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Crypto Market Update (12 February 2019)

February 12, 2019


General Market Outlook


The market is now consolidating with only a slight downward movement. Coins are split between positive and negative gains, with trading volume has remaining between $19 billion and $20 billion in 24 hours. Komodo (KMD) and Pundi X (NPXS) are the major stand outs of the top 100 coins by market cap - up over 11% and 7% respectively in the past 24 hours. The value of Bitcoin (BTC) is trending at $3,650 for no significant change and a total market dominance of 52.8%, and the value of Ethereum (ETH) is right at $120 for +0.5% change in the past 24 hours. Market cap for the overall cryptocurrency market declined by just over $1 billion, falling to $120 billion total.



Major Headlines


Lightning Network Coming To Cash App


Major Bitcoin and cryptocurrency supporter Jack Dorsey has come out saying that the question of Bitcoin’s Lightning Network support on Square’s Cash App is not a question, but rather a timeline. As CEO of both Twitter and Square, Jack has show continual support for the long term viability of cryptocurrencies. The Lightning Network is the system of an additional layer on top of the Bitcoin blockchain network that allows for transactions to be settled instantaneously on that network, before being finalized on the root Bitcoin network at a later time. This allows for fast transaction speeds and reduced transaction fees, to give Bitcoin the ability to used as as true currency. “We don’t think it stops at buying and selling [bitcoin]. We do want to help make happen the currency aspect.” - Jack Dorsey


New ETF Mixes Bitcoin and Sovereign Debts


Until now, exchange traded products of any kind in the U.S. have been based primarily on the price movement of Bitcoin. Some have proposed using a “basket” of the cryptocurrencies with the highest market cap values, proportionally held to those values. However, a new proposal by an investment division of Blockforce Capital, Reality Shares ETF, brings Bitcoin into an ETF as just one small piece, rather than the focus of the product. The investment fund would creates a portfolio including short-term sovereign debt instruments listed for trading on U.S. exchanges and denominated in U.S. dollar, euro, British pounds sterling, Japanese yen and Swiss francs, Bitcoin futures, money market mutual funds and/or other cash equivalents. The fund would not directly hold or deal in Bitcoin. Investors would not have direct access to the cryptocurrency whatsoever. Reality Shares plans to invest in Bitcoin futures offered by the major Chicago futures exchanges, Cboe and CME.


SendFriend Support From Ripple and Barclays


A new app that will use XRP as their native currency has just finished a funding round of $1.7 million led by Ripple, Barclays. Mastercard Foundation, MIT Media Lab, Techstars, Mahindra Finance, 2020 Ventures and 8 Decimal Capital also contributed to the start up in this funding round. SendFriend looks to find a place in the international remittance network, and is focused on the Philippines. The app is looking to circumvent the slow process of sending money across borders through transactions on their app. SendFriend claims that it will offer 65% lower fees compared to the industry average for international money transfers. They believe their blockchain network “replaces the frictions and fees of the banking system.”



Top 5 Gainers


HempCoin (THC) +69.93% at $0.020156

Marginless (MRS) +67.32% at $0.005076

Bitcoiin (B2G) +53.93% at $0.332984

Callisto Network (CLO) +34.50% at $0.003809

LTO Network (LTO) +34.04% at $0.080884



Top 5 Losers


MicroBitcoin (MBC) -55.40% at $0.000094

The Currency Analytics (TCAT) -49.39% at $0.018835

MyToken (MT) -34.72% at $0.001218

PlayGame (PXG) -32.49% at $0.002896

Soma (SCT) -31.18% at $0.021323



New Coins Listed


Komodo Platform (KMD) listed to TxBit.io

BitTorrent (BTT) listed to Yobit

Your Vote Matters (YVM) listed to LiveCoin

The Grin (GRIN) listed to Bittrex International




By: BGN Editorial Staff


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