Tilen Drzan (IRIS), Author at 21000NEWS

Tilen Drzan (IRIS)February 23, 2019

12min208

February 22: This week, the crypto market experienced another green candle as total network value increased by 11.27%. Rumors about the Samsung Galaxy S10 crypto wallet turned out to be true, Uniswap achieved a better solution than Bancor, which raised $150M during the 2017 ICO craze, and Deutsche Boerse is planning to launch crypto futures. Loom Network’s PlasmaChain staking is live, and we explored the possibility of a temporary Bitcoin block size limit decrease.

 

NOTEWORTHY NEWS

New Samsung Galaxy S10 Includes Cryptocurrency Key Storage —Feb 20, Cointelegraph

Samsung’s latest flagship phone will include a dedicated secure storage function designed specifically for securing cryptocurrency private keys. With this announcement, the Galaxy S10 joins a slowly growing list of smartphones designed with cryptocurrencies in mind, including the HTC EXODUS 1 and Sirin Labs’ Finney, both of which were announced last year.

David vs. Goliath Battle Brews in Ethereum Decentralized Exchange Race —Feb 20, Coindesk

A project funded by a 2017 ICO is facing fierce competition from a brand-new competitor, Uniswap, which was funded by a modest grant. Bancor, which raised $150 million during the ICO craze, was founded to make it easy to trade even illiquid Ethereum tokens. That’s the same mission as Uniswap, which launched in November and is funded solely by a $100,000 grant from the non-profit Ethereum Foundation. Uniswap is a truly decentralized protocol, whereas with Bancor, the company can freeze funds and has to approve the opening of markets for new tokens.

Major European Derivatives Exchange to Launch Cryptocurrency Futures —Feb 20, Cointelegraph

Eurex, a derivatives exchange operated by Deutsche Boerse, is planning to launch futures contracts for BTC, ETH, and XRP. Deutsche Boerse initially expressed interest in such a product in December 2017 and later in September 2018 established a crypto asset unit to explore the potential of distributed technology for financial market infrastructure and new products tied to the crypto asset class.

 


DIGITAL ASSETS ON THE MOVE

LOOM Introduces PlasmaChain Staking on Ethereum Mainnet

Loom Network has been known to deliver what they promise. On February 18, the Loom Network team announced the launch of Loom PlasmaChain staking. PlasmaChain is a high-performance DPoS sidechain that acts as a bridge between Ethereum and multiple other chains. It supports EVM smart contracts, offers sub-one-second confirmation times and high throughput, and uses Plasma Cash for securing on-chain assets. As stated on Loom Network’s website, it’s like EOS on Ethereum.
Just 24 hours after Loom Network’s announcement on Twitter, 5.83% of the circulating supply of LOOM has already been staked. With an ROI of 15% (after the Validator fee) if staking LOOM for 12 months, it seems the market hasn’t reacted to the recent news at all. The LOOM token moved similarly to other digital assets, slightly underperforming ETH by -2.7% and overperforming BTC by 6.6% this week. We believe the news has not really circulated among LOOM token holders yet, and it’s likely some token holders would rather err on the side of caution and opt to wait a bit before staking their LOOM.

THE WEEK AHEAD

Bitcoin Core May Temporarily Decrease the Block Size Limit

The Bitcoin scalability debate used to be about whether to increase the block size limit or wait for second-layer technologies to be developed and resulted in two chains: Bitcoin and Bitcoin Cash. Bitcoin is pursuing scalability via the Lightning Network, while Bitcoin Cash increased the block size limit and is pursuing on-chain scaling. Now there is a new debate, initiated by Bitcoin Core developer Luke Dashjr, about decreasing the block size limit.

The reasoning is very similar to the argument about bigger blocks being problematic. The cost of running a full validating node increases with the blockchain size. The bigger the blockchain, the longer the initial full node sync duration and the costs associated with maintaining it. Blockchain networks increase robustness and decentralization with more full nodes, so the interest is in having as many participants in the network running their own full node as possible.

