Coinbase Links Up With Circle for New Stablecoin, Ran Neuner spills beans on Coinbase IPO preparations, SEC Gives ICOs an H.A.N.D, While prices still on the lower end Crypto M&A Surges, In India SC Asks Centre To File An Affidavit Regarding Cryptocurrency Committee’s Report, Again from India Unocoin Founders Arrested Over Setting Up ‘Illegal’ Crypto ATM
This week Coinbase announced a new partnership with frenemy Circle to form the CENTRE Consortium. First on the consortium’s docket? The creation of a new stablecoin, USD Coin, or USDC for short. Each USDC is backed back one greenback, and the companies will regularly report the status of those reserves. The two organizations chose to use the Ethereum blockchain to create the stablecoin with the ERC20 protocol. USDC now joins a long list of over 50 stablecoins currently in the crypto market.
Amongst major news CNBC Africa Crypto Trader show host and cryptocurrency trader Ran Neuner tweeted that cryptocurrency exchange and digital wallet company Coinbase is preparing for an initial public offering. Coinbase is reportedly valued at around $8 billion and has 25 million users and 600,000 active traders. According to an infographic Neuner tweeted, Coinbase generated $90 million in revenue in Q3.
In regulations, The SEC is clearly tired of blockchain projects pleading ignorance when it comes to regulations. The government organization’s newly formed FinHub is hosting office hours to answer any questions you may have about the regulatory landscape (as it currently stands). To schedule time, one simply need to fill out an online form outlining who you are and what you’re interested in learning about. It doesn’t take a crystal ball to predict where this is heading. It’s most likely that everyone would start to see “SEC approved” stamps popping up on projects who’ve taken advantage of this resource.
Just because crypto prices have been relatively steady, however, does not mean that investors are likely pleased with their performance. Indeed, many of the leading coins have fallen by 50% or more since their peaks several months ago. This stagnant price trend has prompted many analysts and investors to speculate that the digital currency space is dead. Looking elsewhere within the larger cryptocurrency universe, though, it appears that there are signs of life. M&A activities in the digital currency world have tripled this year; in 2017 there were 47 total deals of this kind, and analysts at JMP Securities predict there will be 145 by the end of 2018. Perhaps the increase in awareness of cryptocurrencies and blockchain technology has played a role in the flurry of activity in this area.
News coming in from India where The Apex Court now directed the center to file an affidavit on the status of the report to be filed by the interdisciplinary committee headed by the department of economic affairs (DEA) secretary Subhash Chandra Garg. Upon hearing the counsel, the bench ordered, “The learned counsel appearing on behalf of the Union of India has informed us that a Committee is deliberating on the very matter in issue in the Writ Petition. Let an affidavit be filed by the concerned officer within a period of two weeks from today giving us the stage at which the Committee is deliberating the matter, including the estimated time within which the Government will ultimately come out with its policy decision in the matter.”
Dreams of India’s first Bitcoin ATM are dashed as The Central Crime Branch has arrested the founders of Bengaluru-based cryptocurrency exchange, Unocoin, which introduced India’s first crypto ATM in Bengaluru that was set to soon become operational. Unocoin’s co-founder and CEO Sathvik Vishwanath were arrested on October 25, two day after the Bengaluru city police Tuesday had arrested startup’s co-founder Harish BV. The police have reportedly called the setting up of the crypto ATM — located at Kemp Fort Mall in Bengaluru — illegal and launched without approvals. The police also suspect Vishwanath to have destroyed evidence — online transaction trails and customers’ details — stored in the laptops.
The stability of Bitcoin continues this week as well as it was down just below 1 % this week. Now bitcoin’s stability is far less then major equity indicies. The prices hit the high point of USD 6,543.80 and the lowest point of USD 6,447.03 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were, Bithumb (9.27%), Bitmex (5.95%) and Coinbit (4.40%)
Among prominent voices, Elon, who is the CEO of Tesla and founder of SpaceX, shot out a tweet stating that he loved anime. He then followed it up with a nice anime image with a huge Bitcoin logo on it. The tweet read, “Wanna buy some Bitcoin?”
Ether prices, on the top, this week were at USD 206.93 and were at lows of USD 201.55 dwindling pretty close to USD 200 hurdle and the range just getting narrower. The markets that were more active, in volumes, with ETH across various pairs this week were ZBG (2.71%), DOBI Trade (2.40%) and IDAX (2.20%)
Among news surrounding Ethereum, Camila Russo, a financial news journalist, stated that it was important to understand that Vitalik Buterin, co-founder of Ethereum, was not responsible for all the decisions made by the Ethereum platform.
On the top, this week the prices of XRP were at USD 0.471596 and towards the bottom, it quoted USD 0.439644. The exchanges that were more active, in volumes, with XRP across various pairs this week were ZB.COM (11.88%), HitBTC (7.43%), and Bithumb (6.01%)
For XRP this week, Ripple announced that revealing that it sold $163 million in XRP during the quarter
The Other Movers and Shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on Octobr 28 at 12:30 pm IST) were
- PrimeStone – Showing a rise of 667,37%
- PumaPay – Showing a rise of 354.32%
- Happycoin – Showing a rise of 337.07%
- Abulaba – Showing a drop of 64.80%
- RusGas – Showing a drop of 54.50%
- Alibabacoin – Showing a drop of 54.47%
What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.