Crypto Week in Review: Jack Dorsey Wants to Hire You

‘Silicon Valley’ / HBO
Voyager
Voyager

Each Sunday, we breakdown the most important crypto market news from the past week for SludgeFeed Premium members, including key events and stories you might’ve missed from a variety of news outlets.

Top Headlines This Week:

Research: 95% of Bitcoin (BTC) Trading Volume Is Fake

A research report by Bitwise that accompanied its recent Bitcoin (BTC) ETF filing with the SEC found an exceptional amount of fake trading volume on 71 of the top 81 crypto exchanges outside Korea. Of the ~$6 billion reported daily volume for Bitcoin, Bitwise claims that the actual average daily volume stands at roughly $273 million.

Despite the prevalence of wash trading, the study found a significant portion of Bitcoin trading occurs on regulated U.S. exchanges. Additionally, the price differences between BTC/USD and BTC/USDT showed no signs of manipulation. Both observations could be viewed positively by the SEC.

Square Is Staffing up for a New Cryptocurrency Unit, Says Jack Dorsey

Square CEO Jack Dorsey said he wants to hire a few cryptocurrency engineers and a designer, to conduct work that will contribute to advancing an accessible, internet-based financial system that benefits the greater community.

The new employees are able to work from wherever they want, report directly to Dorsey, and can even be paid in Bitcoin if they so choose.

Diar: $4 Billion Currently Staked in PoS Cryptocurrencies

Roughly $4 billion in investor capital is currently locked in proof-of-stake (PoS) networks, according to the latest report by crypto market research firm Diar.

In the report, Diar reveals that over 70 projects currently rely on some type of PoS format, with an average of 40% of the total token supply across the projects delegated or engaged in staking.

CEO Behind EOS Predicts Bitcoin (BTC) Will Replace Gold as the Leading Store of Value

Brendan Blumer, the CEO and co-founder of Block.one, the company behind EOS (EOS), believes that Bitcoin is set to replace gold as the standard store of value over the next two decades, according to a recent tweet.

API Reveals Binance May Soon Add Altcoin Margin Trading

According to a Reddit post that references changes to the exchange‚Äôs API, Binance, the world’s largest crypto exchange, may soon introduce margin trading.

In response to the API revelation, Binance CEO Changpeng Zhao¬†tweeted an explanation, saying it was merely part of a systems upgrade to “future proof [the exchange’s] API framework.”

Japan to Tighten Rules on Cryptocurrency Margin Trading

Japan is putting in place new, stricter rules for cryptocurrency margin trading from next year.

According to a report from Nikkei Asian Review on Tuesday, the Japanese Cabinet, the executive agency of the country’s government, has approved draft amendments related to financial instruments and payment services laws that include two notable changes related to cryptocurrencies.

BitMEX CEO Gives $10,000 Bitcoin (BTC) Price Target for 2019

Arthur Hayes, the CEO of cryptocurrency trading platform BitMEX, recently revealed that he sees Bitcoin reaching a price of $10,000 in 2019.

“The 2019 chop will be intense, but the markets will claw back to $10,000,‚ÄĚ said Hayes. “That is a very significant psychological barrier. [‚Ķ] $20,000 is the ultimate recovery. However, it took 11 months from $1,000 to $10,000, but less than one month from $10,000 to $20,000 back to $10,000.”

Video of the Week:

https://www.youtube.com/watch?v=y1N8bnQ8zO8

7-Day Market Performance (Powered by AltDex):

  • Top-100 Index (ALT100): -0.08%
  • Exchange Token Index (ALTEXC): 11.66%
  • Privacy Coin Index (ALTPRV): 0.39%
  • Masternode Index (ALTMSN): 1.91%

Market Movers:

Huobi Token (HT) Rallies Another 19%

More Headlines:

Decentraland (MANA) Releases 3D Virtual World Builder
Report: Korean Messaging App KakaoTalk Plans to Add Crypto Wallet
Zilliqa (ZIL) Introduces .zil Blockchain Domain Naming System
Loom Network (LOOM) Plans to Integrate TRON and EOS Into PlasmaChain
Online PvP Action Game TRAPS Joins the TRON Arcade
Voyager Releases First App Update, Adding Advanced Market Data
Here’s the Latest Blockchain Project Gaining Mainstream Attention

Disclaimer: This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

 
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