On the other hand, smaller blocks decrease the number of transactions the network can process and as a result increase the transaction fees, which makes certain use cases not viable. Users might start using custodial services for payments instead of running their own full nodes as a result. Advocates of a block size limit decrease believe that Lightning Network will mitigate the downsides of lower on-chain transaction throughput, as higher fees would incentivize users to start using Lightning Network.

In any case, even if this change slowed the growth rate of the blockchain, it would not impact the already existing size, so the whole argument that this change would incentivize a larger number of full nodes is questionable. The change would without a doubt be contentious, which could result in an even larger split in the community.

 


MARKET OVERVIEW & METRICS

Weekly Market Overview, 15 Feb to 22 Feb 2019. Source: Coin360

Weekly Crypto Stats

•Global network value reached $134.65B, with 11.27% weekly delta.
•Global crypto market turnover was $23.54B, 67.29% from ATH.
•Bitcoin dominance is 51.9%, with -1.52% weekly delta, and beta of 0.81.
•Ethereum dominance is 11.54% with 8.26% weekly delta, and beta of 1.31.
•Bitcoin hashrate is 35.857B TH/s, with -15.6% weekly delta.
•Ethereum hashrate is 152.21K GH/s, with 12.42% weekly delta.

 


CHART OF THE WEEK

When a high percentage of Bitcoin’s market cap consists of unrealized profits, we can infer that investors are being greedy. The ratio drops as prices decline and investors become more fearful. When the unrealized gains turn into unrealized losses, we enter the phase of capitulation and apathy.

Source: Adamant Capital

This content has been put together by Marko Štemberger and Tilen Držan. Feel free to contact us for any feedback or if you have questions.

Information provided above is not to be considered as an investment advice.

ANNOUNCEMENT

Block Analitica, the company behind Squared Capital, has just launched its digital asset metrics dashboard to the public. Though still in beta, if you are interested in a more in-depth analysis of blockchain fundamentals — everything that’s happening with stablecoins, development activity, exchange balances, and much more — we invite you to register for a free account.


Tilen Drzan (IRIS)February 18, 2019

19min210

February 15: This week we’ve seen the crypto market rebound by 8% on average. JP Morgan has announced a new cryptocurrency, JPM Coin, that makes us further question the need for XRP’s existence, and the first U.S. pension funds have expanded their offerings to crypto investing. Additionally, we explain the current situation with Ethereum’s Ice Age and the changes to its network that the upcoming Constantinople upgrade will bring.

 

NOTEWORTHY NEWS

JP Morgan Launching their Own Cryptocurrency, JPM Coin — Feb 13, CNBC

The first fiatcoin (fiat-based stablecoin) created by a major U.S. bank is here — and it’s from J.P. Morgan Chase. JPM Coin is a 1:1 USD-backed token hosted on Quorum, JPM’s private Ethereum network. The main use case for the token will be international payment settlement for sizeable corporate clients, but it might also serve as a tokenized fiat currency in their permissioned network. JPM previously tested debt issuance on the blockchain, and it is expected that the majority of traditional financial products will be tokenized to take advantage of the obvious advantages of private blockchain networks compared to the current infrastructure, which is very rigid and slow. Tokenized USD will be used to transact with these tokenized products. Initially, only a tiny fraction of payments will be transmitted using the token, but this trial represents the first real-world use of a digital coin by a major U.S. investment bank.

Nasdaq to Add BTC and ETH Indices to Global Data Service — Feb 13, Coindesk

Nasdaq will offer two new crypto indices for bitcoin and ether, starting on February 25. The Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX) will offer spot price information on their Nasdaq Global Index Data Service. Both indices will reference the price of one coin quoted in USD, based on the most liquid markets.

