BitDigest April 14 · Issue #636

Name: FS Insight
Price range: $$$

Apr 14, 2020

Author

Gregory Landegger

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Crypto prices in the green this morning
The G20’s financial watchdog has proposed recommendation for a global approach to stablecoins
China has announced the formation of the “National Blockchain and Distributed Ledger Technology Standardization Technical Committee” to establish policies overseeing the use of blockchain technology across the country

The Bitcoin Fear and Greed Index shows improvement in market sentiment jumping 4 points to “15” overnight. Since dropping below 30 in early March, the index has signaled investor concerns, yet as such, ’ a buying opportunity.’

The Headlines

G20 Recommends Rules for Stablecoins

www.reuters.com

The G20’s Financial Stability Board has released 10 recommendation for an international, cross-border approach to regulating stablecoins. The recommendations, prompted by Facebook’s proposal for Libra, “call for regulation, supervision and oversight that is proportionate to the risks, and stress the need for flexible, efficient, inclusive, and multi-sectoral cross-border cooperation, coordination and information sharing arrangements that take into account the evolution of “global stablecoin” arrangements and the risks they may pose over time.” The public can comment on the proposal through July 15th and final recommendation will be released in October.

China Announces Membership on National Blockchain Committee

www.theblockcrypto.com

China’s Ministry of Industry and Information Technology (MIT) has announced the formation of a 71-member national blockchain committee who will work to establish standards for the use of the technology. The “National Blockchain and Distributed Ledger Technology Standardization Technical Committee” will be chaired by MIT deputy minister Chen Zhaoxiong and includes a mix of officials from the government, university, the financial sector and businesses including Huawei, Baidu, and Tencent.

Market Data

Coronavirus Driving Activity on Russian Crypto Exchanges

www.cointelegraph.com

Russian news is reporting that traffic on digital currency exchanges in the country surged 5.56% over the last week of march amid concern of rising unemployment and the COVID-19 pandemic. At the same time, denial of service attacks (DDOS) on the same exchanges jumped 486% during the same period.

CoinDesk Holding Webinar on Q1 Report

www.workcast.com

Coindesk is hosting a webinar Wednesday at 2PM to review its recently released Q1 market review. You can sign up for the free session at the following link.

Exchange, Custody and Product News

Crypto to Lower Loan Minimum and Offer 'Interest in Gold'

www.bitcoinexchangeguide.com

Celsius announced that it has lowered its minimum loan $1,000. CEO Alex Mashinsky announced the move in response to the coronavirus adding that the lending network plans to add CoinShares’ (DGLD) and Tether Gold (XAUT) to its system, allowing depositors to earn “interest in gold” on these stablecoins.

Binance Adds Another Crypto-Fiat Ramp, Bitcoin Options, and Tezos Staking (in US)

www.binance.com

Binance has introduced peer-to-peer trading for Indian Rupees and Indonesian Rupiah. The leading crypto exchange also launched its pre-released options trading for bitcoin (BTC). Finally, Binance.US announced plans to launch staking rewards for tezos (XTZ) later this week.

Huobi Introduces On-chain Monitoring System

www.prnewswire.com

Huobi is launching a proprietary on-chain analytics tool to monitor on-chain cryptocurrency transactions for illicit activities. The monitoring tool developed to create a safer trading environment and ease regulatory concerns will be called ‘Star Atlas.’

Blackmoon in Closing

www.coindesk.com

Blackmoon Crypto, the exchange working to offer Telegram’s tokens is closing. Holders of their native BMC tokens will be permitted to convert them to USDC stablecoins. Since spiking to a $2.06 price in January 2018, the price of the exchange traded token has declined and is trading for $0.063 with $6,000 in daily volume.

bitFlyer Adds BAT

www.cointelegraph.com

Japanese exchange bitFlyer is the latest trading platform to add the Brave browser’s native token BAT.

Litecoin Foundation Wasting Funds in Hollywood

www.twitter.com

The Litecoin Foundation, the “non-profit dedicated to advancing and promoting blockchain technology – primarily through the Litecoin cryptocurrency,” acted as the executive producer of the 2019 film “We Summon the Darkness” (68% tomatometer and 33% audience score on Rotten Tomatoes) staring Alexandra Daddario, Amy Forsyth and Jonny Knoxville. This foundation tweeted this news to highlight the film’s digital release.

Thoughts on the Ecosystem

Bitcoin is Like Cigarettes in Prison

www.twitter.com

Peter Schiff tweeted his latest thoughts on bitcoin comparing it as a currency to cigarettes in prison. “Cigarettes are money in prison because a large percentage of inmates smoke, and cigarettes are hard to get. They are valuable and scarce. But if everyone in prison quits smoking, cigarettes are still scarce, but worthless. If people quit speculating on Bitcoin, the same applies,” he wrote.

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