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Weekly Crypto News – 15th July

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Welcome to the Weekly Crypto News 15/7 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 crypto news stories of the week, charts, data, BTC, coin and more.

Market Momentum

After a short recovery, which sent the total market cap above $350bn, digital assets experienced another correction, which started on Wednesday and as of this morning, wiped out more than $70bn in total (-24%). Bitcoin is hovering around $10,000 after sliding to $9,840 during the hours of the Asian markets, which represents a drop of more than 21% on the past week. The rest of the top-30 coins are bleeding more significantly, Ethereum is down 27%, Bitcoin SV is down 40%, Litecoin 26%.

Top News Stories

Bitmain Co-Founder Wu Jihan Launches New Start-up

Co-founder of the world’s largest crypto mining farms, Bitmain Technologies Ltd., is launching a new one-stop platform for over-the-counter trading, lending and custody for digital assets called Matrixport. Wu is a major shareholder along with a clutch of global venture capital firms and Bitmain itself, according to CEO Ge Yuesheng. Headquartered in Singapore, Matrixport has a team of about 100 staffers, dozens of whom were let go from Bitmain.

Mt.Gox Customers Can Sell Their Bitcoin Claims for $900 to Fortress Investment Group

Creditors of Mt Gox waiting to get their bitcoin back from the long-defunct exchange can now get pennies on the dollar by selling their claims to Fortress Investment Group.

We review each claim individually but are now generally able to offer $900 per BTC claim, or roughly 200% of the bankruptcy value (which was $451 per BTC claim). We can pay that in Bitcoin, or any fiat currency of your choice. Our payment would be made within 10 business days of the claim transfer confirmation.”

Crypto Firm Diginex Reaches Deal to Go Public in the U.S.

The Hong Kong-based cryptocurrency and blockchain services company is going public through a reverse merger with 8i Enterprises Acquisition Corp. Diginex will be listed on Nasdaq following the deal with 8i, a so-called blank-check company, the companies said. The deal is poised to value Diginex at about $276 million including debt, according to a press release.

China’s Central Bank Developing Own Digital Currency in Response to Libra

China’s central bank is reportedly developing its own digital currency in response to Facebook’s Libra as the latter could purportedly pose a risk to the country’s financial system, the South China Morning Post reported.

Turkish Central Bank Prepares to Issue Crypto Money

Turkey also joined the countries included in the crypto money eco-system. According to the 11th Development Plan, the Central Bank of the Republic of Turkey is preparing to issue crypto money.

Donald Trump’s First Public Mention of Bitcoin

I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” Trump wrote on Twitter. Trump also mentioned Facebook’s Libra project adding: “If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International.”

Goldman Sachs Ramps Up Development of New Crypto Project

A new job listing from investment banking giant Goldman Sachs reveals apparent intentions to pursue digital asset development. The listing seeks a Digital Asset Project Manager under the aegis of the bank’s GS Accelerate in-house incubator program.

Fed Chairman Powell: Bitcoin Is A Store of Value Like Gold

During the second day of Jerome Powell’s testimony, he noted that bitcoin is already increasingly taking over gold in the global economy as a store of value. Lawmakers also mentioned their uneasiness regarding bitcoin’s possible long-term challenge to replace the U.S. dollar as the world reserve currency. Powell admitted that this was in the realm of possibility, albeit only in the long term.

Powell: “Don’t assume USD status as reserve currency permanent“.

Japanese Crypto Exchange Bitpoint Loses $32 Million in Hack

Japanese cryptocurrency exchange Bitpoint suspended all services after losing about 3.5 billion yen ($32 million) in a hack that involved Ripple and other cryptocurrencies. Almost three quarters of the stolen funds belonged to customers while Bitpoint owned the rest.

About NKB

NKB operates as a full-service investment bank focused on blockchain technology. They are a one-stop solution for clients – opening the new world of crypto assets and delivering it via the best practices of traditional finance.

NKB pride themselves on providing high quality investment research comment and analysis in the crypto space.  Their research is authorized and regulated by the FCA in the UK and led by professionals with several decades of investment research experience. Their technological capability in the crypto space is complemented by team members with experience from leading tech companies and deep understanding of the underlying technology.
Find out more about NKB here and follow on social media:

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