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The Problem with Fidelity’s Crypto Trading Platform

October 16, 2018

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Crypto Market Update (6 May 2019)


General Market Outlook


The market continues to consolidate. There are a slight majority of coins with negative movement over the past 24 hours, but movement is not extreme. Trading volume has moved in a narrow window between $47 billion and $48 billion in 24 hours. Loopring (LRC) and iExec RLC (RLC) are the major stand outs of the top 100 coins by market cap - up over 6% and 5% respectively in the past 24 hours. The value of Bitcoin (BTC) is just over $5,700 for -1.0% and a total market dominance of 55.6%, and the value of Ethereum (ETH) is right around $165 for +2.5% change in the past 24 hours. Market cap for the overall cryptocurrency market declined by $1 billion, falling to $182 billion total.



Major Headlines


Canadian Banks Using Blockchain ID


A group of five Banks in Canada are now offering customers the ability to use a new way of digital identity verification that uses blockchain technology. The group includes Canadian Imperial Bank of Commerce (CBIC), Royal Bank of Canada (RBC), Scotiabank, Toronto–Dominion (TD) Bank and Desjardins Group. The process is used through a mobile app called Verified.Me which was originally developed by SecureKey Technologies. The app is available for both iOS and Android, and was built with the IBM Blockchain service that operates on Hyperledger Fabric v1.2. information and digital identity. Creating seamless and convenient experiences that consumers have come to expect, based on these imperatives of security and trust, are fundamental to meeting their evolving digital needs.” - Peter Tilton, senior vice president of digital at RBC


U.S. Cryptocurrency Interest Increasing


Data from the  U.S. Commodity Futures Trading Commission (CFTC) shows a growing interest in cryptocurrencies. Companies that are applying to become federally-regulated clearinghouses is growing because of the new indas a result of growing interest in cryptocurrencies. These types of organizations are needed to facilitate transactions between two parties, acting as intermediaries to ensure trust on all ends. “The Commission anticipates new applications for clearinghouse registration resulting from the explosion of interest in cryptocurrencies; an area in which protection of the cryptocurrencies will be one of the highest risks.” - Chairman J. Christopher Giancarlo. However, it’s uncertain that such entities will be as prevalent in the future because of the growing security of smart contracts.


CoinMarketCap Looks To Legitimize Data


The trading data for cryptocurrencies is often cited as a major problem for the industry. Because of the nature of cryptocurrencies at this time, there are thousands of exchanges operating 24/7 around the world. Many of these exchanges have been found to be dubious. The work to tease out the most relevant data is an ongiong process, but CoinMarketCap has now initiated the Data Accountability & Transparency Alliance (DATA) to help combat these issues. They have brough on some of the biggest names in the cryptocurrency industry, such  Binance, Bittrex, OKEx, Huobi, Liquid, Upbit, KuCoin, HitBTC Gate.io, OceanEx and Bitfinex. Together they hope to develop ways to increase transparency for trading data and create a more legitimized financial environment.



Top 5 Gainers


ERC20 (ERC20) +236.56% at $0.084224

Japan Content Token (JCT) +183.20% at $0.120337

Bitex Global XBX Coin (XBX) +56.05% at $0.101716

InvestDigital (IDT) +52.20% at $0.007163

Agrello (DLT) +37.61% at $0.110899



Top 5 Losers


OLXA (OLXA) -67.18% at $0.001369

BitNewChain (BTN) -39.83% at $0.048534

STEM CELL COIN (SCC) -29.17% at $0.026025

GMB (GMB) -26.02% at $0.001750

Maximine Coin (MXM) -24.69% at $0.033577



New Coins Listed


Bitcoin Diamond (BCD) listed to ZG.com

Tron (TRX) listed to PIEXGO




By: BGN Editorial Staff


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