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Digital Asset Daily: Black Sunday, Black Monday

Market Movers

The good news is that the crypto stagnation in the 330–350b total market cap range are over. The bad news is that it’s the bottom that has dropped out, with crypto suffering losses of a truly cataclysmic scale. Total market cap has dropped below 300b and currently stands at 297b where the market appears to have found a support. Most of the losses were suffered over the past 36 hours. BTC has dropped to 6770 (-7.9%) and ETH has dropped to 528 (-9.0%) and yet are nowhere near the worst performers, demonstrating what an absolute bloodbath it’s been.

Altcoins have, as is typical, gotten decimated by the large drop. For the most part it was simply a question of which coins had the least losses. The only top 100 coin to turn a profit was Veritaseum (VERI +9.9%), which was probably just a partial recovery on the huge losses that coin has experienced in the short term.

A staggering 76 of the top 100 coins have suffered double digit percentage losses, which is an indication of how devastated crypto investors are right now. The leading lossmakers were Cryptonex (CNX -18.4%), WaykiChain (WICC -23.7%) and Skycoin (SKY -21.2%).

Noteworthy News

One of the possible reasons for the drop is a hack of a small Korean exchange named Coinrail. Coinrail was hacked for an undisclosed amount of NPXS, NPER and ATX. While an exchange hack may trigger FUD, it is important to keep in mind that Coinrail is a very small player (24h volume under 3m) and it would be a real stretch to characterize this as the sole trigger for the massive drop.

China’s largest state-owned newspaper has run an editorial column declaring a need for regulation of cryptocurrencies — something that would be a paradigm shift. There is a general sentiment that China do not want to fall behind the USA in terms of implementing crypto as a part of the economy as a whole.

The Thai SEC revealed some details as to crypto regulation, including the provision of enterprise licenses. ICO investing will be legal through seven crypto-THB pairs: BTC, ETH, BCH, ETC, LTC, XRP and XLM. A Thai SEC license will be necessary for all market participants including ICO issuers, digital exchanges, brokers and dealers involved with digital asset transactions. Increased regulatory clarity such as this is just what the crypto market needs to be a legitimate market for traditional finance moving forward.

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

Telegram: https://t.me/blackhorsegrp

Website: www.blackhorsegroup.io

Contact: info@blackhorsegroup.io

Digital Asset Daily: Crypto-Ecosystem Development Continues…

Market Movers

The market continues to move very little as total market cap sticks to the range it has hovered in the last few days, with total market cap at 342b. BTC (-1.0%) and ETH (-1.1%) had small losses to essentially counterbalance yesterday’s small gains.

The majority of altcoins have followed with moderate losses for many. There have still been a handful of winners, led by Bibox Token (BIX +10.7%), Huobi Token (HT +7.8%) and Siacoin (SC +6.2%).

The losers far outnumber the winners on this day although for most coins the losses have been small. The largest losers have been Loom Network (LOOM -9.6%), Veritaseum (VERI -9.0%) and Waltonchain (WTC -8.6%). Veritaseum has become something of a regular in the losers column and seems in danger of dropping out of the top 100.

Noteworthy News

Swiss bank ‘Hypothekarbank Lenzburg’ is the first Swiss bank to offer business bank accounts to crypto firms. The bank is from the canton of Zug, which is where the Swiss crypto valley is. The due diligence process is very selective, with only 2 crypto clients thus far. However, this is still a good sign that crypto companies can look outside of Malta for business bank accounts in the region.

Genesis Markets has launched, which is a one stop trading platform for crypto where you can access the order books and thus buy and sell across multiple exchanges while on one platform. Trading fees are also halved if holding the native GVT token. This could be an important development that sees the end of pricing discrepancies across exchanges.

In excellent news for the development of the whole blockchain space, South Korea have launched the world’s first government backed Blockchain Research Institute. This will have the aim of educating Koreans about Blockchain and will be run by Waltonchain. It’s a great sign that the Korean government are seeing blockchain education as important for the future.

