Crypto Market Update (08 August 2018)

Bitcoin Global News (BGN)

August 08, 2018 -- ADVFN Crypto NewsWire

General Market Outlook

The market continues to a strong downturn. Nearly all coins are down, and trading volume has risen to $16 Billion in 24 hours. Aurora (AOA) is the major stand out of the top 100 coins by market cap - up just over only 3% in the past 24 hours. Bitcoin (BTC) is right around $6,500 For -8% and a total market dominance of about 48.8%, and Ethereum (ETH) is right at $370 for -10% change in the past 24 hours. Market cap for the overall cryptocurrency market lost over $27 billion, dropping to $229 billion total.

Major Headlines

IBM’s Duo Security Investigates Crypto-Twitter Scams

Duo Security is a digital security company was just bought by Cisco. They looked specifically into accounts that were utilizing the cryptocurrency space to scam users with “giveaways.” Their data of scamming accounts can more easily be detected by their machine learning techniques. Duo’s research on the ongoing problem revealed a clear 3-tier scenario to engage real users in accounts that mimicked real cryptocurrency companies. These faux coin accounts would “like” and comment with links to their “giveaway” accounts on the accounts they mimic. They also participate in the Twitter community as if real by following related pages. Other fake accounts created by the bots’ programming would “like” and comment on those accounts, making them appear more authentic.

The Safest ETF Proposal In Review

All cryptocurrency related ETFs proposed to the SEC have been turned down or are still in review, but one proposal has two aspects that set it apart from the rest. The proposal from VanEck and SolidX has been three years coming. The New York-based investment management firm VanEck has been laying the groundwork for a proposal that covers the SEC’s primary concerns since 2015, and only partnered with SolidX this year. The key differentiators are that their ETF is insured, and the minimum share price is $200,000. The share price is critical to keep only accredited investors involved. In this way, the SEC could allow a baby step into Bitcoin with just a small pool of investment firms participating.

Coinbase Raises Cap On Instant Deposits

The new limit for instant bank transfers to Coinbase is a huge increase to $25,000. To cover their side of the new arrangement, Coinbase is only allowing accounts that make these large deposits to purchase, but not to withdraw from their coinbase wallet until the funds have confirmed. This feature is only available to users who have completed the full identity verification process.

Top 5 Gainers

EPLUS Coin (EPLUS) +78.89% at $4.49

SRCOIN (SRCOIN) +61.49% at $0.007305

Luna Stars (LSTR) +53.62% at $0.000940

LIFE (LIFE) +45.14% at $0.000112

DAEX (DAX) +39.26% at $0.079502

Top 5 Losers

XOVBank (XOV) -56.14% at $0.006174

CashCoin (CASH) -45.86% at $0.006161

Bitcoin File (BIFI) -45.39% at $0.008060

Parkgene (GENE) -42.66% at $2.84

Super Bitcoin (SBTC) -41.26% at $0.049856