#CryptoCorner: BTC Cracks $12K…Again, ECB to Monitor #Crypto Market with More On-Chain Analytics and Samsung Launching 2 New Services for #Blockchain and DApps
#CryptoCorner: BTC
Cracks $12K…Again, ECB to Monitor #Crypto Market with More On-Chain Analytics
and Samsung Launching 2 New Services for #Blockchain and DApps
Point Roberts, WA, Delta BC August 7, 2019
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August
7 Crypto Corner
Stocks discussed: (KSE:005930) (NasdaqGS:MSFT)
At press time, Bitcoin
(BTC) is trading at
just over $12,000 USD, according to data from CoinMarketCap. It briefly traded
above $12K yesterday before slipping back down to around $11,500 for the
remainder of the day. Most of the major altcoins have seen little movement,
however, in the last 24 hours. Bitcoin’s price bump this morning extends its
market dominance now to a market share of 68.8 percent. Bitcoin’s market cap of
$214 billion is almost nine times that of the biggest altcoin, Ethereum (ETH), with the latter
sitting at $24 billion.
A newly published report from the European
Central Bank (ECP), titled: Understanding
the crypto-asset phenomenon, its risks and measurement issues, outlines how
it intends to monitor the market using more on-chain analysis. An excerpt from
the report’s conclusion explains:
Looking ahead, the ECB will continue to work on
indicators and data by dealing with the complexity and growing challenges
encountered in analysing on-chain and layered protocol transactions.
Furthermore, investigation will continue regarding the new data sources for
information on interlinkages of crypto-assets. With respect to the off-chain
transactions, amid a multitude of methodological options, further work will
focus on increasing the availability and transparency of the reported data and
the methodologies used, harmonising and enriching the metadata and developing
best practices for indicators on crypto-assets.
Business
Korea
reports that the country’s financial watchdog, the Financial Intelligence Unit
(FIU) plans to directly regulate cryptocurrency exchanges. As it stands,
exchanges are regulated indirectly through administrative guidelines to banks.
Lee Tae-hoon, head of administration and planning at the FIU, explained:
“If an amendment to the Act on Reporting and Use of
Certain Financial Transaction Information, which reflects the FATF’s [Financial
Action Task Force] international standards for cryptocurrencies, passes the
National Assembly, it will be possible to prevent money laundering through
cryptocurrencies.”
“If the amendment is approved by lawmakers, we can
raise the effectiveness of regulations by shifting from the current indirect
regulation through commercial banks to direct regulation.”
Cointelegraph reports that
Samsung (KSE:005930) is launching two
new services for its blockchain and decentralized application (DApp) kit. The
company has integrated a digital analytics DApp called “Jupiter” and a QR
code-based password wallet called “Mars” into the Galaxy S10 and newer version
of Samsung smartphones. According to the press release:
“Jupiter utilizes TrustVerse’s artificial intelligence
powered price prediction and analytics build on Microsoft (NasdaqGS:MSFT) Azure architecture. The DApp enables users
to track volatility of digital assets — including Bitcoin (BTC) and Ether
(ETH), among others — by analyzing past records of market movements.”
and
“…Mars, lets users conduct peer-to-peer cryptocurrency
transfers through QR code. “Complex address input can be avoided just by
clicking on a QR code and therefore, typo error or entering wrong address can
be avoided.”
Sam Mowers,
Investorideas
Read other editions of the
Crypto Corner
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