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

Telegram: https://t.me/blackhorsegrp

Website: www.blackhorsegroup.io

Contact: info@blackhorsegroup.io

Digital Asset Daily: Bullish news with little bullish movement

Market Movers

There has been almost no overall movement in the past 24h as total market cap remained nearly static at 349b. BTC (+1.3%) and ETH (+1.1%) have had very minor gains as the crypto market is stuck in a rut that it needs to break out of to get back to the 400b+ market cap from a month ago.

Altcoins have had some more movement with some significant winners and losers. Blockchain infrastructure coin Aeternity (AE +13.5%) leads the way for the winners, along with Siacoin (SC +9.3%) and Zilliqa (ZIL +9.0%).

The biggest losers of the day were recently highflying Huobi Token (HT -7.9%), CyberMiles (CMT -4.8%) and MOAC (MOAC -3.8%).

Noteworthy News

The biggest news items of the day are all exchange related. The founder and CEO of Binance, CZ, has stated in an interview that they have successfully opened a new bank account in Malta and that they are working towards being able to offer fiat <-> crypto trading by the end of the year. However, this fiat trading would be restricted at first to Malta, expanding thereafter to Uganda and Asia.

Coinbase have announced that they are on track to become a US-regulated blockchain securities trading venue. This would mark a major step towards the blockchain space becoming more regulated and thus safer for retail investors (less scams).

Traditional Asset Management titans Fidelity have started looking for talent to help develop a cryptocurrency exchange. CEO Abigail Johnson is a firm proponent of Bitcoin, and Fidelity entering the Crypto space could give retail investors a huge boost of confidence when it comes to investing in crypto. Fidelity entering the crypto space would absolutely be a game changer and would likely trigger a rush of incoming investment from traditional institutional investors. Exciting times ahead if it comes to fruition.

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

Telegram: https://t.me/blackhorsegrp

Website: www.blackhorsegroup.io

Contact: info@blackhorsegroup.io

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.

Telegram: https://t.me/blackhorsegrp

Website: www.blackhorsegroup.io

Contact: info@blackhorsegroup.io

Digital Asset Daily: Cryptocurrency adoption slowly increasing

Market Movers

The market had an anticipated correction over the last 24h as the total market cap dropped back down to 332b. BTC (-3.7%) and ETH (-6.0%) have both had significant drops as the market is stabilizing at around the 330b mark for now.
Altcoins have, as is always the case, largely performed worse than BTC and ETH in a downturn. There were only really 3 altcoins in the top 100 that made significant gains, and these were DigixDAO (DGD +17.6%), Huobi Token (HT +9.8%) and Skycoin (SKY +7.7%).
There are 23 altcoins in the top 100 with double digit percentage losses, and these are led by Veritaseum (VERI -16.2%), Bitcoin Private (BTCP -14.8%) and MOAC (MOAC -10.4%). Notably, Veritaseum has the dubious honour of leading the losses for 2 days straight.

Noteworthy News

Coinbase have announced that they will expand their operations to Japan, which is news that bucks recent the recent industry trend that has seen other exchanges such as Kraken cease operations in Japan. This increases adoption options in a nation where crypto adoption is already ahead of the curve.
Steve Wozniak, one of Apple’s co-founders, has said in an interview that he hopes bitcoin will be the single global currency in the future. Wozniak was an early investor in crypto, although he has since sold his holdings as his interest in crypto is the blockchain technology and not the investment opportunities. Wozniak also described Bitcoin as the only true cryptocurrency as he believes all other coins have compromised in some way.
In further adoption news, Twitch.tv will now allow donations using cryptocurrency. The donations will be processed through Coinbase, and the initial compatible currencies will be BTC, ETH, LTC and BCH. Twitch.tv has already been allowing crypto payment for subscriptions since 2014.

