Market Update for May 17th

Friday, May 17th 2019

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Recent Headlines

Fidelity Will Offer Cryptocurrency Trading Within a Few Weeks

Fidelity Investments, one of the largest asset managers in the world with a total of $2.46 trillion in assets under their management, will begin faciliating the buying and selling of Bitcoin for institutional customers beginning in just a few weeks. The venture is dubbed Fidelity Digital Assets, which also began offering a custody service for Bitcoin earlier this year. A study the company released earlier this month found that 47 percent of institutional investors think digital assets are worth investing in. Read more...

Why is Bitcoin Surging? Data Shows it’s Grown-Up

A study done by Indexica, an alternative data provider, has found that that discourse around Bitcoin and cryptocurrency has changed, and possibly matured. Using natural language processing that can process streams of text across the web, they found that there is more complexity in the conversations, fewer discussions of fraud, and a shift in tense from past to the future, which is known as futurity and can indicate positive price moves. This data may help account for Bitcoin's 28% increase in value over the course of April. Read more...

Microsoft Previews Decentralized Identity Network Based on Blockchain Agnostic Protocol

On Monday, Microsoft announced its Identity Overlay Network (ION), which is a decentralized identifier network running atop the Bitcoin blockchain. The aim of the network is to provide a secure and privacy preserving digital identity for users that can be used across the internet. Rather than devulging e-mail addresses and usernames to individual companies, a user could use their blockchain-powered digital identity to access their services. The ION network will officially launch on the Bitcoin mainnet in the coming months. Read more...

Bitcoin Comes to Whole Foods, Major Retailers in Coup for Digital Currency

A new payment network has been launched by a company called Flexa, which enables users, via their iOS Spedn app, to use Bitcoin, Ether, Bitcoin Cash, and Gemini dollars at a select group of retailers, including well-known names such as GameStop, Nordstrom, and Whole Foods. The app generates a QR code which can be scanned by retailer for payment. Flexa uses their own coin, FlexaCoin, to secure each transaction before the originating coin's blockchain has confirmed it, meaning customers do not need to stand around waiting. Read more...

Samsung Electronics' Budget Galaxy Models to Feature Cryptocurrency Wallet

Since announcing in Februrary their latest Galaxy S10 phone would include a cryptocurrrency wallet, Samsung is looking to expand the functionality to more of their devices. Samsung has considerable market share and influence in the industry, and their decision to incorporate blockchain technology into their devices could bring cryptocurrency to a lot more people. Read more...

Stellar Node Outage Causes Two-Hour Complete Transaction Freeze

For two hours on May 15th, the Stellar (XLM) network stopped confirming transactions. The eight-largest cryptocurrency was disrupted for around 110 minutes, caused apparently by a large number of nodes run by the Stellar Development Foundation going offline. Some price instability ocurred around this time but the coin has since recovered. Read more...

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