This Week in Cryptocurrency: October 26, 2018
Keep On Keepin’ On
We’ve got another week in green here, folks. Building off of last week’s momentum, the entire cryptocurrency market grew from $207.8B to $209.2B – a whopping 0.7% gain. Okay, it may not be the growth we’re looking for, but at least we’re trending in the right direction. “How about the top coins?” you ask? Great question.
Bitcoin hardly moved, with its price rising just 0.18% this week. It currently sits at just under $6,500.
Ethereum had an even flatter week, moving only 0.02% downwards. The price continues to test the $200 support line.
XRP was the most substantial gainer this week, even though it only climbed 0.89%, stabilizing a little over $0.45.
Coinbase Links Up With Circle for New Stablecoin: Stablecoins, so hot right now. On Tuesday, Coinbase announced a new partnership with frenemy Circle to form the CENTRE Consortium. First on the consortium’s docket? The creation of a new stablecoin, USD Coin, or USDC for short.
Each USDC is backed back one greenback, and the companies will regularly report the status of those reserves. The two organizations chose to use the Ethereum blockchain to create the stablecoin with the ERC20 protocol. USDC now joins a long list of over 50 stablecoins currently in the crypto market.
SEC Gives ICOs an H.A.N.D: The SEC is clearly tired of blockchain projects pleading ignorance when it comes to regulations. The government organization’s newly formed FinHub is hosting office hours to answer any questions you may have about the regulatory landscape (as it currently stands). To schedule time, you simply need to fill out an online form outlining who you are and what you’re interested in learning about.
It doesn’t take a crystal ball to predict where this is heading. We’ll most likely start to see “SEC approved” stamps popping up on projects who’ve taken advantage of this resource.
People Saying Things
Musk Being Musk: From joking about taking Tesla private to asking for “dank memes,” Elon Musk has gone full troll on Twitter. This time around, the Spaceboy Wonder commented a seemingly random anime image in a post about Tesla account 2FA with the caption, “Wanna buy some Bitcoin?”
Wanna buy some Bitcoin? 😉😉 pic.twitter.com/9ZbBJ5fuVq
— Elon Musk (@elonmusk) October 22, 2018
Forbes 30 Under 30 Summit 2018 Cryptocurrency Recap: CoinCentral Editor-in-Chief Alex Moskov analyzed cryptocurrency’s impact on this year’s 30 Under 30 Summit in Boston.
What Is Achain (ACT)? | Beginner’s Guide: An introduction to the blockchain project implementing a novel consensus method, result-delegated proof-of-stake.
What is SelfKey (KEY)? | A Beginner’s Guide: If you’re one of the millions of people affected by data breaches like the Equifax hack, you may want to check out SelfKey.
CoinBene: Review and Analysis of the Exchange Platform: CoinBene has been rising in the crypto exchange ranks. But is it right for you?
World’s Oldest Art Auction House to Use Blockchain: Christie’s and Artory: Another beautiful merger of the scientific blockchain and the creative art ecosystem.
NEO Global Capital on the Cryptocurrency Investment Landscape: We sat down with the NGC team to talk investment strategy, ICOs, and everything in between.
South Korean ICO Ban May Be Lifted in November: The rumor mill is swirling with gossip that the South Korean ICO Ban may be no more. We can only hope.
Three Strategies for Exiting Losing Trades: You can’t win ‘em all. Here are three ways to exit your position when your trades are going South.
What Is a UTXO? | A Beginner’s Explainer on Transaction Outputs: You’ve probably heard the term. But do you know what role Unspent Transaction Outputs (UTXOs) serve in a blockchain?
An In-Debt Look at Bitcoin Lending: Is It Worth It?: Much like the overall cryptocurrency market, Bitcoin lending has its fair share of scams as well as respectable organizations.
Elastos CMO Fay Li on Bitmain Merged Mining, Trinity, and Beyond: Elastos is a relatively unknown cryptocurrency with some major support. We got to talk shop with the project’s CMO.
HTC Blockchain Phone Available for Pre-Order: The much awaited HTC Exodus 1 is officially available for pre-sale. The phone has a built-in cryptocurrency wallet that holds Bitcoin, Litecoin, Ethereum, and more coins undisclosed at this time. Putting in an order now will get the phone in your hands by December. The catch? You can only pay with Bitcoin or Ethereum.
The phone sports a 0.15 BTC, or 4.78 ETH, price tag, placing it right around the $960 mark. To put this in perspective, the new iPhone XR and iPhone XS range from $749 to $1099.
Japan Gives Thumbs-Up to Crypto Self-Regulation: On Wednesday, Japan’s Financial Services Agency (FSA) approved the Japan Virtual Currency Exchange Association to act as a self-regulating organization. This classification enables digital asset exchanges in the association to create a set of rules to protect customers and create guidelines with which they’ll enforce among themselves. This action seems to be nothing but positive news as it keeps the regulatory authority in the hands of those who know the industry best.
Notable figures in the American market, specifically the Winklevoss twins, have been pushing for something similar. However, they’ve been having a much more difficult time with regulators.
This Week in Crypto is brought to you by World Crypto Con. Join us in Las Vegas on October 31st to November 2nd to see speakers such as Charlie Lee, Brock Pierce, and Charlie Shrem take the stage to talk about some of the hottest topics in crypto. There’s also a poker tournament with our very own Doug Polk and Ryan Fee, as well as a party with Steve Aoki. Use code COINCENTRAL for 50% off tickets here.
Rakuten is allegedly working on a cryptocurrency payment solution for its app. Will...
Cryptocurrency Market Update Ouch. But we’re used to it! This wasn’t the best week for cryptocurrency markets in recent weeks, but the volatility isn’t anything we haven’t seen before. If…
ABOUT THE AUTHOR
ABOUT THE AUTHOR
Based in Austin, TX, Steven is the Executive Editor at CoinCentral. He’s interviewed industry heavyweights such as Wanchain President Dustin Byington, TechCrunch Editor-in-Chief Josh Constine, IOST CEO Jimmy Zhong, Celsius Network CEO Alex Mashinsky, and ICON co-founder Min Kim among others. Outside of his role at CoinCentral, Steven is a co-founder and CEO of Coin Clear, a mobile app that automates cryptocurrency investments. You can follow him on Twitter @TheRealBucci to read his “clever insights on the crypto industry.” His words, not ours.