Crypto Corner - July 24, 2018
Bitcoin Breaks $8000 as Market Continues to Grow, Binance to Expand to South Korea, TRON acquires BitTorrent, Inc. and G20 Releases Statement on Crypto
Bitcoin (BTC) broke past $8000 USD last night as the flagship crypto coin surged from around $7700 USD throughout most of yesterday to $8180 USD at press time. While many altcoins didn't follow suit, the growth of Bitcoin propelled the market from yesterday's $287 billion USD to just shy of $300 billion USD at press time. Currently Bitcoin (BTC) accounts for 47 percent of the entire crypto market. All of this data is from CoinMarketCap.
The world's largest cryptocurrency exchange, Binance, will be expanding into South Korea, according to a report in Business Korea today. The company's CEO, Changpeng Zhao, attended the Blockchain Partners Summit in Seoul on July 21 and 22, and in his keynote speech there praised the South Korean market and expressed enthusiasm to become part of the community. As an exchange that is considered secure and reliable, Binance may work well in South Korea's heavily regulated crypto space.
The TRON (TRX) Foundation, has acquired BitTorrent, Inc. and all its products, according to a letter posted on Medium by TRON CEO Justin Sun. BitTorrent is a file sharing communications protocol based on a peer-to-peer network. Sun writes that both companies will be wholly integrated.
"Through this acquisition, BitTorrent and TRON will combine forces, with the TRON US team merging with the BitTorrent team. BitTorrent possesses world-class technical talent and solid experience in decentralized protocol technology.. Combining the robust capabilities of the two teams will take the technology behind the TRON ecosystem to a whole new level."
The G20 Finance Ministers and Central Bank Governors Meeting in Buenos Aires released an official statement, which among other things addressed issues raised by crypto-assets. The statement praised crypto as innovation that "can deliver significant benefits to the financial system and broader economy", but highlighted risks with regard to "consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing". To check the technology, the G20 statement invokes watchdogs like the Financial Stability Board (FSB) and standard setting bodies (SSBs) and calls on the Financial Action Task Force (FATF) to delineate standards for the crypto sector.
"While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant. We welcome updates provided by the FSB and the SSBs and look forward to their further work to monitor the potential risks of crypto-assets, and to assess multilateral responses as needed. We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets."
Sam Mowers, Investorideas
Read other editions of the Crypto Corner
Get the Crypto Corner News by email Get Crypto Corner News