Market Update for August 9th

Saturday, August 10th 2019

Recent Headlines

Patent Reveals Walmart Working on its Own Stablecoin

Walmart has filed for a patent that outlines a method of generating "one digital currency unit by tying the one digital currency unit to a regular currency" using blockchain technology. The patent mentions that the currency may be pegged to the U.S. dollar. It goes further to say that using the digital currency could provide low-income households, that may find traditional banking expensive, an alternative way to manage their wealth. Read more at The Block Crypto.

Bitcoin Indicator Flashes a Buy Just as Haven Narrative Falters

Bloomberg reports that the GTI Vera Convergence Divergence Indicator, which detects positive and negative trends and accurately predicted Bitcoin surging 39 percent earlier this year, has signalled once again that a reversal is at hand. It seems investors are finding Bitcoin to be a useful haven for their funds amidst plunging bond yields, rising stock-market volatility and U.S.-China trade tensions. Plus, a former head at Goldman Sachs says "nothing else has payoff" like Bitcoin.

Seoul to Release City-Wide Crypto as Part of Smart City Development

As part of the city of Seoul's multi-year plan to invest in blockchain technology, they will be creating a cryptocurrency, dubbed S-Coin, for use with city services. The exact scope of the currency is unknown, but it is speculated that it could be used as an incentive to participate in city functions, possibly awarded to citizens for paying taxes, voting, or completing surveys. The city's plan also includes a Blockchain ID system.

Litecoin Block Reward Halved, Triggering Short-Lived Price Rally

Litecoin's block reward was halved on August 5th, as it is scheduled to do every four years, like Bitcoin and other cryptocurrencies. The occasion came and went with really no issue, despite worry that certain mining operations could lose profitability because of this change, enough to quit or switch to another currency. So far the hash rate has remained stable throughout this. A similar halving with take place for Bitcoin around May 2020. For more information on the state of Litecoin, check out the CoinTelegraph article.

More News

The ever-talked about futures exchange Bakkt may be finally launching in Q3, pending approval from the New York Department of Financial Services, however industry sources who have seen Bakkt's pitch deck worry they may not have enough funds at launch to adequately cover positions at risk.

Bitcoin's network hash rate again hit an all-time high at 80 quintillion SHA256 hashes per second, meaning that Bitcoin has never been more secure. Mining difficulty and trading volume have similarly been at their highest this year.

Amazon has posted a job listing on LinkedIn for a senior software engineer to work with their "Advertising FinTech team focused on a blockchain ledger." What could that be?

The Apple Card, the new credit card issued by the tech company in collaboration with Goldman Sachs, will not allow purchases of cryptocurrencies. Although, this is hardly surprising considering a sizable number of banks haven't allowed crypto-purchases on their cards either for some time.

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