The Latest In Crypto - Sunday, October 28

Crypto News & Analysis

Sony has formally announced their plans to develop a wireless crypto wallet. Sony Corp is letting the world know how serious they are about being leaders in the sale of commercial products that will be utilizing blockchain technology. Plans to build the state of the art hardware wallet is where it all begins with Sony. Hardware wallets will be where the wealth of the 21st century will be stored. And Sony wants to have a strong presence near the wealth of all cryptocurrency owners.

The hardware wallet that Sony (SNE ) plans to produce will be the first of its kind. It will be wireless and portable. Currently, all hardware wallets need to be attached to a computer through a USB cable in order to function. Sony's new contactless crypto wallet will be configured using IC card technology from Sony. Sony has described the technology in a press release this way,

“Sony CSL (Computer Science Laboratories) has developed a contactless IC card type hardware wallet which includes mutual authentication/encrypted communication technology by applying Sony’s expertise in contactless IC card technology cultivated over many years. The IC card type hardware wallet is small, portable and useful, unlike typical existing hardware wallets that connect to PCs via USB.”

The crypto wallet will be able to hold and function with a variety of cryptocurrencies. The IC technology behind it will enable the wallet to use private keys for a multitude of applications yet to be seen.

In Sony's press release it is described as "an infrastructure technology with multiple possible applications.”

Sony has not announced when the wallet will go into production or when it will be available to be purchased. What we do know is that earlier this year, Japanese financial services group, SBI Holdings, purchased a 40 percent stake in the cryptocurrency hardware wallet company CoolBitX based in Taiwan.

Forex News & Analysis

BTC / USD

Chart Courtesy of Trading View

Bitcoin continues to demonstrate stability. The cryptocurrency has maintained a value above its lower level of resistance, near US $6,200, throughout the week. The United States Dollar remained stable against Bitcoin as well this week. The USD started the week pairing with Bitcoin at an exchange rate of $6401/ 1 Bitcoin. The pair ended the week exchanging at the same rate of $6401 / 1 Bitcoin. The USD recorded a 0.0% change in value when paired with Bitcoin by the weeks end. 

The USD index (.DXY) compares the USD to 6 globally dominant currencies. The USD gained ground when compared to its global counterparts towards the end of the week. The .DXY index recorded a value of 96.01 at the beginning of the week. The Index closed at 96.32 recording a 0.323% gain in value by the week's end. Many analysts believe the gain in value recorded by the USD are a result of the better than expected 3rd quarter Gross Domestic Product value.

Amidst new found woes surrounding Brexit, the GBP lost ground against the USD from the previous week. The dollar ended the week exchanging with the GBP at $1.2831 compared to last weeks close of $1.3252 losing 3.28% from the previous week. While the Australian Dollar (AUD) lost a slim advantage over the Japanese Yen by the close of the week. The AUD ended the week marginally weaker when compared to the JPY just one week ago exchanging with the JPY at ¥79.36 / 1 AUD versus ¥80.01 / 1 AUD  the prior week a 0.81% decrease in value from the previous week.

Crypto Futures News & Analysis

The predictions of Bitcoin and cryptocurrency gains over the next 5 years continue to pour in. The latest prediction comes from MarketsandMarkets. MarketsandMarkets has forecast a 6.18% annual growth rate for the cryptocurrency market to 2024. The analysts who published the report conclude that the driving forces behind this consistent rate of growth will be:

  • Growth in venture capital investments,
  • Increases in distributed ledger technology (DLT) transparency,
  • Fluctuations in monetary regulations,
  • And high remittances in developing countries.

The panel of analysts that compiled the report acknowledge the implementation of blockchain technology in the financial industry. They give kudos to the functionality of blockchain technology applied to cross-border payments and money transfers. They attribute their forecast of steady growth to innovations such as these. The analysts also give attention to the factors that will hinder the growth of the cryptocurrency market. Factors like:

  • The slow process of installing defined global regulations,
  • The lack of technical knowledge within the world's population to understand cryptocurrency,
  • Security issues surrounding cryptocurrency exchange hacks,
  • Scaling issues,
  • and the lack of accessibility to the crypto market for people apprehensive and unfamiliar with the new technology and its devices.

The Team of analysts reports that everyone of the issues they discovered are being dealt with by the crypto community. That was the fact that enabled them to predict continued growth within the crypto market.

Crypto Stocks & Analysis

Cryptocurrency, the blockchain, and stocks, how are these unique relationships evolving? One way to gauge how heavily some companies are involved in blockchain technology is to find out how many patents they hold that involve the new technology. Envision IP, a law firm that specializes in intellectual property, has released a report disclosing what firms in America are in the group of top ten patent holders involving blockchain technology. It may come as a surprise to some to find out who they are. These firms and their stock value may move in the same direction as the cryptocurrency market, especially because they are both deeply involved in the same technology.

The Envision IP Report claims that 1,045 patents involving blockchain technology were filed in the US by 478 owners. The report was released at the beginning of 2018. Most of the owners were entrepreneurial enterprises holding 1 or two patents per entity or individual. But the majority of patents were held by leading companies. Everyday names, with an extraordinary amount of assets and revenue that they manage.  

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