First U.S. Pension Funds Take the Plunge on Crypto Investing — Feb 12, Bloomberg

Morgan Creek Digital, founded by Anthony Pompliano, has achieved the first investment in the crypto asset class from a U.S. pension fund. Two out of three defined benefit pension plans managed by Fairfax County Retirement Systems have invested in the Morgan Creek Digital fund. Pompliano’s new fund is structured as a traditional VC fund, investing in equity of companies in the blockchain industry, but also holds a small allocation of liquid cryptocurrencies.

OUR OPINION: The emergence of crypto brought us a new asset class, but also a completely new industry of products based around blockchain technology. It will be very common for diversified investment vehicles to have exposure to companies in the industry or to the crypto asset class directly.

Socialist Venezuelan Government Levies Massive Crypto Tax on Transactions — Feb 12, Toshi Times

In the pursuit of control of their citizens and cash flows eager to leave the country, Maduro’s government has introduced a new 15% cryptocurrency transaction tax. They also implemented restrictions on monthly transaction amounts. The basic limit is $600; a request can be submitted for permission to send more, but there is a hard limit of $3,000.

OUR OPINION: This kind of government behavior is exactly why we need permissionless money. While governments can set any laws and restrictions they choose, the main advantage of crypto is that they do not have a physical means of restricting cash flows or bank withdrawals compared to traditional banking infrastructure and fiat.


DIGITAL ASSETS ON THE MOVE

Rising Competition in Private Settlement Networks — Is Ripple Obsolete?

The recent news about J.P. Morgan tokenizing USD on their permissioned Ethereum network Quorum for settlements and for transacting with tokenized financial products means direct competition to the Ripple Network. But they are not the only large traditional financial institution working on a private blockchain network for this purposes. Recently, HSBC reported 25% savings QoQ in forex trade settlement using a permissioned blockchain. Together with a dozen other banks, HSBC launched their network, eTrade Connect, at the end of October 2018. Financial institutions understand that the market for international settlements and financial product tokenization is huge, and they are actively working to deliver the best permissioned network.

Now that it is clear that financial institutions are not interested in using Ripple and are developing their own private networks instead, let’s compare the Ripple Network and Quorum.

Ethereum has proven to be very useful for both fungible and non-fungible token issuance, two token types that cover the majority of tokenization of financial assets, derivatives, and commodities. Quorum is Ethereum-based, meaning anything the developers of public Ethereum develop can be implemented into their network without significant modification. This will enable them to save a lot on R&D costs compared to Ripple, which has their own technology that only they use and no one except Ripple Labs develops for.

Ripple is eagerly trying to convince the business environment to use their XRP token as a settlement vehicle in order to maintain its overvalued market price, but close to zero corporations have shown real interest in adopting it. Ripple says that XRP is a native token to their network, which is not true, as a native token is required by permissionless public blockchain networks to incentivize miners to produce blocks and secure the network. JPM Coin is just tokenized USD and will be used to transact with and trade tokenized financial products. Thus, XRP has no real purpose in the network, while JPM Coin is just a vehicle that represents 1 USD. In addition, about 60–80% of the total XRP supply is held by Ripple institutions and founders. Why would anyone choose to use XRP over JPM Coin when counterparty risk exists in both cases?

In the financial world, track record and trust are the essences of business. After the great financial crisis, there were attempts to create rating agencies outside of US jurisdiction — for good reason, as the US agencies clearly did not serve their mission, giving false ratings to investment banks that were later bailed out. The problem with these rating agencies was that nobody trusted them, as a rating from an agency with 100 years of history is more meaningful than a rating from a newly established agency, regardless of recent mistakes. The same goes for Quorum and the Ripple Network. Financial institutions and governments will always prefer working with J.P. Morgan over Ripple Labs.

The Ripple Network is becoming obsolete because financial institutions will always prefer a business partner they are familiar with as the market is becoming more saturated. The XRP token was always obsolete, just a trick that earned large amounts of money for Ripple Labs and their founders.

