Calm on the cryptocurrency market and other important events of the outgoing week (22.10.2018 — 28.10.2018)
In the traditional Sunday review — the record low volatility of bitcoin, the launch date of the platform Bakkt, the destruction of 500 million USDT and new projects from ForkLog.
The lull in the market
This week the price of the first cryptocurrency was trading between $6450 and $6550, showing record-low volatility that has reached levels of March/April 2017. Then, the average daily volatility of bitcoin was only $33 and price movements occurred in the range of 2.75%. During the last seven days average volatility fell to 0.86%.
It is noteworthy that the cryptocurrency market also did not respond to another round of correction in the us stock market, although the bitcoin has repeatedly demonstrated the fall together with the leading indexes.
In a study of analyst CBOE Options Institute Kevin DeWitt also said that the 20-day historical volatility (HV) of bitcoin equal to 31,5%, while shares of Amazon, the figure is 35%, Nvidia – 40%, Netflix – 52%.
Meanwhile, the number of search queries [Google] the word “Bitcoin” have decreased by 93% compared with the peak of December last year.
Note that this week published a Memorandum on 9 October a meeting of the staff of the securities and exchange Commission (SEC) and representatives of the companies VanEck and SolidX who are trying to get permission to launch a bitcoin ETF.
In VanEck and SolidX announced that it has eliminated the reasons that were stated in the previous refusal of the regulator. At the same time, they emphasized that the SEC “is constantly changing the rules of the game”, speculating with the concept of “significance” of the market.
However, there have been positive developments in the sphere of regulation of the industry. So, America’s leading cryptocurrency company Coinbase, which allegedly plans to go for IPO, has received the approval of the Department of financial services of the state of new York (NYDFS) on the establishment of custody division Custody Coinbase Trust Company LLC. The new organization will provide services of qualified storage of bitcoin, Ethereum, Litecoin, Cash, Bitcoin, Ethereum Classic and XRP.
I should add that in the listing platform Coinbase.com appeared first stabilin — USDC, Coinbase and bitcoin startup Circle has announced the creation of the consortium CENTRE for the promotion of “soft dollar” and create a more open financial system.
This week, the South China branch of China international economic and trade arbitration Commission in Shenzhen ruled that the laws of the PRC do not prohibit you to hold bitcoins, and the residents have the right to send/receive bitcoins. Moreover, representatives of the arbitration, the protection of these rights the state must provide, as the first cryptocurrency has economic value and has the properties of ownership.
Director of the consulting firm Bitcoin Advisory Pierre Roshar announced the launch of a plug-in for Microsoft Excel with which you can perform Lightning-transaction directly from the app. The need for such a decision he described this way:
“Reality: on the desktop 99.99% of accountants and financial employees should Excel. They also send the largest number of payments. The UI for open, decentralized Finance is Microsoft Excel. The plugin is a necessary pre-condition for any crypto project. Integration with Lightning gRPC API in C# is a pure delight!”
This week provider popular cryptocurrency wallet BitGo, the developers of the platform Kyber Republic Network and Protocol announced the launch of a fully secured bitcoin Ethereum token called Wrapping Bitcoin.
Meanwhile, the developers of the popular hardware wallet best wallet in partnership with platforms ShapeShift and Changelly added the function of direct exchange of cryptocurrencies without having to leave the interface.
It also became known that the payment giant Visa integrates technology into the Fabric Hyperledger service for corporate payments, B2B Connect, scheduled for launch in the first quarter of 2019.
Bakkt on the horizon
The launch of cryptocurrency platform Bakkt from the operator of the new York stock exchange (NYSE) Intercontinental Exchange, the company will be held on 12 December 2018.
The first product will be Bakkt futures contracts for bitcoin with a physical delivery of an asset. Next week the owner can receive approval from the Commission on urgent exchange trade of the USA (CFTC).
A comprehensive review of the prospects Bakkt can be found here.
The largest manufacturer mining equipment Bitmain have provided the software for the device Antminer S9 with support of the optimization algorithm AsicBoost.
Also representatives from Bitmain promised to soon release updates for all devices based on chips BM1387, among which models Antminer R4, S9i, S9j, T9 and T9+.
In Slush Pool immediately called on the owners of Antminer S9 not updated to the latest firmware, because it is incompatible with the standard BIP130 and pool. Representatives of the organization promised to solve the problem in no time and soon introduced a new version of the operating system Braiins OS Wolfram.
Earlier this week on CoinMarketCap page bitcoin exchange Bitfinex was discovered non-existent trading pair USDT/USD daily trading volume which reached $30 million.
Then it turned out that this pair represents the aggregate amount of deposits and withdrawals in USDT/from Bitfinex, and CoinMarketCap independently monitors and interpretirovat coming through the API information.
Note that the Tether Ltd. “burned” licenzirovanie 500 million U.S. dollars USDT allegedly in accordance with the provisions of the white paper project.
Zcash for on the threshold of privacy by default
October 29, the network focused on privacy zcash for cryptocurrency to be held hardwork Sapling, the implementation of which will allow holders to lightweight clients to conduct secure transactions. It is expected that necessary for transactions such memory will decrease by 100 times, and the speed is increased six times or more.
Some time the zcash for the Protocol would support the old (Sprout) and the new formats, but then the developers will present a special tool for migration of all balances on the Sapling addresses, which will be undertaken by the global audit networks.
The new format of the special projects from ForkLog
Edition ForkLog presented the interactive format of the special projects that are created together with representatives of the blockchain industry.
Simultaneously, the company launched a special project about creating your own cryptobytes: stock exchanges, broker and processing.
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