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Crypto Market Update (29 January 2019)

January 29, 2019

 

General Market Outlook

 

The market has made no significant change over the past 24 hours, with most coins consolidating with minor percentage gains or losses. Trading volume rose to nearly $22 billion, but has since slow back down to between $18 billion and $17 billion in 24 hours. Unobtanium (UNO) and ChainLink (LINK) are the major stand outs of the top 100 coins by market cap - up over 125% and 21% respectively in the past 24 hours. The value of Bitcoin (BTC) is just over $3,450 for no significant change and a total market dominance of about 53.3%, and the value of Ethereum (ETH) right below $105 for +2.5?% change in the past 24 hours. Market cap for the overall cryptocurrency market gained just over $1 billion, rising to $114 billion total.

 

 

Major Headlines

 

BitTorrent Tokens Sell Out In Minutes

 

The Binance Launchpad for new token sales hosted the new BitTorrent Token (BTT) sale of 23.76 billion tokens (via BNB) and 35.64 billion (via TRX) recently, and were sold out in under 15 minutes. The total value of tokens sold came to roughly $7.2 million, and the process resulted in significant technical difficulties on the Binance side. Binance CEO Changpeng Zhao tweeted the sale could have ended in seconds had the technical difficulties not happened. The BitTorrent token has been highly anticipated even though original BitTorrent developers have come out saying that they no longer work with the project. The promotional efforts have been made strongly by Tron, who bought the company last month. The tokens were purchase in their entirety by 622 BNB participants, and 340 TRX participants.

 

Two New BitLicense Holders

 

Robinhood and LibertyX are the two newest registered BitLicense holders. Robinhood is an OTC trading platform that added cryptocurrency trading last year. LibertyX is a Bitcoin ATM provider. Essentially, these are both subsidiary companies of Moon Inc., which the BitLicense is directly tied to, but was established to account for both. And for Robinhood specifically, a proper money transmission license was granted as well. “The NYDFS has been very helpful throughout this process, and we look forward to their ongoing guidance as we prepare to launch Robinhood Crypto in New York.” - Robinhood co-founder and co-CEO Vlad Tenev

 

Coinbase Partners With TurboTax

 

In order to help customers fulfill their obligation to report their cryptocurrency holdings, gains and or losses, Coinbase has partnered with the tax preparation company Intuit Consumer Tax Group.Through their TurboTax platform, the two will  provide easily integrated cryptocurrency reporting services. Coinbase and Coinbase Pro clients will be able to upload their transactions, gains and losses in 2018 directly to TurboTax Premier. The service will be available through the standard website, as well asl the Coinbase app on android or iOS. Intuit highlighted that “not every cryptocurrency transaction constitutes a taxable event, which is why we have tons of guidance to assist you in understanding and selecting which transactions are taxable while you are in TurboTax Premier.” However, customers who converted cryptocurrencies to fiat, sold cryptocurrencies, spent it to pay for goods or services, or received free coins through a fork or airdrop will need to report that as income.

 

 

Top 5 Gainers

 

BitWhite (BTW) +48.96% at $0.004192

Exosis (EXO) +34.60% at $0.222762

Delphy (DPY) +33.44% at $0.072938

Octoin Coin (OCC) +30.06% at $0.102979

Transcodium (TNS) +28.18% at $0.002414

 

 

Top 5 Losers

 

Cashaa (CAS) -37.04% at $0.005509

Insureum (ISR) -29.04% at $0.011166

Consentium (CSM) -23.48% at $2.23

Ulord (UT) -21.58% at $0.029342

DPRating (RATING) -21.01% at $0.000278

 

 

New Coins Listed

 

Veros (VRS) listed to DobiTrade

XOVBank (XOV) listed to SWFT Blockchain

 

 

 

By: BGN Editorial Staff

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