Crypto assets, decentralized finance, Bitcoin, Coinbase

News Summary

United States

A sell-off, which took Bitcoin below the key support level of $8700, dragged down other major currencies last week.

As of Saturday evening, Bitcoin had lost 3.14% of its value over the last seven days.

That’s on top of 5.75% it lost in the previous seven days.

XRP had lost 5.50% of its value over the same period, on top of the 5.77% it lost in the previous seven-day period.

Roelof Botha, the former chief financial officer of PayPal, recently took to Twitter to divulge a harrowing tidbit of personal news: (the seeming Bitcoin-skeptical) Bank of America — the United States’ largest banking institution that serves dozens of millions of citizens of its namesake country — has just “fired him as a customer.”

Arrington also opined that his guess for the reasoning behind this move is that Botha was purchasing Bitcoin with his account, which isn’t strictly verboten but likely looked down upon.

Bitcoin wasn’t able to hold onto its gains this week: by Friday morning, it had fallen back to levels around $8,400.

Source: Messari

Instead, he decided to drop his prediction to $25,000 per BTC by 2022, rather than $40,000 by late 2019. A very bearish, yet still bullish outlook for the world’s leading cryptocurrency.

Coinbase announced plans to upgrade from the current single-collateral DAI to the new multi-collateral DAI version.

Coinbase, a Unicorn company, has made more than $2 billion in trading revenue ever since it was launched. Most of the money was plowed back to business, and new products were created.

Lending protocol Compound Finance just raised $25 million in a round led by Andreessen Horowitz’s a16z crypto fund, marking one of the largest venture capital investments in a decentralized finance (DeFi) startup to date.

According to DeFi Pulse, Compound has nearly $103 million worth of crypto locked up in its automated system, which can generate returns for users comparable to interest.

Late last month, a “deepfake” video surfaced on Twitter purporting to show the CEO of the popular crypto exchange Binance, Changpeng Zhao, playing the lead role in a Jet Li film. Zhao, who is not a martial arts expert, was taken aback: “This technology is scary… Video KYC and facial recognition will be out of the window soon,” he tweeted.

Concerns over the possible repercussions the technology could have for, say, international diplomacy—imagine, for instance, a deepfake video depicting Trump declaring war on Russia— have already spurred the likes of FacebookDARPA, Microsoft and the University of Oxford to spend millions of dollars on finding a solution.

At press time, Ripple’s XRP trades for $0.26 with a market cap of $11.44 billion. Ripple’s native digital asset holds a 24-hour market volume of $1.3 billion after a 2.2 percent drop in value in the daily spectrum. Currently, the cryptocurrency had fallen even further and was trading for $0.256 with the immediate support holding at $0.247.

Currently holding below the 30 cent mark, the third-largest cryptocurrency has struggled to rise to a significant number in recent times, forcing some members of the ‘army’ to predict ultimatums for the digital asset.

Like most altcoins, Litecoin is experiencing a revival in market cap, and interest in the platform is growing among investors. Litecoin has moved up twenty percent since late last month, and remains one of the best known cryptocurrencies. Nevertheless, challenges facing the platform are growing, as competition is increasing and the investing public is becoming more discerning in which blockchain assets it chooses to support.

Litecoin Plus (CURRENCY:LCP) traded up 8.6% against the US dollar during the 1 day period ending at 12:00 PM ET on November 17th. Litecoin Plus has a market cap of $42,803.00 and approximately $103.00 worth of Litecoin Plus was traded on exchanges in the last 24 hours. Over the last seven days, Litecoin Plus has traded up 1.6% against the US dollar. One Litecoin Plus coin can currently be bought for $0.0165 or 0.00000191 BTC on major cryptocurrency exchanges.

ZRX ended the month of October with a price of $ 0.273846, around the same value with which it opened the day ($0.272577).

The token debuted November at the $0.27 level, and it managed to gradually increase in value throughout the day, surpassing previous resistance levels and hitting $ 0.310242. Even though ZRX did not maintain these new gains, it closed the day at $0.3 levels.

November 2nd saw 0x trading at $0.29 levels, with prices being constant throughout most of the day, aside from one minor testing of $0.3 resistance levels. November 3rd mirrored the same movement as the day before it.