THE WEEK AHEAD

Ethereum’s Ice Age Kicking In

The Ice Age is a difficulty adjustment algorithm built into Ethereum to ensure that everyone — from miners to developers — has an incentive to upgrade to the latest version of the blockchain in the form of planned hard forks down the line. The Ice Age is programmed to raise difficulty exponentially, which we can see becoming apparent on February 10 in the chart below, as the block time rose above the 20 seconds and the ETH mined per day dropped to 13k. The Constantinople upgrade is scheduled for block number 7,280,000, which is expected to be mined in the early morning hours of March 1 (UTC). One of the network changes of the upcoming Constantinople upgrade was to reduce the ETH issuance rate, but due to the upgrade delay, the difficulty bomb started to kick in, which increased the block time and reduced daily aggregated block rewards. The March 1 fork will now slightly increase the effective daily issuance by roughly 30% instead of decreasing it. The long-term effect of block reward reduction will still have an impact on the price and network hashrate.


MARKET OVERVIEW & METRICS

Weekly Market Overview, 1 Feb to 8 Feb 2019. Source: Coin360

Weekly Crypto Stats

  • Global network value reached $121B, with -8.3% weekly delta.
  • Global crypto market turnover was $19.2B, 73.4% from ATH.
  • Bitcoin dominance is 52.7%, with -1.1% weekly delta, and beta of 0.81.
  • Ethereum dominance is 10.6% with 8.1% weekly delta, and beta of 1.30.
  • Bitcoin hashrate is 42.5B TH/s, with -15.5% weekly delta.
  • Ethereum hashrate is 135.4K GH/s, with -2.8% weekly delta.

CHART OF THE WEEK

A ‘Realized Capitalization’ chart that approximates what was paid for all the bitcoins in circulation. Right now, as an aggregate, investors are underwater, and as Willy Woo stated, “For savvy long term investors this is an exciting time. BTC is seldom underwater.”

This content has been put together by Marko Štemberger and Tilen Držan. Feel free to contact us for any feedback or if you have questions.

Information provided above is not to be considered as an investment advice.

ANNOUNCEMENT

Block Analitica, the company behind Squared Capital, has just launched its digital asset metrics dashboard to the public. Though still in beta, if you are interested in a more in-depth analysis of blockchain fundamentals — everything that’s happening with stablecoins, development activity, exchange balances, and much more — we invite you to register for a free account.


Tilen Drzan (IRIS)February 10, 2019

17min42

February 8: The crypto markets have barely moved in the past week, with the entire crypto market value decreasing by just 1%. While the prices of some of the biggest cryptocurrencies — namely BTC and ETH — haven’t moved much, the prices of LTC and BNB have increased 18% and 25% respectively, an increase attributed to positive advancements in the fundamental development of these assets.

 

NOTEWORTHY NEWS

Binance Achieves $446M in Profits in 2018 Despite Bear Market — Feb 6, The Block Crypto

Binance CEO Changpeng ‘CZ’ Zhao expected the exchange’s net profit to be between $500 million and $1 billion in 2018, but based on the latest calculations, the firm was a bit shy of hitting the low end of CZ’s prediction, bringing in a total of $446 million. In total, Binance has brought in approximately $655 million in the six quarters of its short existence.

 

Report: Gold-Backed Cryptocurrency Launched by Iranian Banks — Feb 5, Coindesk

A gold-backed cryptocurrency has reportedly been launched in Iran. The token is called PayMon and was launched by four Iranian banks in partnership with Kuknos Company, a blockchain startup. The most likely aim is bypassing the economic sanctions enacted by US president Trump. In July 2018, it was reported that Iran is seeking a way to tokenize its national currency, the rial.

