Binance Bakkt research / Russian scientist fined / Libra "shadow banking"

Inside Bitcoin presented by Vettery.

Presented by Subscribe | View in browser Hi everyone! After taking a month off on maternity leave, I'm back to jump back into the world that is crypto. A massive thank you to Allen for covering my time off and doing an amazing job covering Inside Bitcoin for me.       Market Watch: The market has made a slight recovery after dropping sharply last week; however, it still has a way to go before it can claim back what it lost. Bitcoin: $8,386 (⬆️ 1.48%) // $150.6 billion market cap. Ethereum: $179 (⬆️ 0.78%) // $19.3 billion market cap. XRP: $0.253 (⬇️ 1.17%) // $10.9 billion market cap. Tether: $1 (⬆️ 0.12%) // $4.1 billion market cap. Bitcoin Cash: $225 (⬇️ 1.39%) // $4.06 billion market cap. Top 100 Winner: Crypterium (⬆️ 18.39%) // $50 million market cap. Top 100 Loser: Lambda (⬇️ 11.92%) // $37 million market cap. Prices are as of 13:14 EDT.       1. Crypto exchange Binance's research analytics arm claims that the launch of institutional trading platform Bakkt was partly to blame for the 20 per cent drop in Bitcoin's price. In its September markets overview, Binance Research notes that prior to the launch on September 23rd Bitcoin was trading around $10,000; however, the market tanked the following day with Bitcoin floating around the $7,000-$8,000 mark. The exchange highlights that Bakkt was promoted by many to help bring in large institutional money, yet it appears to have been a "contributing factor" to Bitcoin's price decline in the short-term. –COINTELEGRAPH       2. A Russian nuclear scientist has been handed a $7,000 fine after being caught illegally mining Bitcoin. Denis Baykov was given the penalty after he was found to have accessed the lab's supercomputer at a top-secret nuclear center in Sarov. He is one of three scientists that were first uncovered and handed over to the Federal Security Service last February for their actions. Two other employees, Andrei Rybkin and Andrei Shatokhin, are awaiting sentencing. According to a lawyer for one of the defendants, the three had developed special software to avoid detection enabling them to mine Bitcoin. –THE MOSCOW TIMES       A MESSAGE FROM VETTERY Keep your recruiting strategy competitive with Vettery's 2019 Tech Salary Report We aim to make the recruiting process more transparent for job-seekers and hiring managers, across the board. And we noticed there's one thing people can't stop talking about: salary. We believe that when all parties are on equal footing, everyone is poised to have a better hiring experience. Get the report 3. A new project led by former employees of JPMorgan, Intel, and TrustToken is launching a new U.S. dollar-backed stablecoin, called the USD Digital (USDD). The Global Currency Organization (GCO) said in a press release that the USDD aims to enable end users to move between crypto and fiat. The organization is also planning on sharing revenue with a network of institutional partners. Those leading the project are hoping to bridge the gap between traditional and decentralized finance. According to Joe Vellanikaran, CEO of GCO, this is the "next evolution of the stablecoin industry." –COINTELEGRAPH       4. The Federal Advisory Council (FAC) has warned that Facebook's Libra stablecoin could potentially create a "shadow banking" system. Asking for views on Libra from the country's biggest banks, the U.S. Federal Reserve found that many expressed negativity on the proposed stablecoin. According to the FAC, it fears that with 52 percent of the U.S. population active on Facebook in 2018, the platform could create a monetary system outside of sanctioned financial markets. –BLOOMBERG       A MESSAGE FROM KEEPS Keep more hair on your head and more money in your wallet. Keeps is the easiest way to stop hair loss (and even regrow some of what you've lost). Their FDA-approved treatments are delivered directly to your door in discreet packaging. Plus, at less than $1 a day, keeping your hair has never been more affordable. Get 50% off your first 3 months 5. Billionaire investor Mark Cuban said that he'd rather have bananas than Bitcoin during a Q&A video segment with Wired. In the 13-minute video, Cuban expressed his concerns with Bitcoin and cryptocurrencies. In his opinion, Bitcoin is only "worth what someone will pay for it," adding that there's no intrinsic value to it. Comparing Bitcoin and gold as the same thing last month, Cuban reiterated his feelings. Despite his less than favorable stance toward crypto, that doesn't appear to be stopping his Dallas Mavericks from accepting Bitcoin as a form of payment. –YOUTUBE       6. India-based InstaDApp has raised $2.4 million to help build out its smart wallet. The aim of it is to help users make transactions through the organization's decentralized finance (DeFi) portal. The goal is to provide a route into several DeFi services, making the movement of assets between them easy. The funding was led by Pantera Capital with other investors including Coinbase Ventures and Robot Ventures. –COIN DESK       7. A crypto analyst has said that "likely target" for Bitcoin's bull run is $200,000-$300,000. He failed, however, to provide a specific timeline as to when this would take place. The analyst also mentioned that if Bitcoin fell below the $7,700 support level it wouldn't necessarily suggest that the asset was in a bear market, a figure many have pointed out as being important. –BE IN CRYPTO       8. EOS-based blockchain games​​​​​​ distribution platform Ultra.io has announced its first partnerships ahead of its mainnet launch later this year: crypto platform Bitfinex and EOS block producers EOS Rio and EOS New York. It will use the delegated proof-of-stake (DPoS) consensus algorithm and claims it doesn't require as many block producers to run it; currently, 21 have been chosen to run the EOS network. –DECRYPT       9. Low transaction volume has forced blockchain shipping startup 300cubits to suspend operations and the circulation of its TEU token. The suspension will be effective from October 1. The company initially began accepting trial shipments last March, launching in July 2018. Yet, despite the token becoming a recognized asset in the space, low transaction volume and a lack of regulatory clarity pushed users away. –THE MARITIME EXECUTIVE       10. A New York federal court has ordered crypto firm Longfin Corporation to pay $6.8 million in penalties to the U.S. Securities and Exchange Commission (SEC). According to the SEC, the company and its CEO, Venkata S. Meenavalli, made false representations in an SEC filing. They claimed that the organization was managed and operated in the U.S. when its operations, assets, and management remained offshore. –THE BLOCK       This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter. Editor: David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).       Ad Vettery is changing the way people hire and get hired. 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