📮 06-10-2019
📈 MarketCap: $219 B
📊 24h Mcap %: -0.5%
⚠️ Bitcoin Dom: 66.0%
Active Coins: 2,595
24h Vol %: 0.62%
24h Vol: $36 B
Crypto markets are slightly red today, BTC price dipping below $8,100. Only three coins out of the top 20 cryptos are up over the past 24 hours at press time, with Iota (MIOTA) seeing the largest gains of over 2.3%. In contrast, Algorand (ALGO), the 17th crypto by market cap, is down the most, sliding nearly 2.7%. Bitcoin’s market share slightly dropped over the day, down from 67.2% to 67.1% at press time.
Bitcoin isn’t as security, according to an October 1, 2019 letter from the SEC’s Division of Investment Management staff. Cipher Technologies Bitcoin Fund filed a registration statement with the SEC to become a closed-end interval fund and an “investment company” under the Investment Company Act of 1940. In written submissions to the Commission Cipher took the position that Bitcoin is a security. However, people at SEC differed with this stand as per the Howey framework under which they classify digital assets.
Coinbase is reportedly interested in acquiring the Ripple-backed startup Omni. Omni allows neighbors to find and rent items from one another – from bikes to sleeping bags – by searching specific keywords or categories. The service, which delivers items locally, also allows users to earn money whenever their items are rented. Users can cash out their earnings to an XRP wallet, making it one of the first platforms that allows people to acquire XRP outside of an exchange.
Most cryptocurrencies other than bitcoin have been languishing in crypto winter for over two years. This is particularly true for alternative coins, or altcoins, in their bitcoin (BTC) pairs. However, many altcoins have lost so much value that they look ready to start a new market cycle. This prompted a handful of reputable traders on Crypto Twitter (CT) to start feeling bullish about the prospects of these coins. They believe that an altseason, is on the horizon.
Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisor said there's a mechanical issue for crypto in terms of infrastructure that’s needed but there’s probably also size of market that is preventing institutions from investing in bitcoin. Lee goes on to compare bitcoin's relatively small market size to that of gold, stocks, and bonds. Another barrier he mentioned is a lack of infrastructure. Lee believes There’s not enough legal and regulatory protection for bitcoin in the U.S.
Liechtenstein’s Parliament has unanimously passed the Act on Tokens and Entities Providing Services Based on Trusted Technologies (TVTG), also known as the Blockchain Act. On Oct. 3, the Parliament of Liechtenstein approved the Blockchain Act, which aims to improve investor protection, combat money laundering and establish clarity. The new law will enter into force on Jan. 1, 2020. The parliament’s announcement claims that this act will make Liechtenstein the first country to have comprehensive regulation of the token economy.
Stablecoin firm Tether and its affiliate exchange Bitfinex anticipate a lawsuit alleging that Tether token (USDT) is involved in market manipulation as the result of an unpublished paper. Tether and Bitfinex published statements claiming that they are aware of an unreleased paper “falsely positing that Tether issuances are responsible for manipulating the cryptocurrency market.” Tether and Bitfinex further wrote that they do expect unethical lawyers to use the paper to launch a lawsuit soon.
Despite a recent pullback, bitcoin’s price has more than doubled in 2019, dwarfing investors' year-to-date returns from stocks, bonds or commodities. Outsize returns could attract interest from big investors in the yield-starved traditional financial markets. Executives at data firm Messari say bitcoin prices, currently around $8,200, could rally to a new high in the year’s remaining months, topping the $12,902 level reached in June.
For the first time since late 2018, a technical indicator is signaling a bullish shift in momentum for the leading cryptocurrency Bitcoin. The GTI global strength indicator, which is used to identify the strength of an asset’s price by comparing the movement of the daily close, shows BTC is now in oversold territory. BTC’s ability to hold the line and remain above $8,000 is an additional sign of strength. One of the Bloomberg analyst also says he expects Bitcoin to consolidate in the short term.
Reuters learned about the massive fraud through a complaint filed with the Economic Offences Wing (EOW) of Mumbai Police, alleges that PMC concealed $616 million in NPLs. As recession fears intensify in India, the PMC banking crisis has ignited the debate among government officials that the banking sector could be headed for turmoil. The dangers of financial centralization are real and it's a reminder of why decentralized monetary systems like Bitcoin are important.