OUR OPINION: The state-issued digital currency is inevitable, as the majority of central banks are researching a way to remove the M0 monetary base (cash) from circulation. State-issued digital currency is one of the options, but it can be implemented in different ways, use different mechanisms, and be pegged to other fiat currencies or free float. It can use a general public blockchain, e.g. Ethereum, or it can be issued and operated on a private blockchain, e.g. J.P. Morgan’s Quorum. Furthermore, the digital asset can be a tokenized fiat currency or be backed by assets such as gold, silver, or bitcoin.

Sound money is money for which the issuance rate is well-known and predictable. History tells us that currency is either backed by precious metals or is completely based on trust (fiat); the government can always increase the supply, either by diluting its metal reserves (as in WWI) or simply by printing new notes (quantitative easing) and consistently keeping interest rates low (fractional reserve banking). Neither are true forms of sound money, as the issuer is still a centralized entity and gold-backing means nothing when a financing demand arises. It is certain that the current form of cash represents the only means of privacy in a fiat system and will most likely be gone if government-issued digital cash starts circulating.

 

Vitalik Says High-TPS Projects Are Centralized Trash — Feb 7, EMW

During the Blockchain Connect Conference in San Francisco, Vitalik Buterin, creator of Ethereum, expressed his negative opinion of projects claiming high transaction throughput. The only reason these projects can achieve this is their high level of centralization.

OUR OPINION: We couldn’t agree more. The whole point of the crypto space is to create decentralized networks for information and value exchange. Projects hiding behind Delegated Proof-of-Stake run a complete network on 21 or 27 nodes. In the case of NEO, the situation is even worse, as nobody can become a block producer without the consent of the Onchain company, and if just a few nodes stop operating simultaneously, the whole blockchain will stop processing blocks. They pretend to offer decentralized networks and camouflage the facts by talking about high transaction throughput.


DIGITAL ASSETS ON THE MOVE

Litecoin is Surging. Here’s Why

Litecoin has seen increased market attention lately. The most important reason is that Charlie Lee, the creator of Litecoin, has expressed his intention to advance privacy features and fungibility for Litecoin via a soft fork. The latest idea is to implement MimbleWimble (MW); the Litecoin Foundation has announced a cooperation with Beam, a company backing implementation of MW. The current idea is an on-chain conversion of normal LTC into an MW variant of LTC and vice versa. Given the early stage of crypto networks, privacy is currently the most important feature that cryptocurrencies must provide, and this is a step in the right direction.

The Litecoin block reward is nearing the halving date when the reward will be split from the current 25 coins to 12.5. While the price of anything is a function of supply and demand, we believe that issuance rate is one of the most important price factors in Bitcoin-based blockchains, as it halves the constant supply provided by miners. The halving is expected to occur on Aug 8, 2019.

Litecoin also has a new logo. It might sound funny, but anything that provides additional attention and marketing for specific crypto has a positive effect. There are many projects in the crypto space, and with the rate of new information coming every day, the probability of someone reading about specific crypto is thus directly related to the amount of “buzz,” whether significant or simple rebranding and a new logo. The Litecoin community was very excited about the logo rebranding on social channels.


THE WEEK AHEAD

Binance Chain and DEX Soon Launching on Testnet

Binance is moving its Binance Coin (BNB) token off of Ethereum as it prepares to launch its own decentralized exchange. Built on Binance Chain, Binance DEX’s testnet is set to launch “in the next week or two” according to Binance CEO Changpeng ‘CZ’ Zhao. BNB, which was issued during the company’s $15 million ICO in 2017, will be migrated from an ERC20 token and act as native gas for Binance Chain.

The main advantage of using Binance Chain will have compared to keeping the token on the Ethereum blockchain is higher transaction throughput. By stripping down Cosmos’ Tendermint protocol, Binance Chain will not be as feature-rich as Ethereum, meaning there will be no smart contract functionality and the network will not be as decentralized due to the fact that there will be just 11 nodes acting as validators. With the smaller number of nodes, CZ explained, the new blockchain will be more like NEO or even Ripple. As for the protocol functionality, Binance’s new native blockchain will utilize Delegated Proof-of-Stake (DPoS) and Byzantine Fault Tolerance (BFT), and the DEX interface will allow projects to issue new tokens on Binance Chain, effectively running an ICO by raising funds in BNB.

