The cryptocurrency market has turned weak once again after Bitcoin (BTC) fell below the crucial psychological level of $6,000. The probability of Bitcoin going below $5000 is now very high. However, the blockchain market continues to advance with innovation across various business sectors.
Despite the bearishness, the ICO market continues to remain upbeat with projects raising more than double the amount achieved last year. This information was revealed by ICOrating.com in its second-quarter report, “ICO Market Research Q2 2018”. During the second quarter, 827 projects have raised over $8.36 billion, representing a 151% rise from the year-ago period. Notably, the EOS project, which raised $4.20 billion, accounted for most of the increase. Overall, ICOs have raised more than $11 billion so far in 2018, an increase of 10 times from the amount raised in the first two quarters of 2017.
Potential in Intuit
In the US, startup blockchain company Intuit has received a patent for a system that facilitates Bitcoin payment processing through text messages (SMS). The patent was filed with the US Patent Office on June 13, 2014. The system includes a P2P virtual currency network, which would store funds of both the transacting parties. Furthermore, the system provides multiple ways by which a transaction can be completed. The first method uses an unanswered voice call to verify the mobile phone. The second method uses a password to access the user account. Once the information is validated, the system will cross-check whether the remitter has enough funds to complete the transaction. The system can also automatically create a virtual account in case the payee doesn’t have one and complete the payment transfer.
New Blockchain platform receives notable clientele
Shipping company Maersk and IBM have launched a blockchain-based platform named TradeLens that simplifies supply chain management. As of now 94 enterprises and organizations have joined the project as early adopters. Port of Rotterdam, Port of Halifax, and PSA Singapore are among the 20 terminal and port operators who have joined the project. Other notable parties who have joined the party are Saudi Arabia, Netherlands, Australia, Singapore, and Peru. Furthermore, cargo owners such as Camposol, Umit Bisiklet, and Torre Blanca are backing the project as well. The system allows accessing shipping data and documents in real-time, leading to an improvement in speed and efficiency.
Crypto-exchange developments
Binance, the largest crypto exchange by trading volume, has released the demo platform of the much anticipated decentralized exchange called Binance chain. The video released by the CEO of Binance, Changpeng Zhao, has also gone viral. A decentralized exchange enables p2p transactions of cryptocurrencies without a need for third parties. The demo indicates that the platform will also facilitate the creation, listing, and trading of tokens. Binance made its first announcement regarding the platform in March 2018. Following the launch of the platform, Binance coin (BNB) will migrate from Ethereum to its own mainnet.
Blockchain firm Zero, a subsidiary of e-commerce company Overstock.com, has received a $270 million investment from GSR Capital of china. In return, the Chinese investment firm will receive an 18% stake in tZero. Following the divestment, Overstock’s stake in tZero would decrease to 63%, from 81% held earlier.
Suspicious activity
The US Financial Crimes Enforcement Network (FinCEN) has stated that it has received more than 1,500 complaints regarding the suspicious activity of cryptocurrencies. The organization’s director Kenneth Blanco stated that even though cryptocurrencies are beneficial in some cases, it also provides opportunities for anti-social elements such as terrorists, financial criminals, and rogue states. Blanco stressed the need to send a Suspicious Activity Report (SAR) regularly before receiving notice from the regulator.
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.
