Bitcoin Stays Above $6K as Volatility Dips to 14-Month Low

Bitcoin Stays Above $6K as Volatility Dips to 14-Month Low
August 21, 2018

With the exception of Bitcoin, the cryptocurrency market continues to lose value. Bitcoin is managing to keep its head above water, holding in just above the $6,000 mark, despite strenuous attempts by short sellers to break the huge psychological level. Notably, the volatility of Bitcoin has dropped to 14-month low. Joseph Lubin, the co-founder of Ethereum and founder of ConsesSys, emphasised that the decline in the price of cryptocurrencies will not affect adoption or innovation in blockchain sector. Reflecting his thoughts, dailyhodl has reported that the number of blockchain wallets has surged by 766,649 so far in this month, reaching a record level of 27,807,578.

Here’s what’s happening elsewhere in the world of crypto and blockchain this week:

 

Thailand issues crypto licences

In a clear shift from their earlier stance, Thai regulators have issued licences to seven firms that operate a cryptocurrency-related business. The firms in receipt of this green signal from the authorities include Bitcoin Co. Ltd. (BX), Cash2coins Co. Ltd., Bitkub Online Co. Ltd., Coin Asset Co. Ltd., and Group Co. Ltd. (TDAX). These firms will be able to run exchanges legally, so long as they meet the conditions of their licence.

Furthermore, two firms, Coins TH Co. Ltd. and Digital Coin Co. Ltd. (ThaiWM), have received approval to function as cryptocurrency dealers. This approval is seen as an attempt to formalise the country’s domestic cryptocurrency market.

Thailand’s central bank had originally issued a blanket ban on the issuing of, or trading in, cryptocurrencies in February. So, the government’s latest decision suggests a more optimistic future for crypto enthusiasts and businesses based in the region. 

 

UEFA introduces blockchain technology

The Union of European Football Associations (UEFA) has implemented a blockchain-technology-based ticketing system, for use on smartphones. Prior to the official UEFA announcement, the blockchain based iOS & Android application was used to sell all the tickets for the UEFA Super Cup soccer match between Atletico Madrid and Real Madrid, which was held in Estonia on 15th August. The system was initially trialled during the 2018 UEFA Europa League final held at Lyon in May, wherein 50% of the tickets were successfully sold through the blockchain based system.

 

Bank of China – Union Pay partnership

The Bank of China (BOC) is collaborating with China’s UnionPay to explore the use of blockchain technology for cross-border payments. The partnership was driven by market demand and regulatory requirements. Both parties will also study the possibility of using distributed ledger and large data technology to update mobile banking products. Specifically, China Union Pay aims to build and offer unified integrated financial services through mobile. This would enable cardholders to purchase, transfer and even trade using a QR code. 

 

JD.com launches Blockchain-as-a-Service (BaaS) Platform

JD.com, Walmart’s partner and competitor to e-commerce giant Alibaba, is launching a Blockchain-as-a-Service (BaaS) platform that will enable enterprises to create, host and deploy blockchain applications. Notably, it avoids the need to code everything from the scratch.

The platform also offers smart contract facility for both private and public enterprise clouds. The BaaS platform can be construed as an extension of the firm’s Retail-as-a-Service (RaaS) strategy. JD.com believes that the platform will deliver the latest technology and infrastructure to all business sectors.

 

Crypto Facilities launches Bitcoin Cash futures

CME Group’s partner Crypto Facilities, a UK-based cryptocurrency futures exchange, has added Bitcoin Cash (BCH) to the list of tradable crypto assets in its FCA (Financial Conduct Authority) regulated platform. Other assets for which futures contracts are offered include Bitcoin, Ethereum, Ripple (XRP) and Litecoin.

Investors will be able to open both long and short position on Bitcoin Cash. This should enable investors to offset cryptocurrency related risks effectively.

 

Tube8 to reward viewers with crypto token

Tube8, which is owned by MindGeek – the parent company of Pornhub – is planning to offer its loyal viewers cryptocurrency. The adult streaming service has partnered with blockchain solution provider Vice Industry Token (VIT) to tokenise its platform. By the end of 2018, Tube8 will be completing the integration of VIT within its platform, and will be the first adult entertainment site to offer crypto rewards to its visitors

 

Ripple plans to enter the Chinese market

In an interview with CNBC, Ripple’s Vice President of European Union, Jeremy Light, disclosed that the company is planning to enter into the Chinese market and offer its distributed ledger technology for enhancing cross-border payments, expressing that “China is definitely a country and region of interest.”

Notably, Ripple has already partnered with LianLian Internation of China to provide quicker and cost-effective cross-border transactions to the clients across the Europe, China and the US.

Additionally, Ripple has also partnered with three cryptocurrency exchanges to fuel the adoption of xRapid, its cross-border payments settlement product. The exchanges which have entered into an agreement with Ripple are US based Bittrex, Mexico’s Bitso, and the Philippine Coins PH. With this partnership, it will be easy for clients to move US dollars, Mexican pesos and Philippine pesos using xRapid payments solution. 

 

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins


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