Crypto Corner - June 25, 2018
CNBC's Kelly Says This is "By No Means the Funeral for Bitcoin", Chinese Mining Giant Going Public and Blockchain Research Group Ranks EOS as Number One Network
"This is not the funeral for Bitcoin, whatsoever," said CNBC's Brian Kelly. On CNBC's Fast Money segment on June 22, Kelly argued that with market "sentiment approaching lows", Japan's straightening out of its crypto market through Financial Services Agency (FSA) action and, perhaps most compellingly, Mt. Gox's move to begin civil rehabilitation, that the crypto market may still be vital.
"Let's put this in perspective. It doesn't mean that Bitcoin can't go lower, this is a bear market...This is by no means the funeral for Bitcoin," he said.
At press time the total market cap sits at $258 billion USD, according to data from CoinMarketCap. After a bearish weekend for the crypto market, all of the top 50 coins are currently in the green for the past 24 hours.
Ebang Communication, one of China's biggest mining chip manufacturers, has filed an application for an initial public offering (IPO) with the Hong Kong Stock Exchange today. The application is a draft, and as such the company's valuation is still unclear as well as how much it intends to raise. This news confirms a report in Reuters from May that Ebang was gearing up to go public.
China Electric Information Industry Development (CCID), a blockchain research group, has released an evaluative ranking of blockchain networks with EOS scoring the number one spot. The index places Ethereum (ETH), NEO, Stellar (XLM) and Lisk (LSK) in the 2nd, 3rd, 4th and 5th spots respectively with Bitcoin (BTC) lagging at number 17. This is the second list published since beginning in May.
Sam Mowers, Investorideas
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