Crypto And Blockchain Weekly Wrap Up – 8 April 2019 – 13 April 2019

by | Apr 13, 2019 | Cryptocurrency, Cryptocurrency News

Cryptocurrency | Blockchain | Weekly Wrap Up

This week the cryptocurrency market saw a few ups and downs as the bullish market from the last week moved in reverse, as major cryptocurrencies experienced some correction. Let’s see how was this week for cryptocurrencies and its underlying blockchain technology.

As a result of the current market slump, the collective market cap of cryptocurrency tumbled down to a low of $170 billion on April 12. Notably, EOS replaced Litecoin [LTC] as the fourth largest cryptocurrency on CoinMarketCap, after the latter was hit badly by the recent market slump.

Price Points 

Bitcoin 

After a minor correction on April 9, Bitcoin (BTC) attempted to resume its recovery. On Wednesday, April 10, the Bitcoin bulls tested the resistance level of $5,400 and on Thursday,  April 11, the price of Bitcoin had a downward correction as it dropped to the support of the 12-day Exponential Moving Averages (EMA).

As for April 12, BTC downward correction continues slumping by 3.57% over the day. In short, through the week, the flagship cryptocurrency declined to a low at $5,056.20 and later resumed a range bound movement.

Ethereum 

ETH have had observed a downward correction in the past four days. On Monday, April 8, ETH bulls met resistance after it reached a high of $187, later the price dropped to the low at $165 and at the support of the 12-day Exponential Moving Average (EMA). On April 12, the price of Ethereum is testing the 12-day EMA support level.

As per the Ethereum price forecast, the ETHUSD pair will fall to the lows of $155 or $160, if the 12-day EMA is broken. However, if the bulls maintain the 12-day EMA support level, ETH will resume its bullish trend and retest the $184 resistance level.

Ripple 

On April 11, XRP went through a bearish trend, after the bulls met resistance at the $0.37 price level. The bears broke the $0.35, $0.34 and closed above the $0.32 price levels. As per the Ripple price prediction for the upcoming days, the XRPUSD pair is likely to experience intense selling pressure at the $0.32 and $0.31 price levels.

Blockchain Roars 

Cross-border securities settlement –  Tata Consultancy Services (TCS), an India-based IT services company has reportedly successfully completed what defines as the world’s first cross-border securities settlement between two central depositories by employing the Quartz blockchain.

The two Central Securities Depositories (CSD) are Maroclear, the CSD of Morocco, and Kuwait Clearing Company, the CSD of Kuwait. The test involves a set of equities and fixed income securities from both markets that were created on the chain along with accounts to hold them, and was instantaneously transferred.

Tron’s may Collaborate With Ethereum – Founder and CEO of Tron (TRX), Justin Sun asserts a surprising idea during an interview on The Crypto Chick podcast on April 6. He thinks that this year Tron’s ecosystem will “officially collaborate” with Ethereum (ETH).

To be precise Sun stated in response to a question about a recent tweet by Ethereum co-founder Vitalik Buterin about Tron, “even within this year we will see Tron even collaborate, officially collaborate, with Ethereum.” As per Sun the “competition brings a better product,” he added further:

Digital Asset is writing code to aid ISDA – Digital Asset, an enterprise blockchain company, is working with the International Swaps and Derivatives Association (ISDA) in order to develop a software that is meant to simplify the adoption of the trade group’s potentially cost-slashing data standards.

Announced Tuesday night in New York, the reference code library is aimed at helping developers implement ISDA’s Common Domain Model (CDM) in solutions for trading and managing derivatives. The codes are written in  DAML, the smart contract language created and recently open-sourced – by Digital Asset.

IOST Reports More Transactions Than Ethereum –  In just one month of its launch, IOST, an “application-friendly next-generation public blockchain network,” has reportedly processed more transactions than Ethereum (ETH) on 6 April. IOST is touted to be the first platform to launch an “application-ready mainnet” featuring “multiple live” decentralized applications (dApps). In just weeks since its launch, the IOST mainnet has received much traction and has grown in leaps and bounds in terms of developers, partners, and users.

Cryptocurrency Developments 

A Cryptocurrency Visa Card For UK Users – Coinbase, a major American cryptocurrency exchange launches a Coinbase Card, that will enable the United Kingdom-based users to make online and in-store payments with cryptocurrencies.

Powered by the customers’ Coinbase account crypto balances, the Coinbase Card is a Visa debit card that will allow them to make purchases with cryptocurrency across the globe. Reportedly, the exchange will instantly convert customers’ cryptocurrency funds into fiat currency in order to complete the purchase.

Coinbase Pro Adds Support For EOS, Augur and Maker – Coinbase Pro, the professional offering by Coinbase, adds support for three more coins, namely EOS (EOS), Augur (REP) and Maker (MKR). The post announced that the platform will now accept inbound transfers of EOS, REP, and MKR. The deposits for these tokens will be accepted for at least 12 hours before enabling trading. Trading on order books will become available once sufficient liquidity is established.

Stablecoin Backed By Canadian DollarCoinsquare, a leading Canadian cryptocurrency exchange is preparing to launch a stablecoin backed by the Canadian dollar (CAD) reserves. Reportedly the investors will be able to purchase eCad valued at one dollar.

Cross-Border Remittances – Western Union Company, the American financial services company, collaborates with a Philippines-based e-wallet provider Coins.ph to allows Filipinos to conduct cross-border money transfers. Purportedly, Western Union will integrate the Coins.ph blockchain-based platform into its cross-border platform and allow Philippine-based users to receive and hold international money transfers directly into their Coins.ph wallets.

