- Binance Releases Demo of New Decentralized Crypto Exchange
- When Bitcoin Prices Break Down, They Follow a Pattern
- Coinbase Considers Adding 30 New Cryptocurrencies
- ConsenSys Downsizes 13% of Staff
- Cryptocurrencies in the Top 100 With Working Products
- Chinese Central Bank Governor Defines STOs as “Illegal Financial Activity” in China
Week 2, December 2018
We are seeing some interesting trends over the past few weeks.
First, hidden behind the ‘crypto bear market’ headlines are strengthening evidence of wider crypto and blockchain adoption. Past Weekly Highlights have featured reports on Ethereum’s increased usage in developing countries and DASH’s popularity in Venezuela. This is noteworthy because early proponents of crypto and blockchain technology pointed to its potential to help developing countries and provide alternative currencies to inflation-ravaged countries. We are starting to see this happening.
Second, regulators around the world have started to respond to this this space. The US SEC and G20 leaders alike are starting to speak up on what is required from a regulation standpoint. While this is bad news for some ICOs, new regulations and an accepted set of rules will bring long term stability.
Third, we are seeing continuous improvement in the underlying technology, a growing ecosystem and more options for users. You can scroll down to read about Binance’s upcoming DEX and potential new listings on Coinbase. Ethereum and other blockchains are looking for ways to improve scalability. A crypto ETP has been listed on a Swiss stock exchange.
These underlying themes of adoption, regulation and improvement are encouraging for the medium-to-long term, especially if it encourages institutional players to enter in greater numbers. Institutional investors may well bring stability to the market because of their tendency to invest for the long term based on strategic asset allocations.
Binance Releases Demo of New Decentralized Crypto Exchange
Binance has released a new video demo of Binance DEX, which they plan to launch in early 2019. The video showed the trading interface for Binance DEX, including a web crypto wallet and explorer for Binance Chain, their own public blockchain to be available soon.
Binance DEX was developed in the Binance Chain, which reportedly offers “low latency, high-throughput trading, as well as decentralized custody of funds.”
The interface is similar to Binance’s existing centralized exchange but with additional features such as the option to generate mnemonic seed phrases for user keys, a ‘balances’ tab, and a ‘user’ section showing individual wallet address.
When Bitcoin Prices Break Down, They Follow a Pattern
A CoinDesk article noted that we can refer to Bitcoin’s prior boom and bust cycles to predict when its current bear market could bottom out.
According to Coindesk, Bitcoin’s price tends to follow an ‘opposite but equal’ rule. Their prediction is that the ideal bottom zone for Bitcoin’s bear market hovers around $2,676 and $1,725. Coindesk used both ‘symmetrical’ and ‘descending’ triangle patterns in looking at the market trend to determine what the lowest value of the bear market would be.
However, anyone familiar with investing will also warn against using the past as an accurate predictor for the future.
Coinbase Considers Adding 30 New Cryptocurrencies
Coinbase is considering adding up to 30 cryptocurrencies to its exchange, including XRP. However, listing status is not confirmed since they will have to undergo exploratory work to ensure technical and compliance standards.
In the pipeline are other cryptos such as EOS, Cardano, Stellar, Tezos, ChainLink, Mainframe and Dai. Coinbase already lists nine cryptocurrencies.
ConsenSys Downsizes 13% of Staff
ConsenSys, the software company that develops applications for the Ethereum blockchain, recently announced that 13% of staff will be laid off. This downsizing may be influenced by the current bear market and follows earlier reports of Steemit and Huobi laying off 70% and 60% of its staff, respectively.
According to Joseph Lubin, founder of ConsenSys, this adjustment is needed to make sure that its projects will not be “dependent on the price of these value tokens.” Downsizing was necessary, Lubin says, adding that the goal is to secure ConsenSys’ programs as “thriving businesses in their own right.”
Cryptocurrencies in the Top 100 With Working Products
Source: Invest In Blockchain
According to a report from Invest in Blockchain, 36 out of the top 100 cryptocurrencies already have working products. They define a “working product” as a blockchain project that is active, available to the public, and one that is enjoying a strong user base.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) naturally topped the list. Followed by Bitcoin Cash (BCH), Stellar (XLM), Litecoin (LTC) and Tether (USDT), among others. As of this writing, there are 31 more cryptos listed, with the list only including those that already offer developed services for its users.
Chinese Central Bank Governor Defines STOs as “Illegal Financial Activity” in China
The People’s Bank of China, China’s Central Bank, spoke against “illegal financing activities through STOs and ICOs.” The bank’s Deputy Governor, Pan Gongsheng, said that the crypto market could have caused financial instability in China had they not stepped in.
According to Gongsheng, STOs are still “an illegal financial activity in China.” Gongsheng believes that cryptocurrencies are used as instruments for crimes, enabling activities such as illegal fundraising, pyramid sales schemes, and other forms of financial fraud.
Check back next week for more bite-sized crypto highlights.