Digital Asset Daily: New Qubic Revelations from IOTA

Market Movers

The market has seen a sort of mini-recovery over the weekend as total market cap has increased to 353b. Unusually, this has not been precipitated by a particularly large spike in BTC (+1% last 24h). On the other hand, Ethereum has taken large strides over the weekend (+4.4% last 24h).
Altcoins have, for the most part, fared very well over the weekend – as is typically the case in a market upturn. Over the last 24h, they have been led by Bitcoin Cash (BCH +9.9%), VeChain (VEN +8.5%) and Ripple (XRP +7.8%). Over the course of the entire weekend, most altcoins were at least even.
The last 24h have seen a reversal in the fortunes of a few of the altcoins that were soaring earlier in the weekend. These include Veritaseum (VERI -9.3%), IOTA (IOTA -4.9%) and Bitcoin Private (BTCP -4.4%). The downswing in IOTA is remarkable as the price crashed immediately after the latest Qubic release – something that should have theoretically been seen as positive news and led to a spike.

Noteworthy News

In what could be a major milestone for mainstream crypto adoption, Brisbane Airport has announced that they will be accepting cryptocurrency as a payment option. This is par for the course for the Australian government who have been wanting to progress towards a cashless society so as to reduce tax evasion from unreported income.
ZenCash (ZEN) has been the latest victim of a 51% attack, on June 2nd at 02:43 UTC. The double spend attack took place in 2 waves for a total of 19,600 ZEN which had an estimated value of 666k USD at the time of the attack, although the coin price has dropped since. ZEN have been fully transparent about the attack and increased required confirmations to 100 to drastically reduce chances of future 51% attacks.
IOTA have released more information about their Qubic project, which outlines their vision for Qubic becoming a universal computation market. If everything pans out, it will effectively be Ethereum but with infinitely scalable, feeless transactions and the ability to have continuous money flows within smart contracts. The project will involve the usage of oracle machines, outsourced computations and smart contracts in tandem to create one ‘Qubic’, or use case e.g. a Qubic for obtaining FX rates from a fixed source to be put on IOTA’s Tangle. Qubic will also allow for Q-Node hosts to be rewarded for any of PoS, PoW, PoB (bandwidth) and PoH (honesty) based on what you are providing to the IOTA ecosystem. All rewards will be paid out in native IOTA token.

Digital Asset Daily: IOTA Tangle Gets Stronger

Market Movers

The market is largely holding steady, with a slight uptick in market cap since yesterday; from 323b to 332b. BTC and ETH have both seen marginal increases over the past 24h with BTC at 7505 (+1.7%) and ETH at 579 (+3.3%). The temporary equilibrium established yesterday appears to be holding for the time being.
Altcoins have mostly been positive although the degree of positivity has greatly varied with large numbers having minor gains mirroring those of BTC and ETH and some coins having much larger gains. Exchange tokens have performed particularly well. Among the biggest winners have been Huobi Token (HT +15.9%), Binance Coin (BNB + 14.6%) and Loopring (LRC +12.1%)
There have been no top 100 coins with double digit percentage losses in the past 24 hours which is a positive sign.

Noteworthy News

IOTA has had more positive news which has led to the +10.9% in the past 24h. They have announced a partnership with DNB ASA, Norway’s largest financial group; to explore business solutions using IOTA’s Tangle. DNB have also been working with R3 for a blockchain solution to distributed ledger technology. DNB see IOTA Tangle as another alternative for best DLT solution going forward and they will be collaborating on data management, business model development and hackathons.
Crypto to crypto exchange Bittrex has increased functionality by adding fiat to crypto trading also. They’ve added 3 pairs, USD<->USDT, USD<->TUSD and USD<->BTC. It will currently only be available to American customers in Washington, California, New York and Montana.
Ark has announced Apple approval of the ARK Mobile wallet, which is now available on the App store. They’ve also set the date of their v2 TestNet release for the 14th of June 2018. It’s quite surprising that they have not experience double digit percentage growth off these two positive pieces of news, but it’s a coin that could do well going forward.