple Pay.

According to Pundi X CEO, Zac Cheah, Hong Kong is the ideal place to test the payment network. His company has ambitious plans to introduce up to 100,000 crypto POS terminals in Southeast Asia by 2021. Recently, a chain of restaurants in Hong Kong installed crypto point-of-sale devices in partnership with the Indonesian startup. Pundi X claims that in the last six months 25,000 of its terminals have been ordered by businesses in Japan, Singapore, South Korea, and Switzerland.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.


Images courtesy of Shutterstock, Moon Zebra.


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Robin Hood Movie and Robinhood App Hold $50k Crypto Scavenger Hunt at Comic-Con

Robin Hood Movie and Robinhood App Hold $50k Crypto Scavenger Hunt at Comic-Con

News

Lionsgate studio and Robinhood app have teamed up to give away $50,000 in a crypto scavenger hunt at the San Diego Comic-Con this week. This is to promote the studio’s upcoming Robin Hood movie. Attendees will search for coins, redeemable for $50, $500, $1,000, and $5,000, which can then be invested in cryptocurrencies during the convention.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Crypto Scavenger Hunt

Robin Hood Movie and Robinhood App Hold $50k Crypto Scavenger Hunt at Comic-ConFor its upcoming movie Robin Hood, Lionsgate studio has announced a partnership with Robinhood investment app for a crypto scavenger hunt entitled Crypto Power To The People. It will take place at the San Diego Comic-Con between July 19 and 22.

Robin Hood Movie and Robinhood App Hold $50k Crypto Scavenger Hunt at Comic-ConComic-Con is an annual event for fans of fantasy, anime, comics, and other arts. There are over 30 Comic-Con conventions throughout the U.S. but the biggest one is in San Diego. In 2016, over 135,000 people attended the event according to Fortune.

For the crypto scavenger hunt, Collider publication describes:

Attendees will search for coins redeemable for $50, $500, $1,000, or $5,000, which they can use to invest in cryptocurrencies like bitcoin or ethereum over a three day period, July 19-21.

Robin Hood Movie and Robinhood App Hold $50k Crypto Scavenger Hunt at Comic-Con

Robin Hood and Robinhood

Lionsgate Executive Vice President of Worldwide Digital Marketing Danielle Depalma and Senior Vice President of Global Partnerships and Promotions Paula Kupfer said in a joint statement, as quoted by the news outlet:

We’re thrilled to partner with Robinhood to utilize state-of-the-art technology as a unique way to engage Robin Hood fans. In the spirit of the legendary hero, this collaboration gives back to the community through initiatives that parallel the high-octane adventures in our Robin Hood movie.

Robin Hood Movie and Robinhood App Hold $50k Crypto Scavenger Hunt at Comic-ConRobinhood, the popular trading app with a modernized layout aimed at younger investors, was recently valued at $5.6 billion. Customers can now use the app to buy and sell BTC, ETH, LTC, and BCH, alongside traditional investments.

The app is currently available in 17 U.S. states: AZ, CA, CO, FL, IN, MA, MI, MS, MO, MT, NJ, NM, PA, TX, UT, VA, and WI. “We also plan to further expand our coin offerings and add support for coin transfers,” the company wrote.

In addition, the platform offers market data and price alerts for 16 coins. According to its website, they are “bitcoin, ethereum, litecoin, bitcoin cash, ripple, ethereum classic, zcash, monero, dash, stellar, qtum, bitcoin gold, omisego, neo, lisk, and dogecoin.”

In the new Robin Hood movie, Robin of Loxley, played by Taron Egerton, is a crusader that returns to lead a revolt against the corrupt English crown with his Moorish commander, played by Jamie Foxx.

With the crypto scavenger hunt announcement, Lionsgate studio has also released the first official Robin Hood trailer. The movie will hit theaters with a busy pre-Thanksgiving weekend release date of November 21.