October 12, 2018
QUOTE OF THE DAY
"Shoot for the moon and if you miss you will still be among the stars."
| COIN | PRICE | 24H |
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| BTC | $6,287.831901 | +0.05% |
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| ETH | $197.394186 | -1.74% |
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| XRP | $0.425472 | +4.53% |
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| BCH | $446.377709 | -0.79% |
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| EOS | $5.212557 | -1.62% |
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*Information as of 10:00 AM EST
Coinbase Adds First ERC-20 Token to Platform, Who's Next?
0x wins the race
Yesterday, Coinbase announced that it will be listing the 0x protocol token (ZRX) on its Coinbase Pro platform and will launch three new trading pairs alongside: ZRX/USD, ZRX/EUR and ZRX/BTC.
The move is a significant milestone for Coinbase as ZRX becomes the first ERC-20 token, a token that runs on the Ethereum network, to be listed on the exchange.
While ZRX won’t be available on Coinbase.com or Coinbase IOS and Android apps yet, Coinbase did acknowledge in their blog that it will make a separate announcement for the situation when it happens.
Directly following the announcement, ZRX surged as high as 32% but has since retreated.
Avoiding another hiccup
After seeing ZRX surge, it’s clear that the ‘Coinbase Effect’ - or the idea that one of the world’s most exclusive crypto exchanges will list a cryptocurrency - still has an effect even though the market slumped.
However, Coinbase is taking extra caution to make sure the ZRX listing happens smoothly and fairly to make sure another listing fiasco doesn’t happen again.
In a blog post, Coinbase detailed it’s 4 step plan to ensure the ZRX order books are healthy:
- Transfer Only
- Post Only
- Limit Only
- Full Trading
It’s unclear how long each phase will take, but Coinbase will be tweeting updates as ZRX passes through the process.
Alright...alright...but who’s next?
Short answer...no one knows.
However, we do know that Coinbase announced 5 assets it was looking at listing in July and since ZRX was on that list, we are hopeful ADA, BAT, XLM, and ZEC get similar treatment.
And with a new and improved listing process announced late last month, Coinbase is equipped with everything it needs to onboard assets in a quicker manner than before.
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Cryptocurrency Market Follows Equities Downward
Equity market going on a bear run of its own
Ever since the financial crisis of 2007-2008, the United States equities market has been on a prolonged bull run. While it has not been as extreme as crypto's bull run of 2017, equities have been on a very steady upward trend for about the last ten years. According to some methods of calculation, the past decade has been the longest bull run in history for stocks.
As crypto investors know, good things don't last forever. The equities market has been slaughtered over the last week or so, with tech stocks leading the way downward.
Investors are frightened by the Federal Reserve shifting toward contractionary monetary policy. Also, trade wars and other political events have made investors wary of the futures. China is probably the biggest of the unknowns and we have yet to see how the tariffs imposed will impact the market.
Unfortunately crypto has followed
Cryptocurrency is always pitched as a hedge against traditional financial markets, a "digital gold". Cryptocurrency proponents claim that crypto is the place to go to lower an investors exposure to the stock market.
While in theory these arguments make sense, this has not been the case as of late. Gold has appreciated as the equity market spiraled down, but Bitcoin followed the equities down. Actually, the entire crypto market mirrored the stock market.
This is not a good sign for crypto. One of its most important use cases should be a hedge to traditional financial markets. Investors should be able to flock to crypto to diversify their holdings.
In the past, crypto has had a zero correlation with the equities market. This may have been because of the rapid growth of the crypto, rather than market fundamentals. Hopefully, the crypto market can once again separate itself from traditional assets.
Whales Aren’t So Killer After All, Chainalysis Finds
Call them friendly whales
In August, many investors feared a Bitcoin whale that reportedly sold 50,000 coins and sent Bitcoin into a 15% plunge.
Now though, according to a new study by blockchain research firm Chainalysis, whales don’t seem to be manipulating the price of Bitcoin downward after all.
Absorbing sales
The report followed the activity of the 32 largest Bitcoin wallets and found that during the most recent downturn, these whales were actually net purchasers of Bitcoin.
While this research doesn’t show on-exchange transactions, it does show these wallets have had a net-gain of Bitcoin holdings in times of turmoil.
To Chainalysis, this means that these whales are actually stabilizing the markets, rather than destabilizing the markets.
ICO Falsely Claimed SEC Approval... It Didn't End Well
Don't mess with the SEC
Blockvest LLC is a blockchain startup that recently held an initial coin offering. It's founder, Reginald Buddy Ringgold III claimed to investors that the company registered the offering with the SEC and received approval from regulators. However, Ringgold was not telling the truth, the company had no communication with the SEC. This tactic turned out poorly for the ICO.
On top of feigning SEC approval, Ringgold went one step further. He created a fictitious 'Blockchain Exchange Commission'. The founder claimed to also have approval from this nonexistent regulator.
When the SEC got word of what was going on with Blockvest, it obtained an emergency court order to halt the ICO.
An excerpt from the SEC complaint reads:
“Blockvest and Ringgold claim their ICO has been ‘registered’ and ‘approved’ by the SEC and other regulators, even going so far as to use the SEC’s seal to promote their offering. None of that is true: the SEC has in no way approved, authorized or otherwise endorsed defendants, their entities, nor their ICO. Defendants also claim they are “partnered” with and “audited by” Deloitte Touche Tohmatsu Limited (“Deloitte”)-which they are not.”
SEC is doing what it said it would
Cryptocurrency investors have been upset with the SEC for its unclear stance on cryptocurrency regulations, but the SEC is doing exactly what it said it would. The Commission has always voiced that its main goal was to protect investors.
For the large part, the SEC has left legitimate cryptocurrencies alone. Of course, it has denied a handful of Bitcoin ETFs but is likely that one will be approved eventually. The SEC is just doing its due diligence.
But wait, there's more...
- A fake news site has used the likeness of New Zealand Prime Minister Jacinda Ardern to promote articles on Facebook aimed to pump a crypto startup.
- Ethereum-based adult entertainment platform SpankChain confirmed that it had recovered all the funds lost during a security breach October 6.
- Jeff Kaufmann, Legal Director at British law firm Reynolds Porter Chamberlain (RPC), said that the introduction of cryptocurrency market regulations in the U.K. could take two years.
Zilliqua (ZIL)
Zilliqa is the first high-throughput public blockchain platform that implements sharding. Sharding ensures that the transaction throughput increases as the mining network expands. The platform is tailored towards enabling secure decentralized apps, designed to meet the scaling requirements of real-world applications. Zilliqa has been under research and development for two years. It has powered several ground-breaking deployments commercially to date.
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