Source: lowcapcrypto

  • Disruptive Technology vs. Disruptive Topology
  • Libra’s Challenges, China’s Tightrope and an AOL Moment?
  • Permission or Anonymity and the Three-Body Problem
  • Cargo Cults and DLT Mockingbirds
  • Patriotism on the Blockchain
  • Bubbles, Naked Shorts and a Helpful Government

The CIX 100 is an AI-based cryptocurrency index — see or Designed to represent the “tendency” of the market by grouping together the top 100 cryptocurrencies, its permanent update calculation is based on the proprietary algorithm, Zorax.

modern portfolio theory
Source: Hacker Noon

Regulators’ efforts to push cryptocurrency startups to comply with laws governing fundraising may be faltering, as several firms that agreed to fix past misdeeds missed deadlines to repay investors or provide more transparency.

The firms collectively raised about $40 million through illegal sales of digital tokens during the height of the cryptocurrency boom in 2017, when over $5.4 billion was raised. In exchange for paying lower fines, the companies were supposed to meet the Securities and Exchange Commission’s…

The U.S. government will strictly enforce a rule that requires cryptocurrency firms engaged in money service businesses such as digital asset exchanges and wallet service providers to share information about their customers, Kenneth Blanco, director of the Financial Crimes Enforcement Network (FinCEN), said on Nov. 15.

Part of anti-money laundering regulations, the “travel rule” requires cryptocurrency exchanges to verify their customers’ identities, identify the original parties and beneficiaries of transfers $3,000 or higher, and transmit that information to counterparties if they exist.

Earlier this year, the IRS had sent letters to 10,000 cryptocurrency holders. The Co-founder of Cointracker, Chandan Lodha, said that the refunds could signal that the tax agency is eager to demonstrate that those who pay taxes on their crypto will not be punished. 

In a blog post published late last week, Yang said cryptocurrencies are seeing levels of fraud because of the lack of regulation and the U.S. needs to catch up ahead of big tech companies and other countries in the space.

Yang called New York’s BitLicense, for instance, as “onerous” regulation and that navigating different regulations has had a “chilling” effect on the U.S. digital asset market.

He, therefore, plans to set up a Department of Technology and revive the Office of Technology Assessment, an office of the U.S. Congress which dissolved in 1995.

It was there that Wyoming saw opportunity, passing legislation earlier this year authorizing charters for something called Special Purpose Depository Institutions (or SPDI — pronounced “speedy” — banks) a first-of-their-kind commercial-grade bank that allows companies dealing in cryptocurrencies to conduct business the same as any other company.

Insolar, the leading enterprise blockchain solutions provider, announces its launch partnership with Cointelegraph’s newly-formed consulting division. This partnership will combine Insolar’s enterprise-focused platform and technology with Cointelegraph’s global media influence and reach in order to drive blockchain adoption among the world’s largest companies.


In the October 23 Congress hearing on Facebook’s digital currency Libra, Mark Zuckerberg, the founder and CEO of the social media giant, warned Washington that blocking Libra would give way to China’s growing technological supremacy, which would eventually jeopardise America’s democratic values.
Zuckerberg’s remarks, though somewhat apocalyptic, fit into the rhetorical framework of the battle for technological leadership between the world’s two largest economies, the United States and China. Identified by the Trump administration as a revisionist power and strategic threat, China has been at the forefront of tech-enabled innovations, such as digital currency, since 2014.

North Korea has faced allegations that a sophisticated group of hackers are launching cyberattacks on major exchanges in neighboring South Korea and other parts of Asia. Millions of dollars have been lost, with each incident shaking consumer confidence to its core. India has also been resolute in its decision to push ahead with a crypto ban. This could have ramifications for the likes of Facebook, which is hoping to launch a stablecoin that would benefit the unbanked. The Libra project is also creating tensions around the world, with many countries — the U.S. and the EU among them — concerned that the cryptocurrency could undermine traditional payment infrastructure and overtake the dollar and the euro.

Civil unrest erupted in Iran as protesters took to the streets to express their anger over the government’s decision to ration gas and increase price by at least 50 percent. The move came after U.S. sanctions limited the flow of petrodollars, forcing the oil-rich nation to reduce subsidies. Financial Times reported that Iranians received news on Friday that each motorist would be limited to 60 liters of fuel per month. Motorists can still get extra fuel, but they have to pay double the amount.

