Welcome to this week’s Crypto market update on The Daily Chain. We are collaborating with NKB Group – a full-service investment bank focused on blockchain technology. These updates will include the top news stories of the week, charts, data and more.
Last week, we saw a solid rise in bitcoin price towards yearly highs against the US Dollar. BTC price topped near the $8,950 level and recently corrected lower to $8,450. Last week was also very positive for altcoins, LTC(+22.5%) and EOS (+24%), however this morning we experienced a correction in the charts as losses begin to accelerate during Asian trading today. This has knocked $7 billion off the total crypto market capitalization as it slides back towards $265 billion. The top-10 major digital assets are all down by 1-6% except XRP (+1%) in the last 24h, over the past week, however, markets are still up by almost 7%.
Top News Stories of the Week
CRYPTO MARKET NEWS
Bitcoin derivatives are working out to become crypto’s “new thing” for 2019, as trading on CME, the only regulated futures venue as of now, has hit an all-time-high two months running. BitMEX is also enjoying much of the same due to recent volatility, while Deribit options may have found a more institution-based audience.
Stablecoins have hit an all-time high with over $4Bn tokens representing the Greenback now on the blockchain. While Tether dominance remains, new stablecoins that have come into the market recently have gained significant momentum. And trading volumes have already beaten that of last year’s record in less than 5 months, with 2019 set to dwarf the now infamous bear market in comparison.
AT&T* will now accept online bill payments through BitPay, a respected cryptocurrency payment processor. AT&T becomes the first major U.S. mobile carrier to provide a cryptocurrency payment option to customers.
Encrypted messaging service Telegram will purportedly launch its Telegram Open Network (TON) in the third quarter of 2019, after raising $1.7bn in 2018.
The social media giant wants to start testing its cryptocurrency, referred to internally as GlobalCoin, by the end of this year. The social networking site, which owns WhatsApp and Instagram, is hoping to disrupt existing networks by breaking down financial barriers, competing with banks and reducing consumer costs.
Supermarket kiosk network Coinstar has further expanded its bitcoin-buying service, adding around 100 new outlets and growing U.S. coverage to 21 states and the District of Columbia. Individuals can buy bitcoin with cash at over 2,200 locations.
A new crypto exchange platform of which Yahoo Japan owns a major stake, is about to launch after over a year in development. The exchange will be offering a mobile app alongside its online platform, and will offer trading in bitcoin (BTC) and ether (ETH) at launch.
JPMorgan has built an extension to the Zether protocol, a fully decentralized, cryptographic protocol for confidential payments, compatible with ethereum and other smart contract platforms and designed to add a further layer of anonymity to transactions.
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