Keep On Keepin’ On
We’ve got another week in green here, folks. Building off of last week’s momentum, the entire cryptocurrency market grew from $207.8B to $209.2B – a whopping 0.7% gain. Okay, it may not be the growth we’re looking for, but at least we’re trending in the right direction. “How about the top coins?” you ask? Great question.
Cryptocurrency Market Stats (10/26/18)
Bitcoin hardly moved, with its price rising just 0.18% this week. It currently sits at just under $6,500.
Ethereum had an even flatter week, moving only 0.02% downwards. The price continues to test the $200 support line.
XRP was the most substantial gainer this week, even though it only climbed 0.89%, stabilizing a little over $0.45.
Domestic News
Coinbase Links Up With Circle for New Stablecoin: Stablecoins, so hot right now. On Tuesday, Coinbase announced a new partnership with frenemy Circle to form the CENTRE Consortium. First on the consortium’s docket? The creation of a new stablecoin, USD Coin, or USDC for short.
Each USDC is backed back one greenback, and the companies will regularly report the status of those reserves. The two organizations chose to use the Ethereum blockchain to create the stablecoin with the ERC20 protocol. USDC now joins a long list of over 50 stablecoins currently in the crypto market.
SEC Gives ICOs an H.A.N.D: The SEC is clearly tired of blockchain projects pleading ignorance when it comes to regulations. The government organization’s newly formed FinHub is hosting office hours to answer any questions you may have about the regulatory landscape (as it currently stands). To schedule time, you simply need to fill out an online form outlining who you are and what you’re interested in learning about.
It doesn’t take a crystal ball to predict where this is heading. We’ll most likely start to see “SEC approved” stamps popping up on projects who’ve taken advantage of this resource.