Binance will receive a small fee from each trade on their new DEX, with an additional listing fee for projects that launch their token on Binance Chain. The listing fee will be as high as $100,000. CZ has stated that he wants to deliberately set the listing fee high to reduce the number of spam or scam projects.

Though we are not very excited about the launch of Binance Chain due to its high degree of centralization, we expect this development to provide continuous momentum for Binance Coin in the coming weeks. Additionally, there may be the potential to “sell the news” in the days following the testnet launch.

Disclaimer: We have a small position in BNB.


MARKET OVERVIEW & METRICS

Weekly Market Overview, 1 Feb to 8 Feb 2019. Source: Coin360

Weekly Crypto Stats

  • Global network value reached $111.7B, with -1.1% weekly delta.
  • Global crypto market turnover was $15.1B, 79% from ATH.
  • Bitcoin dominance is 53.3%, with -0.37% weekly delta, and beta of 0.81.
  • Ethereum dominance is 9.86% with 0.41% weekly delta, and beta of 1.30.
  • Bitcoin hashrate is 50.3B TH/s, with 12.3% weekly delta.
  • Ethereum hashrate is 139.4K GH/s, with -4.5% weekly delta.

CHART OF THE WEEK

A comparison of tweets on #ICOs and #STOs since December 2017 shows that while discussion of initial coin offerings has fallen 67% since March 2018, discussion of security token offerings is up 872% since December 2017.

ANNOUNCEMENT

Block Analitica, the company behind Squared Capital, has just launched its digital asset metrics dashboard to the public. Though still in beta, if you are interested in a more in-depth analysis of blockchain fundamentals — everything that’s happening with stablecoins, development activity, exchange balances, and much more — we invite you to register for a free account.


Tilen Drzan (IRIS)February 4, 2019

15min66

February 1: The crypto market has lost 6% of its value this week. While the markets fluctuate, Fidelity has announced plans to launch their custody service this March, easing the inflow of institutional money into crypto. Major exchanges are building additional services to attract new buyers.

NOTEWORTHY NEWS

Fidelity Said to Be Planning March Launch of Bitcoin Custody Service — Jan 29, Bloomberg

Fidelity Investments is targeting a March launch date for its Bitcoin custody service, according to three people with knowledge of the matter, as the mutual fund giant moves forward with a plan that could help ease fears around trading cryptocurrencies and help institutional investors ease into crypto.

Wrapped BTC Launched on Ethereum as an ERC-20 token — Jan 30, WBTC

The WBTC project announced in October last year is now live on Ethereum. The project uses BitGo’s custody service and is thus centralized, like all other current fiat and crypto gateways, eg. payment gateways on WAVES. Until the crypto community invents new permissionless cross-chain capabilities, such services still provide a form of interoperability between different public blockchains. WBTC is minted as an ERC-20 token, and BTC custodial addresses are publicly known, meaning WBTC is a 1:1 backed token on Ethereum. This means that unlike Tether USDT, WBTC can actually be audited by anyone at any time. Currently more than 72 bitcoins in the form of ERC-20 tokens have been minted on Ethereum. This kind of service could be a possible substitute for other centralized settlement solutions, like Blockstream’s recently released inter-exchange settlement network Liquid, which is also a centralized scaling solution for Bitcoin.

SWIFT to Integrate With R3’s Corda Platform Using XRP — Jan 30, Coindesk

SWIFT has announced that they will integrate R3 Corda Settler, which launched in December of last year. They say the application aims to facilitate global cryptocurrency payments within enterprise blockchains and that the first “cryptocurrency” used will be XRP tokens.

