This week has been pretty crazy with the drama surrounding BSV and the overall uncertainty in the market. One thing is certain, BSV is the project that took the biggest loss(-34%) and will probably continue to do so. Today, we will not be focusing on the losers, we will focus on the gainers within the top 25 in terms of market cap.
The biggest gainer of this week is LAMB, a project that I recently came across. The project is based in China and is focusing on providing a decentralized storage solution with unlimited scalability. According to CoinGecko, they have a $100m Market Cap and a total supply of 6b, with only 1b in circulation. The project has gained 77% value this week.
Another project on fire is Crypto.com, its price increased by 45% in the last 7 days. CRO has a Market Cap of $417M and a total supply go 100b(only 5b are currently in circulation). The price is on the rise due to the latest news, which includes card payments and crazy profits for staking CRO for a longer period of time.
The third gainer of the week is Tezos with a Market Cap of $903M and a total supply of 791M. If you have been following my articles, I talked about Tezos crazy price surge a few weeks ago (click here). It has done pretty well since then and it went past my expectations. Tezos increased by 22% in value this week.
The 4th on this list is Binance Coin with an increase of 8%. BNB has a Market Cap valued at $2.83b, with a 188M total supply of which 144M is currently circulating. BNB seems pretty stable and it should continue to gain value in the near future because Binance is a leading crypto exchange that keeps pushing hard toward innovation.
Basic Attention Token(BAT)
Last but not least, Basic Attention Token. To be honest, that name has always been amusing to me.
BAT remained on the gainers’ side with an increase of 7.9% this week. It has a Market Cap of $411M and a 1.5b total supply of which 1.2b is circulating. BAT has been on the news lately and I am going to go a little bit deeper into this.
We know so far that BAT is now a Verified Brave Browser and a lot of bullish predictions are currently being made. But, what does TA has to say?
Well, BAT’s chart looks similar to Tezos, however, it is not as “aggressive” I may say. They are both tight to BTC and they both have nice reactions to it. Due to the latest news and hype coming in, I expect that to change and BAT should become more “aggressive”. If you think about it, the supply is less than double when compared to Tezos and the current Market Cap is less than half. I expect BAT to be at least 9-10k Sats in the short term.
If we have a look at the daily chart, everything looks pretty good. The RSI indicator has plenty of room until the overbought area while the MACD indicator is about to cross bullish. We also have a wedge that broke bullish, however, it didn’t reach its target of around 6.9k Sats yet. When if/it’s reached, I would look out for the ABCD pattern, in case it will happen (I doubt that). It may just continue its move up(depends on BTC really).
On the 4-hour chart, the MACD indicator already crossed bullish, and we can clearly see an ABCD pattern that seems to take place. Remains to be seen whether or not it will be validated.
As mentioned above, If BTC does well, I’d expect at least 9-10k Sats from BAT.
Note: Please, keep in mind that this is not financial advice, it is just me sharing my opinion. I am not a financial advisor. Always make sure to do your own due diligence before investing.
The writer does not hold any of the coins/tokens that have been mentioned above.
Crypto market overview: The top three coins face minor bearish correction
- Bitcoin bulls managed to keep the price above $10,500.
- Bitcoin SV (BSV) was the biggest winner among the top 20 coins.
The market faced slight bearish correction this Friday as the top three made minor losses. Let’s take a closer look at how the top three did and then reveal the biggest winners and losers of the day, among the top 20 coins.
Top three coins
- Bitcoin: BTC/USD fell at the $10,650 resistance level and went down to $10,528. The bulls did manage to keep the price above $10,500.
- Ethereum: ETH/USD went down from $225.85 to $220.65 this Friday. ETH/USD has significant market resistance at $226.
- Ripple: XRP/USD went down from $0.321 to $0.320 this Friday. The asset reached a maximum of $0.3227 and a minimum of $0.31.
Biggest winners and losers (top 20 coins)
- Bitcoin SV (BSV) was the biggest winner among the top 20, as it went up by 8.26% and is priced at $146.33.
- Tron (TRX) went up by 8.07% and is priced at $0.028
- Stellar (XLM) went up by 5.41% and is currently priced at $0.093.
Anchorage Chose South Dakota for Its Crypto Custody – Here’s Why
During a tense Senate Banking Committee hearing on Tuesday, in which Facebook blockchain lead David Marcus was skewered over the social media company’s ambitious Libra project, Sen. Mike Rounds (R-S.D.) started his remarks with a brief announcement:
“Mr. Marcus, thanks very much for appearing here before us today. Before I begin my questions, I just want to take a moment to commend the South Dakota Division of Banking for their forward-thinking and willingness to allow for innovation in the digital currency space. Another founding member of the Libra Association, Anchorage, just received permission from the Division of Banking to become a South Dakota chartered trust company.”
Observers may have found it odd given the tenor of the hearing, but indeed, Rounds had it right. “Anchorage, which is a Silicon Valley crypto startup,” he said, “has chosen to open its second headquarters in Sioux Falls.”
Amidst the fear, uncertainty and doubt hanging over the hearings, Anchorage was improbably enjoying its moment in the sun.
The startup recently raised a $40 million Series B on the promise of crypto custody services for institutional investors that are “both more secure and more usable.” Anchorage’s technology avoids the traditional dichotomy of internet-connected hot wallets and offline cold storage in favor of specialized hardware security modules (HSMs). The company’s custom HSMs “will process a given transaction only when certain criteria are met,” according to a company blog post from April.
