This Week in Cryptocurrency: October 19, 2018

Up and at ‘Em

After a beating last week, the cryptocurrency market showed some mercy with a 10 percent jump this Monday. Since then, the market has slowly fallen, currently sitting at $207.7B. That gives us a 3.23% gain on the week. 

Cryptocurrency Market Stats (10/19/18)

Thankfully, the top three coins performed positively as well. Let’s take a look at how they did:

Bitcoin grew by 2.56% over the course of the week and is currently priced at $6,458.99.

Ethereum continues to test the $200 support line but had a 3.12% rise in price in the last seven days.

XRP was this week’s biggest gainer this week with 6.01% in the green.

Domestic Cryptocurrency News

Fidelity Opens Doors to Institutional Crypto: Fidelity Investments is going where no large-scale financial institution has gone before. The fifth-biggest asset manager in the world is spinning off a separate company, Fidelity Digital Assets, to provide institutions with crypto custody solutions. Say that one five times fast.

Fidelity will begin by offering three main solutions including custody of bitcoin and ether. Additionally, the company will provide a trade execution service that connects customers to existing exchanges through a smart order router as well as create a dedicated team to help clients onboard to the platform.

Tether Loses Stability: Here’s a riddle: When is a dollar not worth a dollar? When it’s pegged to Tether, apparently. This past week, the stablecoin Tether was anything but stable as it fell close to $0.90 on numerous exchanges and even a low of $0.85 on Kraken. A lack of investor faith in the financials of Bitfinex, Tether’s issuer, and continued doubt that the stablecoin is actually backed by U.S. dollars seems to have driven the fall. The fact that Bitfinex has yet to provide a third-party audit of their reserves leaves many community members skeptical.

The Tether ‘dumpening’ had a few adverse effects such as a Bitcoin price premium on Bitfinex as well as a flood of interest into other stablecoins. At the time of this writing, Tether still sits at a market average of ~$0.975.

People Saying Things

Song Sings Shit: In a recent interview with Crypto Insider, Bitcoin developer and advocate Jimmy Song made his opinion of EOS clear. He stated that he believes the project is a scam and that “it will die in a horrible dumpster fire in the next five years.” Oof.

Voorhees Voices Value: Shapeshift CEO Erik Voorhees had some positive words to say in response to Fidelity’s crypto custodial announcement. Doing some back of the napkin math, he calculated that it would be impossible for every Fidelity brokerage customer to own an entire bitcoin. And that’s why they’re worth thousands of dollars. On the other hand, “a dollar is only worth one dollar (and only until next year when it’s worth 97 cents).” We like those numbers.

Roubini Raises Ruckus: American economist Nouriel Roubini caused quite the controversy this week with his article The Big Blockchain Lie. In it, he attempts to prove his claim that decentralized blockchains have no value and are “a ruse to separate retail investors from their hard-earned real money.” Strong words from a guy who told investors to stay away when Bitcoin was trading below $58.

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Cryptocurrency News from Around the World

Brazilian Candidate Cements Government Plan in Blockchain: Brazilian presidential candidate Fernando Haddad has recorded his proposals for the country’s government using blockchain technology. He hopes that the immutable nature of the technology will help stop the alleged spread of disinformation by his opponents.

This instance isn’t the first time that Haddad has implemented progressive technological strategies, either. As mayor of São Paulo, he implemented several forms of free software to improve the transparency of his administration.

Abu Dhabi Ports Announces Blockchain Trade Solution Test: Abu Dhabi is joining the blockchain party. Alongside the Port of Antwerp, Belgium, Abu Dhabi Ports is piloting an international blockchain trade solution. The project, Silsal, uses a distributed ledger system to connect stakeholders of the trade system between the two ports. The announcement came during GITEX Technology Week, a week-long conference in Dubai showcasing the newest technology around the world.

Rwanda Begins Tracing Tantalum via Blockchain: In other international news, the Rwandan government is beginning to use blockchain for the supply chains of certain metals. Particularly, they’re working with blockchain solutions company Circulor to better tag and trace tantalum along every step of its supply chain. Both parties are aiming to remove conflict minerals from production and have greater visibility into the metal that’s so critical for consumer electronic goods.

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