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Crypto And Blockchain Weekly Wrap Up – 1 April 2019 – 7 April 2019

 

The fairly quiet market picked on Monday night and rocketed up more than 10 percent overnight. As per its usual trend, the pump wasn’t followed by a dump and the total market cap continued its climb through the remainder of the week. The markest finished over 22 percent higher than last Friday.

The most likely the catalyst for this week’s rally, Bitcoin surged ahead 22.56% and now sits above $5,000. While the market is exceptionally ecstatic about the rise, a series of assumptions, reasons, and predictions were made throughout the week. For instance,

Algorithmic trading –  Another Bloomberg reports assert that the said crypto market jump could be linked to algorithmic trading. The said method has been on the rise in the last few months and since September, the industry has observed 17 new algorithm or quantitative funds and an amount that purportedly comprises 40 percent of crypto hedge funds started during this period.

Altcoins’ Performances 

Bitcoin Cash and Litecoin started off good on April 3rd but soon met with market correction on the following days. On Friday the BCH stood at $296.28 and Litecoin was around $88.49

The U.S. SEC finally publishes guidelines –  After nearly half a year in the making, the U.S. Securities and Exchange Commission (SEC) publishes fresh regulatory guidance for token issuers. These guidelines focus on tokens and outline how and when these cryptocurrencies may fall under a securities classification, as stated in the document.

Blockchain Developments 

Instant Property Network – Barclays, Royal Bank of Scotland (RBS), enterprise blockchain firm R3 and other participants, have reportedly participated in a blockchain trial that results in faster property transactions. Dubbed as Instant Property Network (IPN), the effort demonstrated that the time period for real estate buying and selling process could be reduced from more than three months to “less than three weeks.”

All 10 startups selected for the Tachyon 2.0 will be aided through the accelerator program, including meetings and lectures from “prominent” entrepreneurs, ethereum developers and venture capitalists, as well as access to ConsenSys’ network, as stated by the firm.

Token related News

The Philanthropist act – The co-founder of San Francisco-based technology company Ripple, Chris Larsen and his wife Lyna Lam donates $25 million worth of XRP to a San Francisco State University’s (SFSU) College of Business. Completed through RippleWorks, the donation will support students, who are studying global entrepreneurial and fintech ecosystems.

XRP exchange-traded product (ETP) – Switzerland’s primary stock exchange SIX launches an that will track the price of the XRP cryptocurrency. Announcing the news on Tuesday, maker of the product, Amun AG stated that the XRP ETP had started trading on the exchange under the ticker symbol AXRP.

Reportedly, the development will enable users to send and receive money instantly, as well as convert them into local currency.

Over-the-counter trading desk – Coincheck, a Japanese cryptocurrency exchange launches an over-the-counter trading desk for Bitcoin (BTC), that will be aimed at large-scale institutional investors. The Coincheck OTC trading desk will allow its user to directly trade large volumes of Bitcoin, starting from 50 BTC approximately $207,000 to press time, between each other using a web interface hosted by Coincheck.

Tether Hits All-Time High In Daily Transaction Volume – The most used fiat-pegged stablecoin, Tether (USDT) hits an all-time high of 38,150 on March 31. Marking a new milestone in reference to the number of daily transactions, since its launch in 2015.

Credit Karma Tax – A free tax filing service, Credit Karma Tax that is used to report gains or losses from trading cryptocurrency, has reportedly observed a massive rise of 52% in the amount of Credit Karma Tax filers, who reported short-term crypto losses in the first month of 2019 in comparison to the same period in 2018.

WEF Reports – World Economic Forum cites in a January 2019 report by the Bank for International Settlements (BIS) and states that a minimum of 40 central banks are conducting research projects and pilots with blockchain technology globally. Most of these projects are aimed at resolving issues such as financial inclusion, payments efficiency, and cybersecurity.

Bitcoin Scammer allowed bail – The alleged mastermind behind the $300 Bitcoin(BTC) Ponzi Scheme in India, Amit Bhardwaj and his brother Vivek Bhardwaj have been granted interim relief by the Supreme Court of India. Reportedly, other co-conspirers Ayush Varshney, Rupesh Singh, and Sanchit have also succeeded in getting interim relief in the case.

QuadrigaCX update – QuadrigaCX, the controversial Canadian crypto exchange might be stepping towards bankruptcy, as proposed by the court-appointed monitor Ernst and Young (EY). The firm stated that the QuadrigaCX’s creditors “will benefit” from converting its current restructuring process under the Companies’ Creditors Arrangement Act (CCAA) to a new one under the Bankruptcy and Insolvency Act (BIA).

Canada’s largest-ever forfeiture – In what is reportedly Canada’s largest-ever forfeiture, a Toronto judge has ordered Matthew Phan, an online drug dealer to pay his entire $1.4 million Bitcoin (BTC) holdings to the state. Phan is convicted under the charges of dealing in illegal narcotics online.

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