This is something that Hong Kong protesters understood. In June, the volume of peer-to-peer Hong Kong-based bitcoin exchange CoinDance suddenly spiked as protests erupted. The volume hit an all-time high in October as demonstrations escalated.

Bitcoin Hong Kong
Source: Coin Dance

What are the signs that the markets will turn back towards the rest of the sector? I can give you one tried and true metric to watch: Bitcoin scaling.

Alt season
Source: CoinMarketCap

While Ethereum wants to decentralise world computing, EOS’s target is to run fast decentralised applications (dApps). To achieve these goals, each protocol uses a different consensus algorithm and a different governance model.

The current inflation rate of Ether is around 10% a year, but the aim is to bring this down to 1-2% with future network upgrades. To date, no hard cap has been placed on the Ether supply.

EOS vs. Ethereum

It turns out that US and EU sanctions—or at least the fear of them, plays a part. So do negative feelings people in those places appear to have related to hacking elections, killing Russian defectors (and British citizens) abroad, and a sense that in the often lawless world of crypto, things can be even more lawless and unregulated in Russia.

L3COS, a three-level blockchain for governments, businesses, and individuals, will be officially presented at the World Economic Forum (WEF) Annual Meeting 2020 in Davos-Klosters, Switzerland.

The L3COS blockchain consists of three levels: the top level operates as Proof of Government (PoGvt), providing each government with a super-node, and each government has control over two other levels, including token issuing processes.

The middle level is based on the Delegated Proof of Stake consensus algorithm, where businesses perform operations. Finally, this is the level based on the Proof of Storage (PoST) consensus for individuals that can rent their storage to the rest of the system, with control over data usage.

Dr. Julian Hosp, the founder and president of TenX (PAY) is now seeking to raise $7.5 million from institutional and accredited investors for his new product Defi Blockchain, as per his tweet on Nov. 14.

In the information age, the threat to privacy has been a controversial subject. In recent years, online networking giants such as Facebook have suffered major data breaches. The CEO is positive that decentralized ledger technology can help fix it. He said,

“I believe that over time, blockchain is going to change that and they’re gonna change that through a consumer-led demand that people show us what’s below the surface. We now want to see what they’re doing with our data, how they’re serving us ads and who’s paying for it.”

European Union

The United States-based cryptocurrency exchange platform, Coinbase seems quite focused on increasing its customer base in Europe as it recently expanded the availability of its Visa debit to 10 more Europe Union (EU) nations.

A “flippening” of sorts has happened on the Ethereum blockchain. Data revealed in a Coin Metrics report this week notes that, for the first time, the number of ERC-20 transactions has surpassed the number of transactions done in ETH itself. And as popular as those tokens are, they could be on the verge of giving way to the newer class of non-fungible tokens.

ERC-20 tokens
Source: Coin Metrics

Read the full report here.

In 2015, Ethereum opened the floodgates to ‘tokens’ which reached their zenith in 2017. The ERC20 token became, at one point, the de facto token standard across the entire cryptocurrency world. However, with platforms like Tezos (XTZ) and Tron (TRX) now issuing their own tokens, the competition is becoming much more fierce. Yet, it seems that ERC20 tokens on Ethereum have held their own in 2019 and even gained significant market share.

ERC20 tokens
Source: Coin Metrics

All eyes may be on Bitcoin (BTC), but it may be time to pay Ethereum (ETH) some heed. As the largest cryptocurrency has stagnated over the past number of weeks, ETH has somehow held strong, resulting in the ETH/BTC pair actually rallying higher for once.

Source: @SmokeyXBT on Twitter

At the time of writing, Ethereum is trading up just under 1 percent at its current price of $185, which marks a slight climb from its daily low of $182 that was set yesterday.

ETH’s bulls did attempt to push the cryptocurrency up towards $190 earlier today, leading it as high as $188 before sellers stepped up and forced its price back down to its current levels.

In its monthly report released on Oct 15, Binance stated that its decentralized exchange, Binance DEX, closed the $50 million mark in terms of volumes going by the data from CoinMarketCap as well as CoinGecko.

Last week, the ‘Global Blockchain Congress’: Convergence took place in Malaga, Spain where a European Central Bank (ECB) official confirmed its work on a digital Euro. The bank has explored it as both a retail and wholesale central bank digital currency (CBDC), and noted it has experimented with blockchain.

German financial regulator BaFin is warning investors against doing business with Bulgarian cryptocurrency broker 5 Capital, which it said is operating in Germany unlicensed.

