General Market Outlook

The market has begun a slight downtrend. Most coins are seeing small percentage losses and trading volume has not significantly changed, still hovering right around $11 billion in 24 hours. Digitex Futures (DGTX) and Basic Attention Coin (BAT) are the major stand outs of the top 100 coins by market cap - up over 13% and 11% respectively in the past 24 hours. Bitcoin (BTC) is right around  $6,500 for -1.0% and a total market dominance of 53.8%, and Ethereum (ETH) is right at $205 for -0.5% change in the past 24 hours. Market cap for the overall cryptocurrency market lost just over $2 billion, sliding down to about $208 billion total.

Major Headlines

Samsung Pushes Chip Efficiency

A new product from the Samsung Foundry is accompanied by claims that the new design process for the chip could reduce energy consumption by as much as 50%. This reduction would be strong enough to silence critics that energy consumption of proof-of-work, public cryptocurrencies like Bitcoin can scale to global use. The new manufacturing process is based on extreme ultraviolet (EUV) lithography technology. It increases the density of their 7 nanometer chips, allowing them to be designed with a smaller surface area, and in turn, reducing energy consumption and heat waste.

$2.5 Million Fine For Bitcoin Ponzi Scheme

A federal court in New York, United States ordered a cryptocurrency hedge fund CEO to pay a $2.5 million fine for the operations of his company, Gelfman Blueprint. The court cites that it was operated as a fraudulent Ponzi scheme. The company was posed as a Bitcoin hedge fund that was incorporated in 2014. By 2015 the company had collected total assets of 2,367 BTC. The company sold their services based on an investment algorithm called “Jigsaw” that they claimed allowed for substantial returns through a commodity fund. In reality, this never happened. The company fraudulently solicited over $600,000 from 80 customers. The CEO went as far as to set up a fake computer “hack” to conceal that their investments were losing money. The entire process resulted in the loss of almost all customer funds. The CEO must pay $554,734.48 and $492,064.53 in restitution to customers and $1,854,000 and $177,501 in civil monetary penalties.

Huboi Creates Stablecoin Backed Stablecoin

The Singapore based exchange claims they now have a stablecoin solution. Their new token is a stablecoin that is backed by a collection of other reputable stablecoins. Huboi USD (HUSD) can be purchased or exchanged for Paxos Standard (PAX), True USD (TUSD), USD Coin (USDC) and Gemini Dollars (GUSD). HUSD is tradeable against Tether (USDT), Bitcoin (BTC) and Ethereum (ETH). But this arrangement is subject to improvements or additional stablecoin pairs.

Top 5 Gainers

Ubex (UBEX) +486.20% at $0.007476

Globalvillage Ecosystem (GVE) +159.91% at $0.001745

Brickblock (BBK) +105.24% at $0.182786

InvestDigital (IDT) +91.29% at $0.012279

MEX (MEX) +86.42% at $0.002229

Top 5 Losers

HeartBout (HB) -38.38% at $0.027165

BitcoinX (BCX) -37.36% at $0.005149

SmartFox (FOX) -34.05% at $0.830804

IXTUS Edutainment (IXE) -31.96% at $0.023020

Uquid Coin (UQC) -23.01% at $0.150927

New Coins Listed

XRP (XRP) listed to Cobinhood

NEM (XEM) listed to Cobinhood

Vexanium (VEX) listed to Coinone

By: BGN Editorial Staff