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October 16, 2018

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General Market Outlook

General Market Outlook

 

The market seems to be stabilizing today overall after a strong downtrend. Bitcoin was nearing $10,000 but has since retreated toward $9,000 and currently sits around $9,200. Ethereum is trading right around $730. The top 100 coins are just about split, as an accumulation phase takes place among many of them. Bytecoin was listed to Binance and made an incredible surge, more than doubling at one point. The coin new sits up over 80% in the past 24 hours.

 

Major Headlines

 

Ripple Faces Class Action Lawsuit

An individual in San Diego California is suing Ripple, their CEO and XRP LLC. The case cites that Ripple has touted XRP as a cryptocurrency along the lines of Bitcoin or Ethereum, yet it is wholly unlike most other cryptocurrencies. The coin requires no mining and is not part of a peer-to-peer exchange network. All XRP were created at once by Ripple. The company and their employees own the vast majority of the coins. The case cites that the company has used consumers to drive up the price, while allowing insiders who were given the coin at no cost to sell them off for profit.

 

“The XRP offered and sold by [the] defendants have all the traditional hallmarks of a security…However, [the] defendants did not register XRP with the SEC, and many of the representations [the] defendants made regarding XRP were designed to drive demand of XRP, allowing defendants to obtain greater returns on their XRP sales.”

 

Huboi Exchanges Continues Business Expansion

2018 has been a year of global expansion for Huboi. They are currently establishing offices in Europe, America, Canada. Last month they launched Huboi Labs and Huboi Ecosystem Fund access to start ups in London - two accelerator programs. They have no announced a $1 Billion dollar expansion to the Huboi Labs program to help Blockchain startups in China. They will be working with the Chinese social media company, Tianya to create a ‘Global Cultural and Creative Blockchain Lab.’ The program will be headquartered in Hainan Province, the area China has delineated as to become a new, experimental global free-trade zone by 2020.

 

 

BMW Experiments Blockchain Mileage Tracking

BMW’s UK headquarters is working with the blockchain company DOVU to bring the technology to leased vehicles specifically. DOVU focuses on tech solutions for companies working on connected cars, public transport, or autonomous vehicles. Their goal is to data collection through the DOVU ERC-20 token, which can then be used to reward drivers for participation and pay for vehicle services. They are forming partnerships with cities to work towards “smart cities” by incorporating their technology into public transit and other aspects of a metropolitan area.

 

 

Top 5 Gainers

 

CaliphCoin (CALC) +189.49% at $0.000548

Bytecoin (BCN) +86.97% at $0.012683

Maggie (MAG) +66.17% at $0.039561

Super Bitcoin (SBTC) +45.37% at $27.22

eosDAC (EOSDAC) +43.82% at $0.171083

 

 

Top 5 Losers

 

StockChain (SCC) -77.28% at $0.013000

B2BX (B2B) -50.64% at $0.335249

PizzaCoin (PIZZA) -41.18% at $0.000549

U.CASH (UCASH) -35.98% at $0.006964

LIFE (LIFE) -33.64% at $0.000279

 

New Coins Listed

 

Dent (DENT) listed to Cobinhood

 

0x (ZRX) listed to Zebpay

 

Crowd Machine (CMCT) listed to HitBTC

 

Zippie (ZIPT) listed to Yobit

 

Bytecoin (BCN) listed to Binance

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