Crypto Weekly – December 21, 2017

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Regulators continue to caution retail investors about the speculative nature of the cryptocurrency market especially with BTC going above $20,000 on Dec 17 and BCH and ETH rising to their highest levels so far. BTC has increased 1700% since Jan 2017, possibly the highest increase in an investment class, which many allude cryptocurrencies to be.

CME launched its bitcoin futures, for which data will be pulled from 4 exchanges vs. CBOE which is only linked to one – Gemini.

Data source: www.coinmarketcap.com as of December 20, 2017.

Estcoin:
  • Estonia will launch its TokenEST ICO in January 2018 in a  public private partnership with Ethereum based recruitment company Chronobank. The country expects to raise EUR30 million from its “estcoin” which has three aspects – community, identity and the most controversial – the coin’s value is linked to the euro, but does not stand as an equivalent to the euro. Mario Draghi had rejected a state-backed estcoin in mid September, saying that no country in the Euro Zone could issue a token since they use the same Euro currency.

 

 

Developments in the UAE:
  • NCR Corporation, which makes ATMs, teamed up with CoinHub a UAE based cryptocurrency exchange to allow customers to withdraw cryptocurrencies through their ATMs using cardless sessions from their CoinHub account.
  • MAG Lifestyle Development will begin to accept OneGram, a Sharia compliant cryptocurrency backed by gold for its properties beginning 2018. Buyers who use this method of payment effectively buy the equivalent amount of OneGram and receive a 5% discount on the property as an incentive. OneGram then pays the MAG Lifestyle Development company 35% between six to nine months  and 65% once the property is completed at the end of  2019.
Exchanges:
  • South Korean cryptocurrency exchange, Youbit is filing for bankruptcy after a second hack this year resulting in a haircut of 25% of users cryptocurrency assets.
  • Coinbase’s exchange GDAX launched bitcoin cash, but faced some major swings in the pricing causing it to halt trading temporarily and then reopen again after a couple of hours.
Cryptocurrencies for charity or to lower tax?
  • Fidelity Charitable, a charitable trust run by Fidelity Investments received $22 million worth of donations in 2017, of which reportedly $11 million was in November. The trust which was setup in November 2015 received only $7 million in bitcoin donations in 2016.
Year-to-date Charts:

Data source: www.coinmarketcap.com

 

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