General Market Outlook
The market has come out of the downtrend over the past two weeks. Nearly all coins in the top 100 are up. Kucoin Shares (KCS) and 0x (ZRX) are the major stand outs of the top 100 coins - up over 28% and 26% respectively in the past 24 hours. Bitcoin is right around $6,600 for about 5% change and Ethereum is right at $475 for 6% change in the past 24 hours. Market cap for the overall cryptocurrency market rose by over $36 billion over the weekend, up to $271 billion total. Trading Volume is climbing.
Tezos Launches Betanet
One year ago the Tezos ICO raised $232 million, but since then has only been in the headlines for investor complaints and SEC fines. $232 Million still ranks as the second largest ICO of all time. Tezos Co-Founder Arthur Breitman developed the ICO while he was still working for Morgan Stanley - which ended up getting him a $20,000 for breaching his contract by not disclosing his “other business practices.” Early on Tezos got flack for delaying the release of ICO tokens. Investors were upset because the delay cost the tokens to lose significant value. The network itself has seen a similar delay but here we are one year later, and there is some positive news! The Betanet has launched… which means it still could be months before the Tezos network is fully operational.
Coinbase Acquires 3rd Securities
Coinbase will likely soon be a licensed broker-dealer. They have acquired securities dealer Keystone Capital Corp, Digital Wealth LLC and Venovate Marketplace, Inc. They are doing everything right in order to build relationships with governing bodies and attain proper licensing by buying out existing financial companies to establish alternative trading system license (ATS), and a registered investment advisor (RIA) license as well. In the future Coinbase will be able to create fully legal crypto-assets of all kinds, i.e. “tokenization” of securities, real estate or collectables.
Serious Crypto-Regulation From Abu Dhabi
Regulators out of the second most populous, and capital of the United Arab Emirates developed a 34 page guideline to cryptocurrencies. The Abu Dhabi Global Market (ADGM) is an international financial center that works to develop economic diversification innovation and sustainable initiatives. They held a public consultation on cryptocurrencies in May that became the basis for a “framework to regulate spot crypto asset activities, including those undertaken by exchanges, custodians and other intermediaries in ADGM.” The important thing here is that extensive cryptocurrency regulation like this is all so new. Cryptocurrencies are a unique creation, that don’t quite fit into the existing rule books. Frameworks like this give other governing bodies something to work off of. They also released a separate guide to ICOs back in October of 2017.
Top 5 Gainers
Alphacat (ACAT) +82.90% at $0.006080
Dragon Coins (DRG) +46.77% at $0.231006
ZIP (ZIP) +45.15% at $0.008096
Po.et (POE) +44.13% at $0.21814
Metronome (MET) +44.65% at $4.13
Top 5 Losers
Selfkey (KEY) -36.25% at $0.020281
WINCOIN (WC) -18.25% at $0.519073
Naviaddress (NAVI) -17.20% at $0.006326
Aditus (ADI) -16.01% at $0.016019
Fargocoin (TICK) -14.57% at $0.570401
New Coins Listed
Ziliqa (ZIL) listed to Yobit
TrueUSD (TUSD) listed to Yobit
By: BGN Editorial Staff
Kucoin Shares (KCS)
Abu Dhabi Cryptocurrency Regulation
Dragon Coins (DRG)