United Kingdom

Cryptocurrency platform Celsius Network announced that it reached $4.25 billion in total crypto loan origination as of Nov. 12 in a press release shared with Cointelegraph.

Celsius reached $4.25 billion of cryptocurrency loans since the start of its activity in July 2018 calculated at current Bitcoin (BTC) prices, a 93% increase from the $2.2 billion reported on Aug. 1, 2019.

In dealing with cryptoassets, for example in terms of trading, it is generally assumed by non-lawyers that there are dealing with property, and so this would tend to seem a statement of the obvious. It is therefore welcome news that the legal treatment of tokens has been brought into line with their public perception.

One point to note however, is that the Report states that cryptoassets cannot be the object of bailment as they cannot be physically possessed.

The Report also clearly recognised that a valid contractual relationship can be made through smart contracts.

Perhaps the most welcome aspect of the Report is as regards the recognition that a private key can be a signature.

A damming investigation by the BBC has linked Russian intelligence agency the Federal Security Service (FSB) to the loss of $450 million at Wex cryptocurrency exchange.

China/Hong Kong

Currently, Alipay and Wechat Pay, the country’s two largest mobile payment providers, account for 96% of the total online payment market.

As the largest market for mobile payments, China has recently published its working mechanism for its Digital Currency Electronic Payment (DCEP), endorsed by the People’s Bank of China (PBoC). The PBoC’s ambition to become the first central bank to launch its official digital currency suggests another Chinese milestone in realizing a cashless society.

The People’s Bank of China (PBOC)’s Deputy Director Mu Changchun recently launched an online-based course to educate the Chinese people on cryptocurrencies and Libra. The course which is relayed in an audio form is being provided on De Dao, a popular Chinese education app.

The course started on August 4, 2019 and is referred to as Technology Finance Frontier: Libra and Digital Currency Outlook.


India’s proposed, controversial ban on cryptocurrency is being delayed. The draft bill was expected to be introduced in parliament in the winter session that takes place between Nov. 18 and Dec. 13, but it has not been included in the agenda.

Another interesting panel at BlockShow focused on creating token value — and asked whether monetary gains are hindering blockchain innovation. VeChain founder Sunny Lu claimed 99% of a token’s value is normally linked to speculation, rather than the value that a solution can bring to society.

Konstantin Ignatov, the co-founder of the crypto scam OneCoin, has pleaded guilty to participating in the multibillion-dollar fraud.

Source: CoinTelegraph


When thinking of countries that are ahead of the curve in crypto adoption, Turkey might not be the first place that springs to mind. However, Statistica’s Global Consumer Survey for 2019 shows that a fifth Turkish residents are acquainted with crypto and have been exposed to it in some form or another. If the figures are true, 20% is the highest proportion of all the countries in the world.

survey from ING conducted in April 2015 found that 45% of Turkish people believed that digital currencies such as Bitcoin (BTC) were the future of online spending. This constituted the highest percentage for all the European countries surveyed, surpassing the European average of 28% by a wide margin.

  • Abu Dhabi Securities Exchange (ADX) has issued a paper ‘Crypto Assets: Moving from theory to practice’
  • The paper drives to facilitate best practice and provide recommendations for developing platforms in the Crypto Asset space
  • ADX is making a transition from conventional assets to more encrypted assets, which the Exchange is spearheading for the region
crypto assets
Source: AMEinfo

Update: Ledger Insights contacted the bank on the date of publication by phone and email but received no definitive response. Four days after publication, the Central Bank of Tunisia refuted that the e-dinar was an official test launch and stated that a Central Bank Digital Currency was only at the consideration stage.


Binance, the leading cryptocurrency exchange in the world by volume, is looking to hire a locally-based social media specialist / manager in Kampala, Uganda.


Canada is the fourth-largest producer of oil in the world, and the U.S. imports millions of barrels of crude oil per day from Canada, 96% of all Canadian crude oil exports, according to Natural Resources Canada, the country’s energy agency.

The DHS S&T unit has awarded $182,700 to Canadian blockchain firm Mavennet Systems for the initiative. Mavennet will build a “blockchain-as-a-service” platform, which will enable the Customs agency to audit oil and natural gas trading markets in Canada in “real-time.”


George Popescu
George Popescu
Allen Taylor
Allen Taylor

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