Ethereum is down 14% this week hovering around the $400 level. The coin has been moving in tandem with bitcoin as far as down moves go recently, but not mirroring up moves. As we discussed on last week’s podcast episode, ethereum is representative of lots of altcoins that have mostly taken heavy losses.
The entire coin market cap is down 14% this week. The cap fell below the crucial $300 billion level earlier this week and fell to the $255 billion level mid-week. The price drop falls despite nice gains by major currencies such as tezos.
Hedera Hashgraph Raises $100 Million At $6 Billion Valuation – Hedera Hashgraph, a U.S. based distributed public ledger that plans to offer a cryptocurrency, a file storage service, and a smart contract platform, has raised $100 million. The company is looking to raise another $20 million in a crowdsale.
Coinbase Brings Crypto Payment Option to Millions of Online Businesses – Coinbase Commerce, a cryptocurrency payment provider, has announced a series of initiatives to support crypto commerce, including a WooCommerce plugin to give millions of merchants the option to accept cryptocurrencies, the ability to send bitcoin and litecoin directly, and other new capabilities.
Canaan Unveils First-Ever Bitcoin Mining Television – Canaan Creative has launched what it hopes will be the future of the blockchain and the first of a series of releases that will improve its position as it battles for increased market share in the bitcoin mining device market. Critics insist that the device is little more than a self-promotion gimmick as the company prepares for it’s IPO, offering no real utility to users.
OKEx Initiates ‘Clawback’, Injects 2500 BTC – OKEx has moved to protect its futures market with an injection of 2500 BTC into the exchange’s insurance fund from its own capital after a forced liquidation on July 31st threatened to destabilize its operations. The futures contract amounted to a staggering $420 million worth of BTC. OKEx moved swiftly to counter this liquidation with a series of measures that were announced on its website.
Ex-FBI Director Louis Freeh Opens up about Tether Investigation – In a recent interview with Yahoo Finance, former FBI Director Louis Freeh (of FSS) answered questions about the Tether investigation and the public’s reactions to the firm’s work. He discussed the “transparency update” that was compiled by FSS after they were granted full access to bank accounts, statements, and spoke with some employees at banks holding Tether assets and responded to criticism that the investigation did not constitute an official “audit.”
UPbit Comes Out Clean in Audit after Raid – UPbit, currently the biggest crypto exchange in South Korea, came out clean in an audit report which proved the exchange had 100 percent of the amount its balance sheet demonstrated. The audit comes following a raid by local authorities under the suspicion of balance sheet manipulation and inflated volumes.
Binance Buys Ethereum Wallet Service in First-Ever Acquisition – Binance, one of the world’s two largest cryptocurrency exchanges, has just completed its first-ever acquisition of TrustWallet. According to TechCrunch, the Malta-based exchange operator acquired Trust Wallet, creator of the eponymous mobile Ethereum wallet that includes support for ether, as well as ERC-20 and ERC-223 tokens. Terms of the deal have not been disclosed, but Binance confirmed that it included a mixture of cash, Binance stock, and Binance tokens.
Bitmain Made $1.1 Billion in Profit in Q1 – Citing an email obtained from a source close to the China-based firm, Fortune reports that Bitmain — best known for manufacturing bitcoin mining equipment — raked in $1.1 billion in profit during the first quarter of 2018. Conservatively, the company expects to earn $2 to $3 billion in profit for the fiscal year. Remarkably, those figures place Bitmain nearly on par with chipmaking giant Nvidia, who reported a net income of $1.2 billion during the first quarter and has a ~$150 billion market cap.
Report: Blockchain to ‘Reach $2 Trillion by 2030’ – IHS Market, a data analytics firm in the fields of finance and technology, released a July report that forecasts blockchain technology could lead to a business activity value of $2 trillion by 2030. The report includes all value that blockchain adds as an entire vertical (not specific coin market caps). Many think this is too conservative considering the market’s proximity to $1 trillion during the 2017 bull run.
Korean Financial Watchdog Calls for Stock Trading on a Blockchain – The Financial Supervisory Service (FSS) has advocated the use of blockchain for stock trading in a report focused on the subject released on Thursday. In a significant backing of the technology, the FSS called on the country’s regulatory agencies and firms to jointly work and develop an integrated blockchain system that negates the use of a conventional centralized ledger and system to track transactions.
UK Researches Use of Blockchain Smart Contracts In Law – The U.K. Law Commission is in the process of codifying the use of smart contracts into British law as part of an ongoing effort to update British law and make it relevant to of the challenges of modern technology. If the legal reform is successful, the U.K. will become one of only a handful of jurisdictions that legally recognizes smart contracts.
Hacks & Security:
Bitfi Not Paying Out for McAfee Wallet Hacking Bounty – John McAfee’s Bitfi bitcoin wallet has allegedly been hacked after its creator issued a $250,000 hacking challenge. In response to claims OverSoft, Bitfi issued a comprehensive denial of these claims, accusing Oversoft of working for its competitors and reiterating its $250,000 bounty.
Bithumb Re-opens Deposits & Withdrawals – South Korean cryptocurrency exchange Bithumb resumed deposit and withdrawal services on Saturday at 11 am KST. The exchange had suspended all deposits and withdrawal services on its platform following the June hack on a hot wallet, which led to the loss of tokens valued at over $30 million.