Google bids adieu to crypto ad ban although partly. Ripple Craziness Continues as Coinbase new listing policy could open doors for XRP’s listing. Among Corporates, Walmart Tells Suppliers, “Blockchain or Bust”. Addressing Stablecoin demand Circle Launches Stablecoin (USDC). Among regulatory news, Crypto Leaders Meet with Capitol Hill to discuss the future of cryptocurrency. Among Exchanges, Mt. Gox Trustee reports the sale of cryptocurrencies worth USD 230 Mn since March 2018. Internationally, prominent Indian Cryptocurrency Exchange Zebpay becomes the first calamity of Indian Regulator crypto ban while the case in the apex court against the ban is expected to be heard this week
Google announced this week that their blanket ban of cryptocurrency-related ads will end in October. The updated policy doesn’t mean it’ll be an advertising free-for-all, however. Advertisements for ICOs, wallets, and trading advice are still on the blacklist, and approved ads can only run in the United States and Japan. Following Facebook’s lead, crypto-related companies need to fill out an application to advertise their products or services.
XRP prices jump as US-based Bitcoin exchange Coinbase prepares to list more crypto assets, announced the company. Coinbase is currently offering Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin. In its blog, the company announced that it is currently working on compliance and regulatory issues which will further pave the way to enlist more assets. It said, “The new process begins with a form for issuers to submit assets for listing at Coinbase, which we will evaluate against our digital asset framework. The application form and the digital asset framework will be regularly updated, and our form will indicate the latest version of the framework we are evaluating against.”
The XRP also has another news in its name as the price fall in the past couple of weeks was associated with Jed McCaleb’s selling XRP. The digital token saw its price decline significantly in preceding weeks, and company co-founder Jed McCaleb “accelerated” his sale of XRP in the process, selling off as many as 40,000 tokens per day through July. He then sold close to 500,000 XRP each day in August. Now that ripple’s price has risen in recent days, McCaleb might be expected to have shifted his strategy. However, he has continued to sell about $150,000 worth of the token each day. McCaleb has not divulged his strategy other than to tell the Wall Street Journal that he’s “not selling more than [he has] agreed to with Ripple.”
This week, Walmart informed partners that California-based produce suppliers need to join their supply chain blockchain system or lose their business. The move to blockchain produce tracking should help Walmart reduce the scope of recalls in cases of contamination. Walmart’s Vice President of Food Safety Frank Yiannas told reporters that Walmart has been piloting blockchain technology for two years, so the requirement “shouldn’t really come as a surprise.”
Stablecoins are back in news as Circle Launches Stablecoin (USDC). In perhaps one of the odder trends in the cryptocurrency space, the Boston-based payments company Circle launched its dollar-pegged stablecoin called the USDC. This release follows the launch of cryptocurrency exchange Gemini’s stablecoin (GUSD). While these stablecoins aren’t in direct competition as they will likely only be native to each exchange (Circle = Poloniex), they are projected to carve away some of the market shares from the stablecoin leader Tether (USDT).
More than fifty participants joined a roundtable discussion hosted by Rep. Warren Davidson, R-Ohio, on Tuesday to discuss the future of the cryptocurrency world. A key point made was that the weight of regulatory uncertainty will stifle innovation as companies will be afraid to overcommit resources to commit legal infractions due to the misinterpretation of laws.
According to the recent release on the Mt Gox’s website, Mt. Gox Trustee, Kobayashi has reportedly sold $230 Mn of Bitcoin and Bitcoin Cash since March 2018, revealed a report on Mt. Gox website. Mt. Gox was the unarguably the most popular Bitcoin exchange in the world prior to being hacked in 2014.
India’s leading cryptocurrency exchange operator Zebpay has shut down of its exchange operations, effective from September 28. In a statement issued on its blog, Zebpay said, “At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business. As a result, we are stopping our exchange activities. At 4 pm today (September 28, 2018), we will cancel all unexecuted crypto-to-crypto orders and credit your crypto coins/tokens back to your Zebpay wallet. No new orders will be accepted until further notice.” However, it added: The Zebpay wallet will continue to work even after the exchange stops and one is free to deposit and withdraw coins/tokens into their wallet.
Again from India, the apex court may have a hearing in the coming week on the Reserve Bank of India’s ban on crypto businesses. Speaking of the case, Rahul Raj co-founder and CEO of Koinex was quoted telling media that “Depending on what the supreme court’s verdict is there will be some of the other kind of sentiment or movement in the regulatory framework, the regulators or the exchanges or the users will find themselves in situations with much more clarity on how this space is going to look like in the next few weeks or months.”
After being in greens for past couple of week BTC says some minor selling this week ending the week down 2%.The prices hit the high point of USD 6,785.03 and the lowest point of USD 6,381.86 during the week. Apart from the outliers of BitMEX that had volumes of 19.31%, the exchanges that were more active, in volumes, with BTC across various pairs this week were, Bithumb (3.00%), Binance (2.57%) and DOBI Trade (2.31%),
Among prominent voices, Fundstrat’s Tom Lee said the stability of Bitcoin at $6,000 regardless of its lower highs is optimistic. Lee was quoted by blooomberg saying “$6,000 is a level that is more important than we realized. Earlier this year, we were pointing $6,000 as breakeven for Bitcoin mining so that level should hold. The fact Bitcoin is holding here is very good news. I think there are catalysts in the year-end so I think despite the lower highs we’ve seen I think we’re starting to reverse,”
Ethereum again was seen exchanging places with XRP on the list of largest cryptocurrencies by marketcap. Although it regained its spot back still XRP is at a threatening distance. Ether prices, on the top, this week were at USD 245.11 and were at lows of USD 206.49 dwindling pretty close to USD 200 hurdle. The markets that were more active, in volumes, with ETH across various pairs this week were DOBI Trade (5.82%), Binance (4.78%) and Huobi (4.40%)
Like Bitcoin, for Ethereum too Tom Lee was quoted saying this time by CNBC that the last four out of four times it lagged its peers that badly, by two standard deviations, ether saw a “major trend reversal.” Lee also said that the sentiment towards ETH was overly negative and that the token underperforming its peers by two standard deviations were a “sign of capitulation.”
Ripple’s XRP still is having a crazy time this time with an expectation that the Coinbase policy change may open doors for XRP on the renowned exchange. On the top, this week the prices of XRP were at USD 0.587431 and towards the bottom, it quoted USD 0.441519. The exchanges that were more active, in volumes, with XRP across various pairs this week were Bitbank (12.65%), Upbit (12.55%), and Binance (11.10%)
For XRP this week, CoinField, Canada’s most advanced Bitcoin and cryptocurrency exchange, announced that it is exploring the possibility of making XRP as its base currency.
The other movers and shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on Sept 30 at 11:30 pm IST) were
- ETERNAL TOKEN – Showing a rise of 714.23%
- EJOY – Showing a rise of 390.55%
- ONG – Showing a rise of 220.57%
- Concierge Coin – Showing a drop of 69.69%
- Coin2Play – Showing a drop of 57.31%
- Banyan Network – Showing a drop of 39.07%
What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
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