CFTC Issues Smart Contracts Primer And Swiss Crypto ETP Beats Gold, Crude Oil, And Silver

The State of The Market — November 29, 2018BTC: $4,352.66 (+6.22%)XRP: $0.383816 (+1.52%)ETH: $121.42 (+5.03%)

The market is in green for the second consecutive day, with Bitcoin posting its biggest 24-hour gains in 7 months. Bitcoin closed at $4,257 yesterday, gaining 11.43%. This is the biggest single-day gain since April 2018, when Bitcoin was trading above $6,900 and eventually rallied $10,000. A similar rally can be expected if the momentum continues. The marked gained nearly $20 billion in the last 2 days. Among the top cryptocurrencies, Tron (TRX) is up by nearly 30%, and Cardano is up by 15%.

In other news, the weekly number of searches for “Bitcoin” on Google reached a high not seen since the first week of April. Data from Google shows that ‘Bitcoin’ searches over the past three days account for up to 17% of the all-time-high weekly search volume that was achieved from December 17 — December 23, 2017. The majority of searches came from Nigeria, South Africa, and Austria, whereas the U.S. ranked in nineteenth place. Also, the US Treasury has sanctioned two Bitcoin wallet addresses for the first time ever. The two Iranian men indicted in the sanctions are allegedly connected to a ransomware scheme that pilfered unsuspecting victims out of Bitcoin.

1) US commodities regulator, Commodity Futures Trading Commission (CFTC) has issued a primer on Smart Contracts. It came from CFTC’s fintech innovation hub LabCFTC. LabCFTC previously published a primer on virtual currencies in October 2017. The new primer deals on blockchain-enabled smart contracts. It has defined smart contract as ‘self-executing computer code to take actions at specified times and/or based on reference to the occurrence or non-occurrence of an action or event.’ It explores the potential applications and shortfalls of smart contracts. (Read More)

2) Swiss Crypto ETP has beat every other product on the platform. Switzerland’s SIX, Europe’s fourth-biggest exchange launched the world’s first crypto ETP (Exchange Traded Product) this month. It just one week, it now has the highest volume of any ETP on the platform. It beat gold, crude oil, and silver. While the investment has dropped by 15%, it has the highest turnover of 425,000 CHF ($425,000) a day. The enthusiasm among investors indicates that they’ve been waiting for this for a long time. (Read More)

3) Amazon is launching a service that will assist clients with developing their own blockchain networks. The announcement was made at Amazon’s re:Invent conference and the product will be called ‘Amazon Managed Blockchain’. According to Amazon, the platform “is a fully managed service that makes it easy to create and manage scalable blockchain networks.” Clients have the option of building platforms that use Hyperledger Fabric or Ethereum and the platform is designed to help clients avoid the overhead costs required to build a blockchain platform. Amazon will also ensure that the platform “automatically scales” to each client’s organizational needs. (Read More)

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