Cryptocurrency Market Update

Ouch. But we’re used to it! 

This wasn’t the best week for cryptocurrency markets in recent weeks, but the volatility isn’t anything we haven’t seen before. If you’ve been following cryptocurrency markets for a while, a 10% change in either direction in a day isn’t much to blink over.

Anyway, let’s do a roll call of this week’s casualties:

• Bitcoin 10.56%
• Ethereum 20.35%
• XRP 7.45%
• Bitcoin Cash 13.86%
• EOS 17.23%
• Cardano 16.23%
• Monero 13.26%
• Dash 21.67%
• NEO 16.29% 

However, a few projects managed to escape the slaughter. V Systems, a newcomer to the game, saw a 22.1% uptick. 

G7 Agrees: Libra and Crypto Have Significant Concerns: In comments to CNBC’s Squawk Box, US Treasury Secretary Steve Mnuchin said, “There was a clear agreement from all G7 finance ministers and central bank governors that Libra, in particular, raises some very significant concerns, and cryptocurrencies more broadly,” adding, “before any of us let these go through, we’re going to make sure those concerns are satisfied.” While the G7 finance ministers and central bank governors reached consensus (ha!), it’s still unclear whether there will be an international decision in regards to regulation of digital assets. Mnuchin also commented, “first of all let me be clear, we very much support financial innovation and anything that lowers payment processing costs, especially cross-border.”

BitMEX Under Investigation by the U.S. Commodity Futures Trading Commission (CFTC): The people planning to invade Area-51 aren’t the only ones about to be probed. TheU.S. Commodity Futures Trading Commission (CFTC) is currently probing Seychelles-based cryptocurrency exchange BitMEX. Earlier this week, cryptocurrency antagonist Nouriel Roubini denounced BitMEX claiming that it “may be openly involved in systematic illegality.” According to Bloomberg, the CFTC investigation is “ongoing” and won’t necessarily lead to misconduct allegations.  

Top Cryptos Pronounced Dead: A report by CoinTelegraph noted five tokens pronounced “dead” for a variety of reasons. The list includes Emercoin, NEM, Bitconnect, Bitcoin Diamond, and Universa, for reasons running the gamut from theft, Ponzi Schemes (you know which one this is), low liquidity, and lack of liquidity.  

Jeremy Allaire Added to Power Lunch Time with Warren Buffett: The upcoming lunch between Tron CEO Justin Sun and billionaire Oracle of Omaha Warren Buffett has grown to include the CEO of Circle, Jeremy Allaire. Sun seeks to help Buffett, a vocal Bitcoin skeptic, see the light for cryptocurrency’s ability to impact the world positively, as well as an asset class worth exploring. The $4.6 million lunch also includes Litecoin creator Charlie Lee and will take place at Quince, a three-Michelin-star restaurant in San Francisco. 

Hi Justin, I would be honored to join you and @WarrenBuffett next week to discuss crypto!! Count me in. Crypto is now a major global policy issue and there is a great deal for Mr Buffet to understand and for us to learn from him as well. https://t.co/PGY8bXQBcZ

— Jeremy Allaire (@jerallaire) July 18, 2019