Market Update 1.01.19 – Bitcoin Startup Announces Massive Fundraise

| Publish date: 01/01/2019
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Bitcoin Startup Announces Massive Fundraise

Bakkt has raised $182.5 million to build out its global digital assets platform and bitcoin futures product. The round, which is the company’s first, included 12 partners. The crypto startup is owned by Intercontinental Exchange (ICE), which is best known as the parent company of the New York Stock Exchange (NYSE).

Investors in the funding round included Boston Consulting Group, Galaxy Digital, Goldfinch Partners, ICE, M12 (Microsoft’s VC fund), Pantera Capital and Protocol Ventures.

Changelly - Exchange cryptocurrency at the best rate

Loeffler wrote:

“We are focused on opportunities to provide new infrastructure, including the industry’s first institutional grade regulated exchange, clearing and warehousing services for physical delivery and storage.”

Read the full report here.

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Bitcoin To Revolutionize Governance

Jameson Lopp — a crypto industry figure and self-proclaimed professional cypherpunk — described Bitcoin (BTC) as the first step in a broader transition to an anarcho-capitalist society. According to him, the digital currency is an experiment that — if successful — could make the transition to an anarcho-capitalist society possible:

“I believe that Bitcoin is a very interesting experiment that if is successful in the long run could not only revolutionize money, but revolutionize how we think about governance.”

Lopp explains further that a “more self-sovereign, anarcho-capitalist society” could be developed if services currently provided by centralized third parties — such as governments — were provided by “software agents that can start to replace pieces of government functionality,” continuing:

“The first step I think is Bitcoin, and if that’s successful enough, then we can start talking about the next step.”

Read the full report here.

Stellar Co-Founder Says Most Crypto Brands ‘B.S.’

Most financial institutions will not use Bitcoin (BTC), payment network Stellar’s co-founder and CTO Jed McCaleb stated. McCaleb — who is also known as one of the founding fathers of defunct Japanese Bitcoin exchange Mt. Gox, as well as the co-founder of Ripple — made an argument in favor of the use of permissionless, open blockchains in finance. He told reporters bluntly:

“It doesn’t need to be the bitcoin blockchain, but if it’s not a public chain, then you’re missing the point.”

McCaleb also levelled criticism at cryptocurrency projects that were not Bitcoin, Ethereum or his own Stellar.

“Ninety percent of these projects are B.S. I’m looking forward to that changing,” he said when asked about the outlook for the cryptocurrency industry in 2019, continuing:

“Things like Tron, it’s just garbage. But people dump tons of money into it, these things that just do not technically work.”

Read the full report here.

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Total Market Cap: January 1

The volume of trade in the crypto market sat at $13.78 billion. The market’s capitalization, on the other hand, reached $125.44 billion.

Bitcoin Price Analysis: January 1

In the past 24 hours, Bitcoin fell 2.61% to trade at $3,737.32. The leading cryptocurrency’s trade volume trickled to $4.57 billion, while its market slid to $65.24 billion.

XRP Price Analysis: January 1

XRP’s price fell 3.89% to trade at $0.351600. As for the altcoin’s trading volume, it reached $471.14 million; whereas its market capitalization hit $14.34 billion.

State of the Top 10 Cryptocurrencies: January 1

In the past 24 hours, all prices were down. Meanwhile, TRON continues to dethrone Cardano at the 10th spot.

  • Bitcoin’s market price fell 2.61% to $3,737.32, and its value in the market is $24 billion.
  • XRP’s market price fell 3.89% to $351600, and its value in the market is $14.34 billion.
  • Ethereum’s market price fell 2.92% to $42, and its value in the market is $13.89 billion.
  • Bitcoin Cash’s market price fell 60% to $152.85, and its value in the market is $2.68 billion.
  • EOS’ market price fell 3.09% to $2.55, and its value in the market is $2.31 billion.
  • Stellar’s market price fell 20% to $0.112280, and its value in the market is $2.15 billion.
  • Tether’s market price fell 0.76% to $1.01, and its value in the market is $1.88 billion.
  • Litecoin’s market price fell 3.88% to $30.35, and its value in the market is $1.82 billion.
  • Bitcoin SV’s market price fell 91% to $85.12, and its value in the market is 1.49 billion.
  • TRON dethroned Cardano at the 10th spot, but its market price fell to 4.98% to $0.018834. As for its value in the market, it is $1.26 billion.
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