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October 16, 2018

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Crypto Market Update (23 May 2018)

General Market Outlook

 

Cryptocurrencies pretty much across the board have made a distinct downturn. Bitcoin dropped about 4% to below $8,000 and Ethereum took a major blow of nearly 10% to around $620 in the past 24 hours. One lone standout is Skycoin (SKY) - up over 35% in the past 24 hours.

 

 

Major Headlines

 

Circle Invest competing with Robinhood

 

The concept is a nice introduction for the blockchain and cryptocurrency space that allows users to dip their toes into a thus new future’s weird, global, techy pool. It also functions almost as a billboard for the coins available on the platform. But it is the opposite of cryptocurrencies backbone. These treat cryptocurrencies like securities. Users cannot actually withdraw cryptocurrencies to a wallet like with Coinbase or Gemini. They’ve also created a button that invests in all available cryptocurrencies across the board. It’s kind of like an Index fund that lets you buy all coins available on Circle Invest, weighted depending on their market cap. Circle invest is your crypto participation trophy.

 

Marshall Islands go all in on cryptocurrency

 

The world’s first sole sovereign cryptocurrency has been signed to law today as the Marshall Islands - home to about 53,000 citizens (about half the size of Boulder, Colorado). They are a sovereign state and UN member, and have created their own cryptocurrency called the Sovereign (SOV) that replaces USD as their legal tender. This could have major implications on the status of what cryptocurrencies are - asset, security, property, currency. It implies that financial institutions such as banks and Visa will have to accept SOV as it is now the legal tender of a sovereign nation.

 

Bitcoin Million Dollar Pizza Day

 

A user on Bitcointalk in 2010: “I’ll pay 10,000 bitcoins for a couple of pizzas...” 8 years later this would be over $80 million dollars. “... Maybe 2 large ones so I have some left over for the next day. I like having left over pizza to nibble on later.” The forum remains an extremely active community. Most cryptocurrencies announce their ICOs their, where users discuss things with a mix of language that is extremely informal and sarcastic.“Good luck on getting your free pizza” It is similar to reddit. However, the forum is now constantly spammed by overseas internet freelance writers who were paid to make positive comments on a project. This voice wasn’t around back when this guy just wanted to be the first person to buy pizza with Bitcoin: “I just think it would be interesting if I could say that I paid for a pizza in bitcoins.”

 

 

Top 5 Gainers

 

Centruion (CNT) +139.67% at $0.015800

Datarius Credit (DTRC) +87.20% at $0.017725

Docademic (MTC) +59.62% at $0.131576

MyBit Token (MYB) +46.69% at $3.45

SkyCoin (SKY) +33.30% at $34.09

 

 

Top 5 Losers

 

MSD (MSD) -54.22% at $0.008662

Everus (EVR) -53.00% at $0.101217

Peerguess (GUESS) -49.29% at $0.018247

Experience Points (XP) -43.14% at $0.000156

ShipChain (TICK) -43.05% at $0.060018

 

 

New Coins Listed

 

Cardano (ADA) listed to Cryptopia

Edgeless (EDG) listed to Airswap

Legolas Exchange (LGO) listed to Airswap

ZenCash (ZEN) listed to Binance

 

 

 

 

By: BGN Editorial Staff

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