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The Problem with Fidelity’s Crypto Trading Platform

October 16, 2018

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Crypto Market Update (07 June 2018)

General Market Outlook


Although there are have not been any major movements recently, the market overall continues to show consolidation and a slight uptrend. Many altcoins are showing some growth in the past 24 hours, and trading volume continues to climb. DigixDAO (DGD) is the only minor standout of the top 100 coins - up about 7% in the past 24 hours. Bitcoin is right around $7,700 for about +1% change and Ethereum is right at $605 for no change in the past 24 hours. Market cap for the overall cryptocurrency market climbed $7 billion to $345 billion total.



Major Headlines


Circle Applying for Banking License


Circle Internet Financial Ltd has revealed that it is seeking a federal banking license with the U.S. Office of the Comptroller of the Currency (OCC) in order to expand the services available to the company’s customers. They also hope to registration with the U.S. Securities and Exchange Commission (SEC) as a brokerage and trading venue, which would allow the company to expand the variety of cryptocurrencies they have available. Circle claims to have already had preliminary conversations with the Office of the Comptroller of the Currency regarding potential banking functions. CIrcle CEO Jeremy Allaire: “The regulators need to figure this out because eventually other banks that they regulate are going to want to hold crypto. They’re going to need to have rules for this. We can be a great guinea pig.”


Coinbase on track for SEC Registration


This would allow Coinbase to list cryptoassets that the SEC deems to be securities. Coinbase President and COO Asiff Hirji, revealed that it has acquired a broker-dealer license, an alternative trading system (ATS), and a registered investment advisor (RIA) license. Pending regulatory approval, they will begin operating as a broker-dealer under the oversight of the SEC and Financial Industry Regulatory Authority (FINRA). “There are now many types of blockchain based digital assets, from cryptocurrencies to security tokens to collectibles. In the United States, some of these assets will be subject to SEC oversight. With this in mind, securing these licenses will bring us a step closer to our goal, which is to be the most trusted way for our customers to buy, sell, and use many different types of crypto assets.”


Fidelity Working on Cryptocurrencies


Within Fidelity, a job posting is circulating for a DevOps system engineer who can “help engineer, create, and deploy a Digital Asset exchange to both a public and private cloud.” The report states that Fidelity has been exploring an offering for nearly a year so that its clients can enter the cryptocurrency market. Last year at Consensus 2017, Fidelity’s CEO Abigail Johnson showed her support of Bitcoin saying, “I’m a believer.” She also noted that the company is mining Bitcoin and Ethereum. Fidelity customers who hold Coinbase accounts are able to see their cryptocurrency balances on their Fidelity online accounts. Fidelity Charitable has raised an over $9 million in Bitcoin.



Top 5 Gainers


XTD Coin (XTD) +101.57% at $0.000154

Pioneer Coin (PCOIN) +85.89% at $0.024410

Dashcoin (DSH) +69.58% at $0.033007

Maecenas (ART) +69.43% at $0.768042

Swisscoin (SIC) +58.39% at $0.001535



Top 5 Losers


Zoin (ZOI) -62.75% at $0.562005

Steem Dollars (SBD) -48.85% at $1.73

FlorinCoin (FLO) -40.12% at $0.080990

X-Coin (XCO) -35.78% at $0.044164

Ivy (IVY) -33.91% at $0.106465



New Coins Listed


Graphcoin (GPH) listed to CryptoBridge

Oyster (PRL) listed to CryptoBridge

Rupee (RUP) listed to CryptoBridge

Nexus (NXS) listed to Binance





By: BGN Editorial Staff


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