General Market Outlook
The market made steady, small gains over the weekend and is moving
sideways. Most coins are in the red, but not with large percentage
losses. Trading volume has risen by almost 10%, now at around $11
billion in 24 hours. Ravencoin (RVN) and Veritaseum (VERI) are the
major stand outs of the top 100 coins by market cap - up over 54%
and 25% respectively in the past 24 hours. Bitcoin (BTC) is right
around $6,500 for -1.0% and a total market dominance of
53.7%, and Ethereum (ETH) is right at $205 for -1.0% change in the
past 24 hours. Market cap for the overall cryptocurrency market
lost less than $2 billion, now at $210 billion total.
Major Headlines
Spain Tax Crackdown On Cryptocurrencies
On Friday last week, the government of Spain approved a new piece
of tax law relating to cryptocurrencies. It is now mandatory for
citizens and private business of Spain to identify whether or not
they own virtual currencies, and what their total value is. Fines
will be set at $5,745 per incorrectly cited cryptocurrency holding
data. This continues the country’s look into stronger tracking of
cryptocurrency activity in their country. Back in April, the
government sent as many as sixty notices to Spanish businesses to
gain user identification information. The EU as a whole is working
to integrate updated tax code to account for
cryptocurrencies.
Pantera Capital Backs Y Combinator Graduate
Known most well for DropBox, Stripe, and Airbnb, the Y Combinator
has turned out some of the most successful tech startups over the
past 4 years. One of their recent graduates, is a San
Francisco-based smart contract security startup called Synthetic
Minds, and they have now been backed by $5.5 million from one of
the biggest cryptocurrency funds, Pantera Capital. The start up has
developed technology that analyses blockchain networks for coding
bugs. It is building its product using a computer science method
called program synthesis, which is utilized by organizations
dealing with high value and permanent programs. They claim that it
is able to "analyze (read) and synthesize (write) computer code
better than humans can...Eventually, using program synthesis we
will be able to offload most of the programming for mission
critical systems to software, leaving humans free to do high-level
architectural design."
ING Further Develops Zero Knowledge
The bank has not reached headlines nearly as much as others such as
Bank of America or JP Morgan Chase for work with blockchain or
cryptocurrencies, but ING Bank is chipping away at novel solutions
for the new industry. Last year they launched their Zero-Knowledge
encoding process, but has now created a Zero-Knowledge Set
Membership (ZKSM) solution. Zero knowledge range proofs are able to
prove a number is within a specific range. This type of blockchain
architecture also allows for alphanumeric data to be validated
within a specified set. With further application, these systems can
move from numbers into other types of data, for uses like proving
dimensions and geographic positioning.
Top 5 Gainers
Cashcoin (CASH) +54.83% at $0.004081
Ravencoin (RVN) +53.35% at $0.055879
Neural Protocol (NRP) +49.65% at $0.000021
Haven Protocol (XHV) +41.07% at $2.33
BitWhite (BTW) +40.65% at $0.016599
Top 5 Losers
AirWire (WIRE) -35.58% at $0.033805
CVCoin (CVN) -29.49% at $0.410479
SafeInsure (SINS) -28.96% at $3.61
Alibabacoin (ABBC) -27.88% at $0.704471
Zeepin (ZPT) -26.94% at $0.026044
New Coins Listed
Electra (ECA) listed to Bitladon
Niobio Cash ($NBR) - listed to Braziliex
By: BGN Editorial Staff