Today in Cryptocurrency News
Here are quick briefs on major news stories happening in the crypto-sphere today.
Digital Wallet BRD Raises $15 million in Funding
Mobile crypto wallet BRD announced that it raised $15 million in a Series-B funding round. BRD received the financing from SBI Crypto Investments, a subsidiary of Japanese SBI Holdings. According to BRD CEO Adam Traidman, this will allow BRD to grow its product and expand in Japan and across the rest of Asia. According to BRD, it ended 2018 with a global user base of about 1.8 million. It also revealed that it currently stores the equivalent of $6 billion digital assets, mostly in Ethereum and Bitcoin. Adam further explained that with the funding, they could expand their engineering team and achieve long-term global growth.
Binance Launches Crypto-to-crypto OTC Desk
In November 2018, Binance made a healthy $3 million investment in a US-based OTC platform known as Koi Trading. On January 23, 2019, Binance launched its own OTC desk. Via an announcement on their blog, Binance gave clients an inside look into their own crypto-to-crypto OTC desk. According to Binance, the desk would only be available for users with Level 2 KYC verification trading over 20 Bitcoins at a given time. This desk provides an opportunity for Wall-Street high-net individuals to invest in cryptos – a service previously not available. The word around the campfire is that the launch of the OTC desk is indicative of an upcoming wave of interest from Wall Street and other large institutions.
Recent ETF Withdrawal Causes no Effect in the Crypto Market
The cryptocurrency market has remained unperturbed after an ETF withdrawal announcement, even though similar announcements in the past did, in fact, result in sizable market price changes. CBOE BZX withdrew a proposed rule change that would have made a VanEck and SolidX Bitcoin ETF possible. The decision triggered no changes in the cryptocurrency market. The entire trading session remained stagnant except for a small $80 range-bound candlestick. After suffering a disappointing start to 2019, trading volumes have significantly dropped. This represents a lack of confidence in the market. Upon the announcement, the RSI (Relative Strength Index) dipped and is now resting below bearish territory at 54.9, leading many to question Bitcoin’s ability to sustain above $3,000.
The Winklevoss Twins Respond to Criticism on New Campaign
The Winklevoss twins have received backlash from the crypto community due to their regulation-centric campaign launched for their New York-based crypto exchange. For most crypto-enthusiasts, one goal of crypto is to efficiently yet legally maneuver around regulations associated with conventional financial systems. Therefore, the idea of bringing new rules has been met with criticism. During an episode of Laura Shin’s Unchained Podcast, the twins had the chance to respond to some of their critics. They stated that they were not talking about adding rules of cryptography or math. Instead, they were focussed on introducing regulatory oversight that monitors how people and companies are using and building blockchain, a step that we have recommended in the past for Bitcoin and other crypto assets to gain wider and more mainstream acceptance.
Rebranded Litecoin Flips Stellar for Eighth Place
Although most altcoins in the top ten are in the green, most are only experiencing marginal gains. Only rebranded Litecoin is enjoying a decent 5% rise. This lift has enabled it to flip Stellar and dump it to the eighth spot in terms of market cap. Litecoin’s market cap is almost at $2 billion, which may see it replace Tether in sixth place pretty soon. Except for Dash and Maker who experienced a 4% gain, the rest of the altcoins in the top twenty have undergone a somewhat negligible 2% gain (at least in terms of what we’re used to seeing in the crypto space!) There have been no major dumps in the market, but the worst-performing high-cap altcoins are Factom and Waves which dropped 5% during the day.