General Market Outlook
The market is still shaky after Bitcoin dropped to a low for 2018. Nearly all coins in the top 100 are down in the past 24 hours and trading volume is falling. Theta Token (THETA) is the major stand out of the top 100 coins, which has risen well over 40% over the past two days and is up over 7% in the past 24 hours. Qtum (QTUM) and Monaco (MCO) also stand out, both up around 7% in the past 24 hours. Bitcoin is right around $6,200 for about -2% change and Ethereum is right around $440 for -5% in the past 24 hours. Market cap for the overall cryptocurrency market is down $9 billion to $249 billion total.
30% Increase Of Institutional Investors On Circle
Circle rolled out a cryptocurrency investment service back in March of 2018. This month the app user base of institutional investors grew by 30%, which includes hedge funds, family offices, and VC funds. Circle facilitates about $2 billion in trades every month, and is backed by Goldman Sachs Investment. The Cryptocurrency market overall has been down recently, but this screams opportunity to many. “A lot of folks on the institutional side are on-boarding, and getting their ducks in the row.” To Circle, this is more than just an investment opportunity though. A spokesman for the company said to CNBC recently: “Our view is that all fiat currency will be crypto… It seems inevitable at this point.” Circle is also applying for banking licenses in the U.S. to increase their services.
U.S. Secret Service Concerned With Privacy Coins
An official for the U.S. Secret Service called on Congress to address potential legislative action on privacy coins. These coins, such as Monero or Zcash, are able to mute who the users are in a transaction and how much the transaction was processed for. Robert Novy spoke before the U.S. House of Representatives Committee on Financial Services, saying that "We should also consider additional legislative or regulatory actions to address potential challenges related to anonymity-enhanced cryptocurrencies… to ensure law enforcement agencies maintain lawful access to critical sources of evidence, regardless of where, or in what form, that information is stored.” Those critical sources remain unavailable for traditional cash transactions.
Andreessen Horowitz - Bullish On Cryptocurrency
The firm raised $300 million for their first dedicated cryptocurrency fund. Over two to three years, they will spread the money across early-stage coins, later-stage networks like bitcoin or ethereum, and will hold the investments for up to 10 years. Chris Dixon, general partner at the firm: “We’ve experienced ups and downs in the cryptocurrency market, and expect there will be many more. There’s potential in the technology, and some of the downturns can be the best investments.” He also drew parallels to 2009 and 2010, when there was an influx of entrepreneurs and developers working on smartphone apps. Similarly he pegged crypto in 2018 as "one of those great times to invest… We believe we are still early in the crypto movement.”
Top 5 Gainers
Abjcoin Commerce (ABJC) +298.30% at $0.197457
U.Cash (UCASH) +58.86% at $0.006005
BitWhite (BTW) +37.39% at $0.042884
Bittwatt (BWT) +31.37% at $0.027519
United Traders Token (UTT) +25.01% at $0.305787
Top 5 Losers
Bigbom (BBO) -30.85% at $0.005188
Rhenium (XRH) -26.60% at $0.037887
CryptoPing (PING) -20.27% at $0.186144
PeepCoin (PCN) -19.04% at $0.000701
EJOY (EJOY) -18.81% at $0.006064
New Coins Listed
Egretia (EGT) listed to OKEx
Rise (RISE) listed to RightBTC
By: BGN Editorial Staff