Key Facts Of The Day 13.08.2018

GSR Capital Drop $404 million on Blockchain

The Hong Kong-based private equity investment company GSR Capital intends to invest up to $404 million in Overstock and its subsidiary blockchain project tZero. At the same time, an agreement on the acquisition of tZero tokens for $30 million and Overstock shares for $104 million has already been signed.

WHY IS IT IMPORTANT?

1. The volume of this investment makes it the biggest single one in the history of the blockchain.

2. Private Equity Firms (PE) are pools of money gathered by investors either to stake or to buy companies. If a PE is interested in a company, it could be a signal that the venture is headed for success. It might also be a case of a PE buying up to eliminate competition.

3. Earlier in April TZero has unveiled software for a blockchain-based Security trading platform. The company’s digital ledger solution is designed to "trade security tokens in an easy, compliant, and user-friendly manner."

Turkish Lira Demise Prompts Cryptorush, Bitcoin 150% Up

Turkish Lira is bleeding compared to USD. Parity was under 5 lira (TL) for $1 until August 1. Since that moment the lira is in a free fall and today markets are having difficulty coping with USD price which is above 6,5TL. A common perception of crypto in Turkey was not very positive, however, with recent developments and double-digit inflation figures benefits of crypto are obvious to investors. Turkish crypto exchanges’ transactions almost doubled recently. According to the data from Google Trends, interest in Bitcoin increased markedly in August, while local exchanges have seen volumes explode by over 150 percent this week alone.

WHY IS IT IMPORTANT?

1. Current situation in the economy may lead towards a positive view on cryptocurrencies from both the government and public. Turkey might follow the same path as Iran and Venezuela, countries which also suffer from US sanctions, by launching its own coin.

2. It also rules out the possible introduction of a ban on working with crypto assets. Experts note a strong increase in the popularity of bitcoin in Turkey. Local residents are actively using digital money, disillusioned by the government policy and the weakness of Turkish lira. In this situation, digital money allows people to feel more secure, even despite the rate jumps.

3. UBS research shows that Bitcoin market cap is around $112 billion which is very close to the volume of the Turkish economy. If Bitcoin reaches $8,000 value, it could replace the nation’s economy.

IBM Patents Data Management System App

IBM (NYSE: IBM) is set to create a database management system based on the blockchain technology, according to a newly published patent application. The software described in the application is part of IBM's global project to develop a robust database with an intrusion detection system (IDT-DS). This system will record discrepancies between the data kept in the central database and a partial copy of the same data on the blockchain.

WHY IS IT IMPORTANT?

1. IBM's focus on creating DBMS with the blockchain support is expected as the company has to work with a lot of confidential data necessary for the operation of various services. In addition, IBM regards blockchain as a means of forming a new generation of accountable and transparent applications for transactions that can be trusted.

2. The technology giant previously represented IBM D2 solution, which included a whole range of products: DBMS, operating database, data warehouse, a tool for fast data processing and data lake. The introduction of blockchain into this solution would help to cope with a number of problems, including inconsistency of data and security gaps.

Bitmain Loses $500 Million Staking on BCH

Bitmain, the leading manufacturer of specialized equipment for mining, disclosed information about its own cryptocurrency savings as part of the presentation for pre-IPO investors. As it turns out, the company traded most of its bitcoin (Bitcoin) in late 2017 - early 2018 for Bitcoin Cash. At the moment, the company's savings are more than 1 million BCH coins.

WHY IS IT IMPORTANT?

1.Bitmain is the world’s largest manufacturer of bitcoin mining hardware or ASICs units. Mining pools of Bitmain account for almost 50% of all computing resources of the bitcoin network.

1. Attracting funds through an IPO should help the mining business to develop new directions. In addition, shares of companies related to the cryptosphere may be attractive to investors who are afraid of the high volatility of digital assets.

2. Bitmain plans to raise $18 million via an IPO that is expected to take place on the Hong Kong Stock Exchange. However, the losses the company has suffered after staking on BCH may be enough to dissuade investment banks that want to participate in the public offering of the company.

China Focuses on Blockchain Technology

China intends to form the best conditions for promoting a healthy development of blockchain, the Ministry of Industry and Information Technology (MIIT) stated. According to the ministry, the distributed ledger technology (DLT) is now widely used in China, particularly in the areas of finance, crediting, intellectual production and logistics.

WHY IS IT IMPORTANT?

1. Representatives of the agency also said that they will cooperate with local authorities to promote the healthy and orderly development of the industry.

2. It also became known that within the framework of the forthcoming large-scale program on the implementation and development of the DLT in the country, the Communist Party of China published a textbook, "Blockchain – A Guide for Officials." The book for the members of the party tells about the history and features of the technology, contains the spheres of its application, and also describes the potential problems from the implementation of the DLT.

At 17:30 (GMT+1) total cryptocurrency market capitalization stands at $205,6 billion

Stellar (+0,89%) showed the best growth in the top-10

Peercoin (+9,21%) showed the best growth in the top-100

Market Dynamics

The trading volume of cryptocurrencies for 24 hours reached $12,3

(-0,3 billion per day)

Mining Profitability

Ongoing ICOs:

Expected ICOs:

Click here for the full list of ongoing ICOs.

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