Remembering the events of the past week in the crypto industry, one can not ignore a number of important events, including the launch of the new metric from CoinMarketCap, a new service for investors from Bakkt, as well as scandalous rumors around some very famous people.
Bears continued to dominate this week.in the market, forcing Bitcoin to continue to fall. On Monday morning, the first cryptocurrency was trading at levels slightly above $ 9000, but by the evening of the same day it fell to $ 8700.
The downtrend continued in the following days,at the same time, at the end of the working week, the weighted average BTC rate fell below $ 8500. A small recovery on Sunday to marks above $ 8650 could not smooth out the overall negative picture - according to the results of the week, bitcoin fell in price by another 3.5%.
Mostly the most liquid altcoins are also located in the red zone.
CoinMarketCap begins comparing liquidity-based cryptocurrencies
CoinMarketCap, a popular analytical service, has launched a new metric for ranking cryptocurrency exchanges and currency pairs based on liquidity.
New metric includes 3000 datacryptocurrency assets and is based on a wide range of factors, such as the size of orders and the ratio to the average price of an asset. The price is fixed for each market pair at random intervals during the day, after which the average result is calculated in dollar terms.
“We believe that adaptive methodology will makeour metric is difficult for "games with volumes." An order that differs significantly from the average price on the market is likely to be placed by the exchange operator itself to increase volumes, and therefore it will have much less weight when creating a liquidity assessment, ” ColeMarketCap Strategy Director Carilin Chan said.
She added that trading volume has lost its value, and the new metric is designed to emphasize that liquidity is most important for investors and traders.
Bakkt Platform Launches Global Bitcoin Storage Service
Bakkt Custodian Service This WeekWarehouse has become available to institutional investors around the world. This was made possible through formal authorization from the New York State Financial Services Authority (NYDFS).
Prior to this, only Bitcoin futures traders had access to Bakkt custodial solutions.
Bakkt COO Edam White saidThanks to its relationship with the New York Stock Exchange operator, Intercontinental Exchange, the Bakkt platform is able to “uniquely image customer needs for digital asset storage.”
So, among safety measurescryptocurrencies, the company calls a dedicated network connection between operating platforms, eliminating the dependence on intermediaries, an independent reporting system, geographically distributed transaction signing, round-the-clock video surveillance, the presence of armed guards and quick response teams at operational facilities.
The first Bakkt Warehouse customers were companies such as Pantera Capital, Galaxy Digital and Tagomi.
Bitcoin Cash hard fork - Schnorr signatures added and transaction plasticity problem fixed
On Friday, November 15, the Bitcoin cryptocurrency networkCash took place the planned hard fork, as a result of which full support was added for Schnorr's signatures, a solution aimed at increasing the privacy of transactions.
Also with the latest Bitcoin Cash updatetransaction plasticity has been eliminated - the ability to change the transaction identifier (TXID) without canceling the transaction itself. This problem for a long time delivered a considerable headache to developers of projects based on the Bitcoin blockchain. On the bitcoin network, it was solved by activating the Segregated Witness protocol in 2017.
At the same time, the update did not affect the complexity change algorithm, which is responsible for recalculating the mining difficulty of BCH based on the data of the last 144 blocks found.
Cryptocurrency Tax Bill Appears In Ukraine
A draft law was submitted to the Verkhovna Rada of Ukraine this week to regulate the taxation of transactions with cryptocurrency assets.
In particular, the document enshrines inThe legislative field includes the terms “virtual asset”, “crypto asset”, “operation with crypto assets”, “distributed registry”, “token” and “token asset”. A virtual asset is defined as property and is divided into crypto assets (without claim) and token assets (with claim).
“The object of taxation is profit fromoperations with crypto assets, which is defined as the positive difference between the income received from the sale of crypto assets and the costs associated with their acquisition and / or mining, ” - the text of the bill says.
The financial result for operations with crypto assets is determined separately from the financial result for other activities of the taxpayer.
For individuals, income from operations withcrypto assets are taxed at a rate of 5%. So far, the personal income tax rate for individuals in Ukraine is 18%. In this case, the sale of crypto assets will not be subject to value added tax. The rate on cryptocurrency transactions for legal entities remains at the level of 18%.
Draft Code of Conduct for the Cryptocurrency Industry Presented
Digital Market Assets Association (ADAM),completed work on a draft version of the code of ethics for the cryptocurrency market. The new standards are intended for companies working with institutional investors and are designed to enhance the reputation of the cryptocurrency industry.
The code addresses transparency issues,legal compliance, risks, information security, business sustainability, prevention of conflicts of interest, market manipulations, money laundering and terrorist financing.
In particular, companies are encouraged to “betruthful in their statements, clearly indicate whether the prices they provide are solid or indicative, as well as transmit to clients and counterparties all material information ”about their business relations.
Companies that would be found to be in violation of standards may be expelled from the organization and lose “meaningful approval in the market”.
The final version of the document is expected to beprepared before the beginning of 2020 after making changes to the members of the association. The founders of the organization include Galaxy Digital crypto-bank, Genesis Global Trading OTC service and Paxos blockchain startup.
Rumors, intrigues, investigations
The outgoing week was also remembered by a number of rather interesting news, not all of which, however, have so far been confirmed.
Bbc: Konstantin Malofeev, a Russian entrepreneur, owner of the Tsargrad group of companies, was involved in the transaction on the sale of the Wex cryptocurrency exchange to the ex-fighter of the Donetsk People’s Republic, Dmitry Moryachka, Khavchenko, as well as the further withdrawal of funds from it.
Pavel Durov was one of the contributors to the infamous Wex bitcoin exchange, the successor to the BTC-e site. This is evidenced by a database distributed on the Web.
The Block: Coinbase, the largest US cryptocurrency company, has entered the final stage of negotiations on the acquisition of the Tagomi broker, which previously raised $ 28 million from Peter Thiel, Pantera Capital, Digital Currency Group and other venture investors. If the deal between Coinbase and Tagomi takes place, it will become one of the largest acquisitions in the crypto industry.
BRICS member countries (Brazil, Russia,India, China and South Africa) are considering the possibility of creating a single payment system and launching a digital currency. According to the head of the Russian Direct Investment Fund (RDIF), a member of the BRICS business council, Kirill Dmitriev, a unified payment system will become an incentive for the growth of settlements in national currencies, which will ensure a stable economic partnership between the BRICS countries, which form more than 20% of the global influx of foreign direct investment.
Special project ForkLog - crypto industry chronicle
ForkLog celebrated its 5th anniversary this summer. As part of a special project, by this date, we asked our colleagues to talk about key events in the crypto industry chronicle.
ForkLog Max Bit YouTube Producer EditorForkLog Nick Steringard and forklog.consulting content producer Konstantin Golubev commented on the brightest moments in the history of cryptocurrencies: Bitcoin whitepaper publication, first ICO, unforgettable December 2017 and others. Remember with us!