Crypto Market Update (21 September 2018)

September 21, 2018

ADVFN Crypto NewsWire

General Market Outlook

The market continues to recover. Nearly all coins are in the green, with many seeing huge gains and trading volume has nearly doubled, moving from $12 billion and $22 billion in 24 hours. MonaCoin (MONA) and XRP (XRP) are the major stand outs of the top 100 coins by market cap - up over 78% and 76% respectively in the past 24 hours. Bitcoin (BTC) is right around %6,700 for +4.5% and a total market dominance of about ?%, and Ethereum (ETH) is right at $230 for +8% in the past 24 hours. Market cap for the overall cryptocurrency market gained a huge $27 billion now at around $230 billion total.

Major Headlines

U.S. SEC Delays Another Bitcoin ETF Decision

The VanEck-SolidX Bitcoin ETF was filed back in June and published by the SEC in early July. The regulators have already exercised one of two extensions on the decision, with this second one making the final deadline December 29 of this year. The joint filing by VanEck and SolidX is one of the most straight forward proposals - a Bitcoin futures-based fund that is physically-backed by BTC. The Shares are expected to be listed for trading on the Cboe BZX Exchange. The SEC included a series of questions that remained on the proposal in their announcement to extend the decision that are somewhat redundant in light of previous Bitcoin ETF rejection explanations. One question is if the market is "of significant size.” The rejection of the Winklevoss Bitcoin Trust ETF noted explicitly that too small of market size was a reason for rejection.

U.S. Tax Regulators Encourage Cooperation

Members of the U.S. Internal Revenue Service (IRS) believe the regulatory body is responsible for releasing a comprehensive guide for taxpayers who have made gains on cryptocurrency investments or transactions. They have had "more than adequate" time to generate a more accurate model for citizens to maintain tax compliance, and how the organization itself would be collecting financial data related to cryptocurrencies. An open letter by Kevin Brady, Lynn Jenkins, David Schweikert, Darin LaHood and Brad Wenstrup to the IRS commissioner states: "We are concerned that the IRS is seeking to enforce guidance that does not adequately advise taxpayers of their tax obligations when using virtual currencies." It would be difficult to expect ideal compliance from a community that is unsure of exactly how to make that happen.

More Mining Chip Competition In Play

Bitfury Group claims the they have created a more efficient bitcoin ASIC mining chip which: "offers the strongest performance among bitcoin mining chips and is unparalleled in efficiency.” It is customized for the SHA256 algorithm, which is use primarily for Bitcoin, but some other cryptocurrencies as well. One of the major benefit of this chip over the competition, is its ability to seamlessly switch between tasks, such as mining a different cryptocurrency. It is designed with a task buffer system to move from the SHA256 algorithm to another task coded by the user.

Top 5 Gainers

Bob’s Repair (BOB) +102.82% at $0.46485

XRP (XRP) +80.48% at $0.665157

MonaCoiin (MONA) +77.85% at $1.62

Autonio (NIO) +57.11% at $0.024012

Nework (NKC) +51.05% at $0.011914

Top 5 Losers

Bitcoin Dark (BTCD) -33.16% at $24.62

VeriMI (VME) -29.03% at $0.010109

CYCLEAN (CCL) -23.33% at $0.010998

Soma (SCT) -23.21% at $0.045620

AiLink Token (ALI) -22.86% at $0.002900