The State Of The Market — October 10, 2018BTC: $6,566.22 (-0.75%)ETH: $225.95 (-0.48%)XRP: $0.466 (-1.89%)
Since forming a double top near $6,730, Bitcoin has consistently posted lower highs and yesterday the cryptocurrency dropped all the way to $6,513. Bitcoin and Ethereum continue to suffer from decreasing purchasing volume and the situation is unlikely to reverse until this issue is resolved. Furthermore, a somber report by Juniper Research suggests that the crypto slaughter is far from over and FundStrat Head of Research Robert Sluymer, advises that right now is not the time to purchase Bitcoin.
In other news, shoppers at Walmart and Home Depot might be able to pay for their goods using Bitcoin Cash and Pundi X unveiled a blockchain-powered phone that transmits data via a fully decentralized blockchain network.
1) In a recent interview with CryptoGlobe, Roger Ver, the CEO of Bitcoin.com revealed that users of the Bitcoin.com wallet would soon be able to spend Bitcoin Cash (BCH) at outlets such Walmart, Walgreens, Home Depot, and Safeway. He said that he intends to introduce this functionality before the end of the year and that its users would get a 1% discount every time they shopped. Roger also stated that Bitcoin.com plans to integrate privacy features onto its wallet thus preventing transaction analytics. (Read More)
2) According to Reuters, The United Arab Emirates intends to officially introduce initial coin offerings (ICOs) and to set forth a fully-fledged regulatory framework in 2019. The ICOs will work as alternatives for companies to raise money. Obaid Said al-Zaabi, Chief Executive at the Securities and Commodities Authority in the UAE, said: “The board of the Emirates Securities & Commodities Authority has approved considering ICOs as securities. As per our plan, we should have regulations on the ground in the first half of 2019.” Furthermore, the EMSCA is reportedly drafting up said regulations with international advisers as well as with the Dubai and Abu Dhabi stock markets. (Read More)
3) The US Patent office has awarded Mastercard with a cryptocurrency related patent that points to the ability to store different types of transactions on a single blockchain. The patent states, “There is a need for a technological solution to provide a partitioned blockchain that is capable of storing multiple transaction formats and types in a single blockchain.” According to the patent, the partitions, or “subnets,” would hold different transaction types allowing one blockchain to receive information about different transaction types from different sources, creating a more robust blockchain with greater utility. (Read More)
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