General Market Outlook
The market has begun a slight downtrend. Most coins are seeing
small percentage losses and trading volume has not significantly
changed, still hovering right around $11 billion in 24 hours.
Digitex Futures (DGTX) and Basic Attention Coin (BAT) are the major
stand outs of the top 100 coins by market cap - up over 13% and 11%
respectively in the past 24 hours. Bitcoin (BTC) is right
around $6,500 for -1.0% and a total market dominance of
53.8%, and Ethereum (ETH) is right at $205 for -0.5% change in the
past 24 hours. Market cap for the overall cryptocurrency market
lost just over $2 billion, sliding down to about $208 billion
total.
Major Headlines
Samsung Pushes Chip Efficiency
A new product from the Samsung Foundry is accompanied by claims
that the new design process for the chip could reduce energy
consumption by as much as 50%. This reduction would be strong
enough to silence critics that energy consumption of proof-of-work,
public cryptocurrencies like Bitcoin can scale to global use. The
new manufacturing process is based on extreme ultraviolet (EUV)
lithography technology. It increases the density of their 7
nanometer chips, allowing them to be designed with a smaller
surface area, and in turn, reducing energy consumption and heat
waste.
$2.5 Million Fine For Bitcoin Ponzi Scheme
A federal court in New York, United States ordered a cryptocurrency
hedge fund CEO to pay a $2.5 million fine for the operations of his
company, Gelfman Blueprint. The court cites that it was operated as
a fraudulent Ponzi scheme. The company was posed as a Bitcoin hedge
fund that was incorporated in 2014. By 2015 the company had
collected total assets of 2,367 BTC. The company sold their
services based on an investment algorithm called “Jigsaw” that they
claimed allowed for substantial returns through a commodity fund.
In reality, this never happened. The company fraudulently solicited
over $600,000 from 80 customers. The CEO went as far as to set up a
fake computer “hack” to conceal that their investments were losing
money. The entire process resulted in the loss of almost all
customer funds. The CEO must pay $554,734.48 and $492,064.53 in
restitution to customers and $1,854,000 and $177,501 in civil
monetary penalties.
Huboi Creates Stablecoin Backed Stablecoin
The Singapore based exchange claims they now have a stablecoin
solution. Their new token is a stablecoin that is backed by a
collection of other reputable stablecoins. Huboi USD (HUSD) can be
purchased or exchanged for Paxos Standard (PAX), True USD (TUSD),
USD Coin (USDC) and Gemini Dollars (GUSD). HUSD is tradeable
against Tether (USDT), Bitcoin (BTC) and Ethereum (ETH). But this
arrangement is subject to improvements or additional stablecoin
pairs.
Top 5 Gainers
Ubex (UBEX) +486.20% at $0.007476
Globalvillage Ecosystem (GVE) +159.91% at $0.001745
Brickblock (BBK) +105.24% at $0.182786
InvestDigital (IDT) +91.29% at $0.012279
MEX (MEX) +86.42% at $0.002229
Top 5 Losers
HeartBout (HB) -38.38% at $0.027165
BitcoinX (BCX) -37.36% at $0.005149
SmartFox (FOX) -34.05% at $0.830804
IXTUS Edutainment (IXE) -31.96% at $0.023020
Uquid Coin (UQC) -23.01% at $0.150927
New Coins Listed
XRP (XRP) listed to Cobinhood
NEM (XEM) listed to Cobinhood
Vexanium (VEX) listed to Coinone
By: BGN Editorial Staff
