Slow Bleeding Bitcoin

Another disappointing week in cryptocurrency with the entire market losing around five percent in the 7-day timeframe. Altcoins were in a sea of red with only Litecoin (0.22%), Holo (22.33%), and some stablecoins showing any positive movement. Like the rest of the market, the top three cryptocurrencies underperformed as well.

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Cryptocurrency Market Stats (2/1/19)

Bitcoin fell 3.12% with a current price just shy of $3,500.

XRP  lost 2.50% of its value and now rests at slightly over $0.30.

Ethereum is approaching the $100 mark, losing 8.47% over the week.

Domestic Cryptocurrency News

Cboe Re-Enters Bitcoin ETF: After withdrawing their Bitcoin ETF proposal just a week ago, the Chicago Board Options Exchange (Cboe) has submitted it for approval once again. After several decision delays by the SEC, the Cboe withdrew the proposal on January 23rd, fearing the government shutdown would stonewall it.

The VanEck SolidX Bitcoin ETF proposed rule-change has been submitted by CBOE. Hard work by all teams involved. Public document: https://t.co/X25lOPjiFS pic.twitter.com/C9FP4adDE8

— Gabor Gurbacs (@gaborgurbacs) January 31, 2019

With the government, specifically the SEC, back to running at full force, leaders of the Cboe believe they can work together to finally get a Bitcoin ETF passed the regulatory hurdles.

Merck Receives U.S Blockchain Patent: In a January 30th press release, Merck announced that the United States Patent and Trademark Office (USPTO) has granted the company with a patent relating to “crypto-objects.” This patent builds upon others that the company has established and combines Artificial Intelligence (AI) with blockchain technology. It’s the organization’s hope that this new patent will help to improve the integrity of physical products, including pharmaceuticals, in global supply chains.

Cryptocurrency News from Around the World

Swift Announces Trial with R3: On a panel at the Paris Fintech Forum on Wednesday, Swift CEO Gottfried Leibbrandt announced a proof-of-concept partnership with blockchain company R3. R3, a major competitor to Ripple, will soon link its platform to Swift’s Global Payments Innovation (GPI). GPI is a new payments standard framework “that’s able to speed up cross-border payments between banks, with end-to-end tracking of transactions in real-time.”

Interestingly, Ripple CEO Brad Garlinghouse was also on the panel. Although he spoke of his openness to work with Swift, he also argued that “decentralized systems I think over time are likely to win…I think that today that is not what Swift is”.

IBM Completes Trial with PIL: Pacific International Lines (PIL) completed a trial this week, tracking mandarin orange shipments IBM’s Blockchain Platform. The trial used an electronic Bill of Lading (e-BL) to reduce “the administrative process of transferring the title deed from five to seven days to just one second”.

Participants in the trial had several positive pieces of feedback to say. Tay Khiam Back, CEO of Hupco, a Singapore-based importer stated, “We are delighted with the outcome of the trial. By using the e-BL, we have seen how the entire shipment process can be simplified and made more transparent with considerable cost savings.” While Lisa Teo, Executive Director of PIL, said, “We have received very positive feedback from the industry and authorities, and we are enthused by the possibilities of how our blockchain developments can transform and inject a much-needed boost in efficiency and innovation into the industry”.