Beggars can’t be Choosers: Bitcoin-ETN, Not ETF
Nasdaq Stockholm introduced stock exchange notes (ETN) on bitcoins tied to the US dollar trading. The new product can replace bitcoin-ETF for a while, as investors in the US keep waiting for it to be released. XBT Provider became the company that introduced the product.
WHY IS IT IMPORTANT?
- Exchange notes for bitcoins are depository receipts. At Nasdaq Stockholm, they were launched several years ago, but previously they were only available in euros and Swedish kronas. The new option in dollars will allow American residents with investment accounts finally gain access to the cryptocurrency while waiting for the opening of Bitcoin-ETF.
- The U.S. Securities and Exchange Commission (SEC) has not yet approved any application for the opening of Bitcoin-ETF. Previous applications have been rejected, but media sources in the department stated that the Commission was interested in opening such a fund. The nearest decision on bids for the bitcoin-ETF regulator is scheduled for August 23.
Nvidia Sees Decrease in GPU Demand for Mining
Nvidia released its second quarter financial results and reported a significant decrease in sales of products related to mining. Presenting the report, Chief Financial Officer Colette Kress said that income from business graphics processor (the GPU) amounted to $2.66 billion, which is 40% higher than a year earlier, but 4% less than the previous quarter.
WHY IS IT IMPORTANT?
- Last year, Nvidia and its main competitor AMD fixed revenue growth due to high demand for high-end GPUs from the miners’ side. This led to a deficit of video cards. According to Jon Peddie Research, in 2017 cryptocurrency miners purchased over 3 million GPUs worth $776 million.
- In early 2018 Nvidia CEO Jen-Hsun Huang, said that the company needs to ramp up production of GPU seeing how it was popular with miners. AMD CEO Lisa Su announced similar plans.
- However, presenting the financial results of the II quarter at the end of July AMD also reported a decrease in sales of video cards for miners.
Britain Warned Against Rising Crypto Scams
At least once a week some institution or an opinion maker warns against crypto scams, and today it is Britain’s Financial Conduct Authority. According to the FCA, cybercriminals either use an image of a celebrity or a reputable address to trick unsuspecting victims. Britain is an unregulated territory for crypto. The FCA noted that it received a rising number of complaints regarding crypto scams.
Binance and LCX to Launch Crypto Exchange in Liechtenstein
Binance and LCX crypto exchanges will launch a joint trading platform in Liechtenstein. It will be called the Binance LCX. On this platform, users will be able to perform transactions with cryptocurrencies in pairs with euro and Swiss franc.
WHY IS IT IMPORTANT?
- With the opening of the new platform, Binance gained access to a new market. Liechtenstein is convenient for the company, as it is located in the center of Europe and is a part of the European Economic Area, which allows bypassing of certain rules of the European Union.
- The country's authorities plan to turn it into the most open state for cryptocurrencies. Now they are developing a law regarding the blockchain there.
Huobi Group Expands Horizons
Huobi Group, a large crypto exchange, began cooperating with partners to introduce crypto exchanges in five countries. Several crypto exchanges were announced to be launched in Russia, Taiwan, Indonesia, Canada and the Philippines. Huobi has partnered with local holdings in those countries.
WHY IS IT IMPORTANT?
- Partners will create platforms for trading cryptocurrencies in their regions using the Huobi Cloud platform. They will be able to use wallets management, mechanisms for asset management and the clearing system of the Huobi Global platform.
- Huobi's offices are already in the U.S., Singapore, Hong Kong, Thailand and Australia, and customers who work with the platform are in more than 130 countries. Huobi takes the third place in the world in terms of trading in cryptocurrencies.
At 19:10 (GMT+1) total cryptocurrency market capitalization stands at $217,08 billion
EOS (+10,18%) showed the best growth in the top-10
Cortex (+59,57%) showed the best growth in the top-100
Market Dynamics
The trading volume of cryptocurrencies for 24 hours reached $15,85 (+2,78 billion per day)
Mining Profitability
- BTC $2,7 for 10 TH/s
- ETH $0,24 for 10 MH/s
- BCH $0,26 for 1 TH/s
- LTC $3,2 for 1 GH/s
- DASH $0,1 for 1 GH/s
Ongoing ICOs:
Expected ICOs:
- 20 August VTOS
- 20 AugustDATAEUM
- 27 August Vertex
- 29 August Yamzu
- 31 August BetOnChart