Week In Review: Cryptocurrency Price Analysis for the week December 31 to January 6, 2019
January 7th, 2019
DX Exchange plans to tokenize financial markets
DX Exchange of Estonia, this week announced, that it will soon launch the tokenized versions of some of America’s biggest companies in European markets. The exchange runs on the Ethereum blockchain with tokens backed by the actual equity shares of leading companies in America that will be traded by its partner MPS Marketplace Securities Limited. The first tranche that the exchange plans to tokenize is the ten Nasdaq listed companies which include Facebook, Tesla, and Apple.
CoinText Service to allow crypto transactions over SMS
Among companies and wallets, US-based crypto wallet company CoinTrext has launched BCH transaction via SMS. The services are launched only in the Philippines. Founder of CoinText, Vin Armani was quoted saying in an announcement “The ability to send value over SMS is tailor-made for The Philippines. Remittances are a big part of the economy and Filipinos are already big adopters of cryptocurrency, especially Bitcoin Cash.”
Over 34 Bitcoin ATMs installed in the first week of 2019
Well, the boost in the number of Bitcoin ATMs in 2019 is fantastic. According to the data put forward by the website Coin ATM radar, which measures the growth of Crypto ATMs over the globe shows that; as on 06 Jan. 19 the total number of ATMs across the globe stands at 4155 with 34 new Bitcoin ATM’s adding in the first week of 2019
BitFinex to have the largest downtime of 7 hours on 7th January
Monday, 7th January 2019 would see a rare kind of record in cryptocurrency industry as Bitfinex has announced the biggest downtime in the history of crypto exchanges. The downtime would span over a period of 7 hours as the exchange is moving all its operations and migrating all its data to its private self- hosted servers from AWS servers.
BitTorrent to launch its own crypto token
The Tron acquired San Fransico based BitTorrent, this week announced that it plans to launch a cryptocurrency named BitTorrent (BTT). According to the details available, the cryptocurrency will be issued by BitTorrent Foundation that is located in Singapore and will allow users to exchange tokens to improve network speed. This will provide users with the ability to use BTT tokens for faster downloads, as the company aims to accelerate the overall speed of torrents.
Indian Govt closely watching global crypto development
The Indian parliament in the current session has discussed cryptocurrencies. Responding to the questions raised by some parliamentarians, the minister of State of Finance, Pon Radhakrishnan, informed the lower house of parliament that it is closely watching the global developments on cryptocurrencies and is working on a technically feasible solution.
Overstock becomes the first major company to pay Ohio Taxes in Cryptos
A little over a month since the Ohio State regulators announced that they would accept taxes in cryptocurrencies, Overstock has announced that it would become the first national company to take advantage of Ohio’s new crypto tax opportunity. The online retailer is all set to pay a portion of its Ohio taxes in bitcoin this coming tax season.
Bitcoin gets range bound and stabilizes at around USD 3800-4000. Bitcoin’s range is very much defined between USD 3800 to USD 4200 as no much hiccup was noticed. The prices hit the high point of USD 4,069 and the lowest point of USD 3,707.23 during the week. The exchanges that were more active in volumes, with BTC across various pairs this week are, BitMex(11.49%), CoinBene (5.61%) and CoinBit (4.89%)
Among prominent news around Bitcoin, Murad Mahmudov believes there is a sizable 70% chance that BTC is yet to find a true bottom. Based on his assumption, he predicts Bitcoin (BTC) will bottom between the $1,800 and $2,400 levels.
Ethereum is outperforming all top altcoins and is now back to its No.2 spot. Ethereum, this week was at USD 160.82 and was at lows of USD 132.52. The exchanges that were more active in volumes, with ETH across various pairs this week are, OEX (5.55%), LBank (4.68%) and OKEx (3.39%)
Among news surrounding Ethereum this week, Ethereum is receiving some huge support for the upcoming Constantinople hard fork which is now estimated to launch between the time period of 14 of Jan to 18th of Jan.
XRP got replaced by Ethereum and came back to its 3rd spot. On the top, this week the prices of XRP were at USD 0.374505 and towards the bottom, it quoted USD 0.350402. The exchanges that were more active in volumes, with XRP across various pairs this week are ZB.COM (13.78%), ZBG (6.67%) and HitBTC (3.64%)
This week, Weiss Ratings has made a heavy prediction for XRP saying that XRP will become world’s No. 1 cryptocurrency.
The Other Movers and Shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on January 06 at 3:35 pm IST) were
- Quantis Network – Showing a rise of 246.93%
- Opacity – Showing a rise of 195.60%
- Global Cryptocurrency – Showing a rise of 195.08%
- TrueDeck – Showing a drop of 49.41%
- SegWit2x – Showing a drop of 44.67%
- ETERNAL TOKEN– Showing a drop of 38.79%