Daily Berminal Brief (9/17/18): The Market Slowly Recovers as Binance Beta Tests a Crypto-Fiat…

The State of the Market: The cryptocurrency market has pulled back slightly and given back hard fought incremental gains as Bitcoin dropped below $6,400 and Ethereum briefly dropped to $200. On Saturday, Binance CEO Changpeng Zhao, announced that they will beta test a crypto-fiat exchange in Singapore. Meanwhile, SBI Ripple Asia is set to launch a banking and payments app called ‘MoneyTap’ in the fall of 2018. The app is expected to revolutionize Japan’s legacy banking system. Currently the cryptocurrency market capitalization stands at $196 billion.

1. In less than 10 years after Bitcoin was introduced, the value of Bitcoin transactions has now surpassed Visa. Never before, was it possible to send Billions of dollars from one part of the world to another for just a few cents. Visa processes $1.3 trillion per year. However, in 2018, Bitcoin has already crossed $2.4 Trillion, and three more months are remaining. At this rate, Bitcoin would easily double that of Visa. Though it does not show the actual usage of Bitcoin, it is clear that Bitcoin is the cheapest and fastest way to transact. Bitcoin (BTC) is currently priced at $6,456.19, losing 0.65% in the last 24 hours. (Read More.)

2. Hype.codes conducted a research seeking to know the top 3 upcoming ICOs according to their readers. Coming first was Menlo One, who Forbes said is a top ten 2018 company to watch. Melon One which is a crypto tech company has built an open source framework which makes the decentralized application faster and easier to use and who’s sold 37.13% tokens. The second was Metadium which has given the users the power to control their identity including securing, managing and utilizing personal data under the person’s consent. Lastly, was crypto Circle X which is powered by a superior technological algorithm that enables high-performance trading with more than 10 million transactions in a second. (Read More.)

3. Kim Nilsson, a former Mt. Gox trader told The Telegraph that if the traders liquidate Mt. Gox’s holdings, the market will crash. Mt Gox, the ill-fated Japanese crypto exchange that was hacked for over 800,000 BTC has started its civil rehabilitation claiming process. An official document from the firm’s court proceedings indicates that affected users of the exchange can now claim over 170,000 BTC and BCH. Nobuaki Kobayashi, the trustee of the legal process has launched a tool that will help users to make their claims. Claims will be valid up to October 22 after which the online tool will be shut down. (Read More.)

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