Crypto Market Update (27 July 2018)

Bitcoin Global News (BGN)

July 27, 2018 -- ADVFN Crypto NewsWire

General Market Outlook

The market continues to consolidate after a strong rise in most coins. Today most coins are down small percentages, but trading volume has just rose strongly from $14 Billion and $17 Billion in 24 hours. PIVX (PIVX) is the major stand out of the top 100 coins by market cap - up over 11% in the past 24 hours. Bitcoin (BTC) is right around $8,200 roughly no change and a total market dominance of about 47%, and Ethereum (ETH) is right at $465 for -2% change in the past 24 hours. Market cap for the overall cryptocurrency market is down $3 billion doin to $297 billion total.

Major Headlines

Galaxy Digital Fund Is OK With Q1 Losses

Mike Novogratz’s Cryptocurrency investment fund is down $134 million in Q1 2018, but that didn’t stop him from ranking on Forbes’ richest people in crypto list (as well as the traditional list in 2007). The drop was inevitable, as the firm was opened in November of last year, right before Bitcoin and most other cryptocurrencies began their huge ascent, with Bitcoin topping out near or over $20,000 on some exchanges. But to his defense, Novogratz claims that he and his team will benefit from this experience. Now they are "strategically positioned to help further institutionalize the digital assets and blockchain industry." The firm isn’t settling there either. There are plans to being listed to Canada's TSX Venture Exchange. To make this happen Galaxy Digital will have to merge with Coin Capital and then take Bradmer Pharmaceuticals.

Decentralization In Question

On Wednesday the MetaMask ERC-20 wallet was pulled from the GooglePlay store, leaving only phishing apps (mimic apps that are created to steal users identity information), and almost a philosophical question. One of the major pillars of Ethereum, Bitcoin and most cryptocurrencies is decentralization. The MetaMask wallet is one of the easiest to use and most convenient cryptocurrency wallets. Web browsers like Google Chrome and Mozilla Firefox provide a home for direct integration. So what is the wallet without the the browser? The door to decentralized currency is only accessible through MetaMask because of a centralized browse platform. After 5 hours, the MetaMask plugin was restored, with Google claiming it was an error. In partial answer to the question, the Brave browser has its own native cryptocurrency (BAT), and is built on open source software.

What’s going on with Ripple (XRP)?

The cryptocurrency market has been significantly down for the year overall, with only a few bright spots, and XRP has been one of the major downers. In the past week, Bitcoin and many altcoins shows strong uptrends, yet XRP was not part of the wave. Will this mean a big rise is coming? The actual cryptocurrency has shown little adoption, in comparison to some of the financial services provided by Ripple (xRapid, xCurrent, xVia). On the bright side, it’s pretty clear that XRP won’t be classified as a security by the SEC, which would have hurt its ability to be listed on exchanges. There are even some mobile payment apps available overseas that have partnered with Ripple may highlight XRP in app with something like “XRP powered this transaction.”

Top 5 Gainers

DMarket (DMT) +227.73% at $0.591482

WeToken (WT) +82.28% at $0.010646

Refereum (RFR) +47.51% at $0.012252

Super Bitcoin (SBTC) +38.29% at $8.27

Pure (PURA) +43.41% at $0.119819

Top 5 Losers

Riecoin (RIC) -51.88% at $0.009552

Vcash (XVC) -47.43% at $0.021630

HarmonyCoin (HMC) -46.84% at $0.003513

SyncFab (MFG) -30.38% at $0.006310

XMCT (XMCT) -22.33% at $0.27229