In June, Anchorage also snagged a seat at the table of the Libra Association alongside some of the world’s most powerful brands. (Anchorage investors Andreessen Horowitz and Visa are also founding members of Libra’s initial 28-company consortium.)
CoinDesk spoke with Anchorage CEO Nathan McCauley the day after the Senate hearing about why shopping jurisdictions made sense and what the benefits of launching a subsidiary in South Dakota are expected to be.
While Wyoming is perhaps the most notable state to court the crypto industry, others have also joined in. Montana passed a crypto-friendly securities law in May. In South Dakota, Anchorage is following in the footsteps of fellow crypto custodian BitGo, which got the green light from state regulators in 2018.
Below is an edited transcript of our discussion.
The cost of living is among the lowest in the U.S. and there are no income taxes, but are there specific reasons you selected South Dakota for your new Anchorage Trust subsidiary?
South Dakota knows trust administration, and that kind of institutional memory means abundant access to legal counsel, auditors, office space and talent. There were others states we talked with where a trust company hadn’t been created in over a decade, and “over a decade” was considered recent.
From top to bottom the state is really interested in seeing innovation happen. The South Dakota Trust Charter allows companies to operate on a national level so you can serve clients from every state. There is regulatory clarity that allows crypto natives to increase yields for clients through banking, staking and other kinds of participation. And surprisingly, South Dakota is one of the largest holders of institutional assets in the country, more than $3 trillion, according to the FDIC, three times the size of New York, followed only by Ohio.
It’s also a really nice business climate. We’re hosting a ribbon-cutting ceremony in a few weeks and the local chamber of commerce is helping put it together.
How long did it take to get the charter?
We were motivated to do it quickly because from the get-go we knew we wanted to be a qualified custodian for our institutional-investor clients. Initial contact was late December. We met with the Division of Banking three or four days before Christmas and we received our charter on July 16, so it took six, seven months.
Who else is part of the South Dakota crypto community?
BitGo and Kingdom Trust are here as well.
What challenges do you foresee at the federal level?
SEC broker-dealer guidance continues to be a work in progress. We’re in good shape because of our licensure but more regulatory clarity is needed for the industry.
Any plans to expand internationally?
Right now our focus is on the United States because the U.S. remains the center of gravity for institutional investment, but we’re open to conversations with folks from the EU and Asia as many of them are interested in working with a U.S.-based custodian.
You recently deepened your ties with fellow Libra Association members Visa and Andreessen Horowitz, which are both investors in your Series B round. What are you most excited about going forward?
The investment from Visa is an important part of our story because it speaks to the kind of investor we’re attracting and the growing interest in cryptocurrency. It’s also very exciting that social networks like Facebook are getting involved in cryptocurrency to make financial services available to a larger portion of the population in a user-friendly way.
We’re just thrilled to be part of it.
BitMEX May Be the First Target of the U.S.; Which Crypto Platform is Next?
The crypto industry was taken aback earlier today when news broke regarding popular leveraged crypto trading exchange, BitMEX, being investigated by regulatory authorities in the United States.
Importantly, news regarding this investigation came about shortly after top officials within the US government criticized the nascent crypto markets, with the Treasury Secretary warning that they would be implementing and enforcing “very strong” regulations in the near-future.
Crypto Trading Platform BitMEX Under Instigation by CFTC
Earlier today, news broke that BitMEX is currently being investigated by the United States Commodity and Futures Trading Commission (CFTC) for allowing Americans to utilize the platform without having the proper licensing and registrations.
The news, which was first reported by Bloomberg, came closely on the heels of comments from top officials within the US government, who offered a less-than-positive perspective on the crypto markets, deeming them as markets rife with crime and fraudulent activity.
HDR Trading Limited, BitMEX’s parent company, declined the opportunity to comment on the investigation, but BitMEX CEO, Arthur Hayes, has previously stated that the company does ban users from the US who attempt to undermine the company policy – which technically does not allow US residents to access the platform.
It remains unclear as to where this investigation could lead, or as to what the consequences could be. But prominent critic of both crypto and BitMEX, Nouriel Roubini, noted in a recent tweet that be believes the allegations set forth by the CFTC are just a “fraction of the sleeze going on in BitMEX.”
US Government About to Crackdown on the Nascent Markets
The CFTC’s probe of BitMEX comes just one day after US Treasury Secretary, Steven Mnuchin, told CNBC in an interview that the government would begin policing crypto with “very, very strong” regulations.
Mnuchin further added that the goal of these regulations would be to ensure that Bitcoin and other cryptos don’t become the equivalent of “Swiss-numbered bank accounts.”
Because it is not possible to actually regulate decentralized cryptocurrencies themselves, it is highly probable that the first target of regulators will be crypto exchanges, as many of them have been operating in the shadows beneath the nose of regulators.
In other countries that have more progressive regulations, like Korea, federal regulators first started targeted crypto exchanges, forcing them to adhere to the strict rules that govern the banking industry.
Although it still remains clear as to when and how the US will go about slapping the “very strong” regulations on the markets, it is likely that more exchanges will begin facing increased scrutiny from groups like the CFTC in the near-future.