General Market Outlook

The market made steady, small gains over the weekend and is moving sideways. Most coins are in the red, but not with large percentage losses. Trading volume has risen by almost 10%, now at around $11 billion in 24 hours. Ravencoin (RVN) and Veritaseum (VERI) are the major stand outs of the top 100 coins by market cap - up over 54% and 25% respectively in the past 24 hours. Bitcoin (BTC) is right around  $6,500 for -1.0% and a total market dominance of 53.7%, and Ethereum (ETH) is right at $205 for -1.0% change in the past 24 hours. Market cap for the overall cryptocurrency market lost less than $2 billion, now at $210 billion total.

Major Headlines

Spain Tax Crackdown On Cryptocurrencies

On Friday last week, the government of Spain approved a new piece of tax law relating to cryptocurrencies. It is now mandatory for citizens and private business of Spain to identify whether or not they own virtual currencies, and what their total value is. Fines will be set at $5,745 per incorrectly cited cryptocurrency holding data. This continues the country’s look into stronger tracking of cryptocurrency activity in their country. Back in April, the government sent as many as sixty notices to Spanish businesses to gain user identification information. The EU as a whole is working to integrate updated tax code to account for cryptocurrencies.

Pantera Capital Backs Y Combinator Graduate

Known most well for DropBox, Stripe, and Airbnb, the Y Combinator has turned out some of the most successful tech startups over the past 4 years. One of their recent graduates, is a San Francisco-based smart contract security startup called Synthetic Minds, and they have now been backed by $5.5 million from one of the biggest cryptocurrency funds, Pantera Capital. The start up has developed technology that analyses blockchain networks for coding bugs. It is building its product using a computer science method called program synthesis, which is utilized by organizations dealing with high value and permanent programs. They claim that it is able to "analyze (read) and synthesize (write) computer code better than humans can...Eventually, using program synthesis we will be able to offload most of the programming for mission critical systems to software, leaving humans free to do high-level architectural design."

ING Further Develops Zero Knowledge

The bank has not reached headlines nearly as much as others such as Bank of America or JP Morgan Chase for work with blockchain or cryptocurrencies, but ING Bank is chipping away at novel solutions for the new industry. Last year they launched their Zero-Knowledge encoding process, but has now created a Zero-Knowledge Set Membership (ZKSM) solution. Zero knowledge range proofs are able to prove a number is within a specific range. This type of blockchain architecture also allows for alphanumeric data to be validated within a specified set. With further application, these systems can move from numbers into other types of data, for uses like proving dimensions and geographic positioning.

Top 5 Gainers

Cashcoin (CASH) +54.83% at $0.004081

Ravencoin (RVN) +53.35% at $0.055879

Neural Protocol (NRP) +49.65% at $0.000021

Haven Protocol (XHV) +41.07% at $2.33

BitWhite (BTW) +40.65% at $0.016599

Top 5 Losers

AirWire (WIRE) -35.58% at $0.033805

CVCoin (CVN) -29.49% at $0.410479

SafeInsure (SINS) -28.96% at $3.61

Alibabacoin (ABBC) -27.88% at $0.704471

Zeepin (ZPT) -26.94% at $0.026044

New Coins Listed

Electra (ECA) listed to Bitladon

Niobio Cash ($NBR) - listed to Braziliex

By: BGN Editorial Staff