More news about Facebook’s Secretive Crypto Project – As per a Tweet from the tech reporter Nathaniel Popper on April 8, Facebook is reportedly seeking aid from various venture capital (VC) firms in order to develop it’s much- coveted and secretive supposed digital token. Popper cites a familiar source stating that Facebook is seeking a $1 billion sum to develop its cryptocurrency project. He added that in doing so, the project would come more in line with the crypto community’s decentralized ethos.

A Stablecoin DAI-Denominated Markets –  Augur, a blockchain-powered event betting platform introduces a major upgrade to its platform, within which the platform launched a token denominated in MakerDAO’s Dai (DAI) stablecoin. As per the platform, introducing DAI-denominated markets will enable them to make trading less volatile as compared with Ethereum (ETH), that was used for trading on the platform thus far.

ETN Based On Blockchain Sector – Kleinwort Hambros, a Societe Generale-owned private bank and wealth manager launches an actively managed exchange-traded note (ETN) that is targetted at the blockchain sector. The Luxembourg-listed ETN will invest in companies that could “profit most” from the development and increasing uptake of blockchain technology.

Flexa raises $14.1 million – A New York-based payments startup Flexa, has managed to mince $14.1 million in a private token sale that involved Pantera Capital, 1kx, Nima Capital, Access Ventures and others. Flexacoin, the startup’s token is an ethereum-based ERC-20 token and will be purportedly used by developers and businesses to stake value on Flexa’s network for merchant payment processing.

Go Philly Tokens –  Ben Franklin, a capital provider with over three decades of experience in the Philadelphia area has joined hands with California-based token platform Securitize to reap the benefits of the blockchain technology. 

Ben Franklin will be rendering services from Securitize to host a digital security offering. The Global Opportunity Philadelphia Fund or Go Philly Fund will see the distribution of tokens to qualifying investors. The said token will be issued on the Ethereum blockchain and is dubbed as  ‘Go Philly Tokens’.

Regulatory Updates 

New Guidelines For Security Token Offerings – The Mauritius Financial Services Commission (FSC) issues a second guidance note regarding the security token offering (STO) regulations. The document declares that the security tokens are now considered digitally represented securities as defined in the Securities Act of 2005.

G20 Looking To Discuss Over Crypto AML – The G20 member countries will be participating in a meeting held to discuss international cryptocurrency Anti-Money Laundering (AML) regulation on June 8 and 9 in Fukuoka, Japan. As per the report and the official plans, G20 central bank governors and finance ministers will be attending the meeting, focused on establishing a framework that will combat crypto-enabled money laundering and terrorism financing.

Other Notable News

PewDiePie Joins DLive –  With over 93 M followers, PewDiePie is the world’s most popular YouTuber by subscriber numbers and now to expand his empire more, the 29-year-old Swedish content creator joins blockchain-based live streaming platform DLive. Felix Kjellberg aka PewDiePie signs an “exclusive” live streaming deal with DLive. 

Blockchain-powered securities – The Gibraltar Stock Exchange (GSX) will begin listing of blockchain-powered securities on its practical listing venue GSX Global Market. The GSX will list a number of new products known as digital, smart or tokenized securities such as convertible bonds, corporate bonds, asset-backed securities, derivative securities, open-ended funds, and closed-ended funds, the announcement says.

ABBC Foundation And Alibaba Group Ends Feud On A Happy Note –  It is said that there is always light at the end of the tunnel, taking the cue from the saying the legal battle between ABBC Foundation, a Dubai-based crypto firm and the Chinese e-commerce giant, Alibaba, has reportedly resulted in a collaboration that will be beneficiary for both the participants.

Reborn 3 – Opera launches the desktop version of its new browser dubbed as “Reborn 3,” which reportedly has a built-in cryptocurrency wallet. The browser will now be available for the Mac, Windows and Linux operating systems.  Announced on Tuesday, the software will allow users to explore and interact with blockchain-based decentralized applications (dapps) of “Web 3.” The company added that the wallet allows users to send transactions without requiring an extension in the likes of Metamask.

Some Sad Updates 

Firefox Nightly 68 and Beta 67 –  Mozilla Firefox, a major open-source browser launched a new protections against crypto mining malware in its new browser versions. In its latest versions Firefox Nightly 68 and Beta 67, Mozilla has incorporated a new level of protection against crypto mining and fingerprinting hack attacks. All the actions are part of Mozilla’s Content Blocking suite of protections.

A Drop In Assets Under Management  – Polychain Capital, a cryptocurrency hedge fund observed a 40% decline in its assets under management (AUM), it reportedly shrank from $1 billion high to $591.5 million in Q4 2018. As per a report by the Wall Street Journal, the sources attribute the decline  to a drop in the value of the fund’s holdings amidst the protracted crypto bear market, “rather than […] redemptions by investors.”

QuadrigaCX Officially Declared Bankrupt – The looming danger of bankruptcy over Canada’s major cryptocurrency exchange QuadrigaCX, has been realized as the exchange is officially declared bankrupt. Approved by Nova Scotia Supreme Court Justice Michael Wood, the Quadriga’s bankruptcy follows the monitor Ernst & Young’s (EY) recommendation that it should be declared bankrupt earlier this month.

Samsung Galaxy S10’s Wallet Gets Hacked – Days after the announcement that the new Samsung Galaxy S10 will integrate a cryptocurrency wallet, the said wallet has been reportedly hacked, implying that the Samsung Galaxy S10 is apparently a lot less secure than intended.

Image Source – Unsplash.com

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