OUR OPINION: This is great example of corporations not yet understanding blockchain technology and its relationship to native cryptocurrencies. Public blockchains and their native coins exists in synergy; the coin is necessary for economic incentives so the network can exist without a central entity providing infrastructure and verifying transactions, while private blockchains do not need a native coin to function. If XRP is implemented in this case, they might as well also implement World of Warcraft gold as a “cryptocurrency.”


DIGITAL ASSETS ON THE MOVE

NEM Foundation Nearly Broke

NEM (XEM) is a relatively unknown cryptocurrency in the West, as its community is more concentrated in Asia. Among the features of the network, the most distinctive is their Proof-of-Importance (PoI) algorithm, which differs from PoS in that it takes the number and size of transactions made by a block producer into account, instead of only the size of their stake. It also features asset issuance, but this is possible on many different public blockchains, including Bitcoin.

On Jan 31, the NEM Foundation posted a message to the community explaining that “Crypto Winter” might lay the foundation for a financially unsustainable situation as early as next month due to unreasonable management by the previous governance council. The Foundation was established by the NEM community in order to promote the NEM blockchain and is now requesting the community to fund them with 160M XEM coins (~$7.5M) in order to continue operating and avoid planned layoffs across their 150 employees. According to Alex Tinsman, the newly elected president of the Foundation, expenditures during Dec 2017 and Jan 2019 were 80M XEM ($24.5M; average XEM price), most of which was spent on marketing.

The XEM price has generally been very similar to the general crypto cycle movement of 2017/2018 and is still correcting from the new highs achieved during the cycle. After the community message, XEM decreased by 13% against bitcoin. NEM was one of the most dominant cryptocurrencies by network value (ranked the 6th largest) until just before the crypto crash in the second half of January 2018.

The NEM Foundation’s irrational marketing spending is something very common in the crypto space: many projects focus extensively on achieving awareness and recognition via marketing efforts, airdrops, and being present at way too many conferences instead of directing the majority of their spending on developing the product. NEO and Tron are definitely the first two projects that come to mind as operating in a similar fashion, while XRP is probably the king of public opinion manipulation and creating an illusion of value through a constant stream of partnerships, conferences, and similar social sentiment defining factors directed toward an ignorant public looking for the next 1000x asset. What is common to all of these projects is that their organizations, founders, and team members hold a large percentage of the asset’s emission, meaning they have a direct incentive to inflate the price as well as their project runway. They tend to maximize the illusion of value instead of creating value.


THE WEEK AHEAD

Exchanges Keep Building to Attract New Buyers

Binance announced this week that the exchange will allow traders to use Visa and MasterCard to buy crypto assets, effectively offering a fiat-to-crypto gateway. Bitstamp just introduced a completely revamped app for both iOS and Android. Coinbase, on the other hand, is experimenting with another aspect of the crypto space: education. Their new addition to the platform allows Coinbase users to earn different crypto assets while they learn about the crypto space, effectively introducing a new way for users to acquire their first crypto assets from an exchange — not by mining or buying it, but by earning it.


MARKET OVERVIEW & METRICS

Weekly Market Overview, 25 Jan to 1 Feb 2019. Source: Coin360

Weekly Crypto Stats

  • Global network value reached $112.9B, with -5.8% weekly delta.
  • Global crypto market turnover was $17.5B, 24.3% of ATH.
  • Bitcoin dominance is 53.5%, with 1.9% weekly delta, and beta of 0.81.
  • Ethereum dominance is 9.82% with -3.6% weekly delta, and beta of 1.30.
  • Bitcoin hashrate is 44.8B TH/s, with -5.4% weekly delta.
  • Ethereum hashrate is 146.01K GH/s, with -17.8% weekly delta.

CHART OF THE WEEK

A theory about why the famous 200-Week Moving Average support from the last bear cycle will break during this bear market cycle, indicating a final bitcoin bottom in the low $2000s.



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