The State of The Market — December 21, 2018BTC: $4,113.99 (+0.65%)XRP: $0.378919 (+0.57%)ETH: $118.02 (+7.22%)
The market has been somewhat stagnant today, with Bitcoin hovering above $4,000. There were short dips below $4,000, but the price immediately bounced back. However, the bullish trend has not been confirmed yet as Bitcoin is struggling to move past $4,100. The upcoming weekend could be crucial to determining a winner between bulls and the bears. While major cryptocurrencies are stagnant, altcoins are surging today. Bitcoin Cash (BCH) is up by 28%, while Bitcoin Cash SV, Tron, and Cardano are all up by more than 20%. The market added nearly $6 Billion in the last 24 hours.
In other news, Bakkt is confirmed to be on track to receive regulatory approval in the near future. Bakkt Bitcoin trading platform and futures contract is being launched by Intercontinental Exchange Inc, the owner of the New York Stock exchange. Also, Coinbase recently carried out the world’s largest crypto migration, moving 5% of all Bitcoins, 8% of all Ethereum and 25% of all Litecoin in circulation. Cryptocurrencies worth approximately $5 Billion was moved. Coinbase stores more than 98% of customer funds in cold wallets.
1) Coinbase has announced the expansion of its cryptocurrency trading platform to new markets in a move to aggressively push the market forward come next year. In the announcement, the company confirmed it has penetrated with its products to a host of countries and territories including Lithuania, Iceland, Gibraltar, Andorra, Isle of Man, and Guernsey. According to the Coinbase UK CEO, Zeeshan Feroz, the current expansion is attributed to the growth of both the customer needs and the general crypto industry. The company, however, intends to create new markets in places closer to their current jurisdiction in the coming months. (Read More)
2) According to sources at Bloomberg, the social networking giant Facebook is in the process of developing a stablecoin to be used on its popular WhatsApp phone and messaging application that will allow users to transfer money. Initially, Facebook plans to offer the service to users in India to help with the remittances market and will expand the program from there. The organization is also reportedly exploring strategies to “custody assets, or regular currencies that would be held to protect the value of the stablecoin.” (Read More)
3) Teton, a county situated in the blockchain favorable state of Wyoming has entered an agreement with Medi Land Governance (MLG) to implement a new land registry system based on Open Index Protocol (OIP). The blockchain system, majorly owned by Overstock.com’s blockchain investment wing Medici Ventures, is supposed to help monitor transactions like mortgages, liens release and similar records dating back to 1996. In an official statement, Overstock affirmed that all the existing privacy protections together with public access shall remain unimpaired. (Read More)
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