Congressmen Darren Soto introduces the Token Taxonomy Act
This week again Democrat Darren Soto, alongside fellow Congressman Warren Davidson, introduced the Token Taxonomy Act. The new bill plans clear up the confusion around the classification of cryptocurrency. Most importantly, it states that a digital asset is no longer security once it becomes a fully functioning network. A couple of weeks back, Sato had joined hands with Ted Budd to put an end to cryptocurrency price manipulation. The two men had introduced a couple of bills that “direct the CFTC and other financial regulators to make critical recommendations for how to improve the regulatory environment for both the consumer and business development side.”
Facebook back with crypto headlines
According to a report from Bloomberg this week, “people familiar with the matter” have stated that Facebook is working on creating a stablecoin for WhatsApp money transfers. The company is apparently planning to start in India where the country has over 200 million WhatsApp users and $69 billion in annual remittance payments. As always, one will have to take this news with a grain of salt as the announcement isn’t from Facebook itself. Facebook creating a cryptocurrency – a tale as old as time. Facebook has been ramping up its blockchain team, however, boasting about 40 members according to LinkedIn. Former PayPal president David Marcus has been running the Facebook Messenger app since 2014 and currently leads the blockchain division.
Vitalik gives away capital to Ethereum Startups
Gathering some news from Twitter, Third leading cryptocurrency Ethereum creator, Vitalik Buterin, has given away $300K in cryptocurrency to Ethereum startups. Buterin gave away the $300K to three Etherum startups: Prysmatic Labs, ChainSafe Systems, and Sigma Prime. Each of the startups has received 1K Ethereum from Buterin, which was later disclosed in a Twitter thread. All the three startups are reportedly working on to improve the Ethereum network and move it into Ethereum 2.0. ChainSafe is creating an Ethereum 2.0 compatible client; Prysmatic Labs is working to improve scalability, and Sigma Prime is also working on a 2.0 client called Lighthouse.
Hong Kong to tighten cryptocurrency laws
While Mainland China has almost shut its doors for cryptocurrency trading in the country. ICOs and cryptocurrency trading is still allowed in Hong Kong. Now, reports have emerged that be it, crypto exchanges, traders, investors, crypto-based companies or institutions; all will be put under tighter oversight of the Securities and Futures Commission (SFC) in Hong Kong. According to the latest SFC guidelines, now onwards, a license will be required for any investment funds which comprise more than 10% of bitcoin or any other cryptocurrency coins or tokens. The funds can only be sold off to professional investors.
Binance to launch DEX and 10 more fiat exchanges in 2019
This week for exchanges, Binance CEO Changpeng ‘CZ’ Zhao recently was interviewed regarding the latest developments in BTC and Binance and his outlook on the market moving forward. During the interview, CZ was asked about the changes to the expansion strategy of Binance due to melting markets to which he replied saying “Our strategy has not changed at all. We have launched one fiat exchange so far and we are about to launch 2-3 more in the next month or so. Next year we still want to build 10 more fiat exchanges and we are also launching our decentralized exchange (DEX) which is very core blockchain technology based exchange
Here comes Christmas and so does the Santa Claus rally which brings all green to crypto markets. Its been the first time in past 2 weeks that Bitcoin has moved over USD 4000 continuing the upward journey. The prices hit the high point of USD 4,198.43 and the lowest point of USD 3,253.12 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were, BitMex (21.94%), CoinBene (3.72%) and DOBI Trade (2.93%)
Among prominent news around Bitcoin, Michael Novogratz has predicted Bitcoin to hit $3,000 to $6,000 In Short Term
XRP still is at second place as Ethereum continues to take a beating. On the top, this week the prices of XRP were at USD 0.393330 and towards the bottom, it quoted USD 0.286942. The exchanges that were more active, in volumes, with XRP across various pairs this week were ZB.COM (13.07%) Bitbank (11.00%), and ZBG (7.62%)
For XRP this week, XRP Voted as The Best Christmas “Crypto Gift” on Twitter
Ether,like BTC is on the rise and now sits firmly above USD 100 levels. Ethereum on the top, this week was at USD 119.09 and were at lows of USD 85.38. The markets that were more active, in volumes, with ETH across various pairs this week were DOBI trade (6.46%), OEX (4.77%) and OKEx (4.74%)
Among news surrounding Ethereum this week, Joseph Lubin, Co-Founder of Ethereum and Founder of ConsenSys, blasted his critics (especially crypto “journalists and bloggers”), and said that he could see a “very bright” future for Ethereum and its ecosystem.
The Other Movers and Shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on December 23 at 3:35 pm IST) were
- Coin – Showing a rise of 211.20%
- NKN – Showing a rise of 152.07%
- Spendcoin – Showing a rise of 149.16%
- Veros – Showing a drop of 95.95%
- empowr coin – Showing a drop of 94.79%
- True Deck – Showing a drop of 82.20%
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.