Digital Asset Daily: Crypto Adoption — Two Steps Forward, One Step Back

Market Movers

The market has had a minor upswing over the past 24h as total market cap currently stands at 346b. BTC (+2.2%) and ETH (+3.1%) have accordingly also posted modest gains as the market seems to be penned in between ~320b to ~350b.

Altcoins have posted some moderate gains for the most part although these gains were for the most part simply counteracting yesterday’s losses. The biggest gainers were Nexus (NXS +22.5%), Loopring (LRC +11.3%) and Ontology (ONT +9.7%).

There were only seven coins in the red, and the only significant loser was DigixDAO (DGD -6.4%) and that too was a reversion from the huge gains from the day before.

Noteworthy News

Ripple’s CEO Brad Garlinghouse has indicated in an interview that he “hopes to see magnitudes on the order of dozens” of banks integrating XRP usage next year. Ripple has of course long been working with banks to find use cases where traditional finance can be assisted by XRP. Ripple also have an upcoming platform for enterprise use called Xrapid due to release soon.

On the adoption front, the ICON team have released ICONex for Android (with iOS support coming in future). ICONex is an ICX and ETH wallet for the mobile phone and will now give an easy storage option for those holding either coin.

White hat hacker Guido Vranken has taken advantage of Dan Larimer’s standing offer to pay $10k for each dangerous bug in EOS’ code. Vranken has identified 12 critical weaknesses over one week. EOS has already released their mainnet and EOS’ new blockchain will go live some time in the next few days.

Indonesia have decided to allow crypto trading on futures exchanges, with cryptocurrency classed as a commodity. This, added with Indonesia banning crypto as a payment method has indicated that they have made a clear decision that cryptocurrencies are commodities rather than currencies. While crypto futures will be a boon for Indonesian crypto traders, the classification as a commodity may be a negative development for the real world adoption of crypto going forward.

Black Horse Group is a digital asset investment and advisory firm based in Hong Kong.




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