This has been a particularly trying week for the crypto industry as we have seen huge crypto dips despite Bakkt’s onboarding of Bitcoin futures clients and continued involvement of key tech giants in the blockchain and crypto space.
Bitcoin experienced a massive deep during the week to a low of about $7, 730 at one point which was approximately a 21% value shed. As is expected, this downward pressure on bitcoin has also affected the altcoins market although not as significant. Overall, we saw a $7B drop in the cryptocurrency market cap to about $214B, the lowest level since May 2019.
In a move to what might eventually become common standard, crypto exchange, Bittrex, announced that it is incorporating Know Your Transaction (KYT) tool to spot high-risk transactions. The move is part of compliance standards by teh Financial Action Task Force’s (FATF) requirements that crypto exchanges offer assurances that digital currencies are not being used in money laundering and related crimes.
Binance’s unprecedented expansion took yet another direction as the crypto exchange launched a dedicated staking platform while opening deposits for 5 additional cryptocurrencies on Binance.US. The staking service will allow Binance users to deposit their token holdings and earn staking rewards wtihout having to set up their own nodes to fulfill minimum staking amounts and/or time lengths. Binance also said that it had been awarded an information security accreditation this week after meeting standards set out by the International Organization for Standardization (ISO).
Facebook was yet again on the news this week after the CEO of Calibra, David Marcus, made a case for Libra as an improvement on traditional payment systems. Marcus argued that Libra would be a game changer due to its open and connected network that offers fast, near real-time and at an incredibly low cost transactions. In addition, Mark Zuckerberg has also refused to commit to the planned 2020 Libra launch and Facebook COO, Sheryl Sandberg, is also expected to speak on the project this week.
Bitmain, the Chinese crypto mining hardware giant, was on the news this week after it announced it will launch a platform that connects global crypto miners to farm owners in October. The platform, dubbed World Digital Mining Map (WDMM), will be the first global network to connect mining hardware owners with mining farms who will provide the available power resources to host them for a fee. In turn, network members will get access to a number of personalized services from Bitmain that include assistance in mining farm design, connections to foreign clients to host, support with operations, purchasing, and construction.
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