Market Update 5.09.18 – Facebook Launching New Blockchain Research Unit

| Publish date: 05/09/2018
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Facebook Launching New Blockchain Research Unit

Social media giant, Facebook Inc., is launching its in-house blockchain research unit that will be headed by David Marcus. Marcus previously served as the company’s vice president for Facebook’s Messenger business division, prior to which he was a vice president with PayPal.

According to news reports, the team will consist of less than a dozen members, and will have engineering and product staff from the company’s Instagram unit too. While details of what kind of work would be carried out by the new team are not clear, the move towards cryptocurrencies and blockchain is a big one for Facebook.

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Global Cryptocurrency Predicted by Ex-Goldman Sachs President

The ex-president of Goldman Sachs and previously chief economic advisor to the American President Donald Trump, Gary Cohn stated that he believes that there were be a global cryptocurrency in the near future, however it will not be Bitcoin.

In an interview with NBC, Cohn stated that the world would have a global cryptocurrency that was easier to understand that Bitcoin, and would not have issues such as the cost of mining tokens or even how energy expensive the mining process was. He said that while was not a believer in Bitcoin, he certainly was a believer in Blockchain technology.

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Winklevoss IP Wins Crypto ETP Patent

Winklevoss IP, the company owned by the Winklevoss twin brothers, Cameron and Tyler, has won a patent claim that targets settling ETPs (Exchange Traded Products) that are holding cryptocurrencies. The company has first filed its claim in December 2017.

ETPs are a type of security whose values are derived from the investment instruments that they are tied to, which in the case of Winklevoss IP, are cryptocurrencies. The company’s patent claim has outlined a system where transactions will be executed for ETPs that hold cryptos such as BTC, XRP, ETH, etc.

Read the rest of the story here.

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Total Market Cap: May 09

The cryptocurrency market trading volume has slid again to $23.28 billion. Market capitalization has also dropped in the last 24 hours to $422.75 billion.

Bitcoin Price Analysis: May 09

Bitcoin’s price fell 3.15% to $9140 in the last one day. The digital currency’s trade volume is $7.76 billion while its market value is down to $155.49 billion.

Ethereum Price Analysis: May 09

Ethereum’s token price fell by 5.17% to trade at $729.28 in the last twenty four hours. The virtual coin’s trading volume is now $2.93 billion and its market value is at $72.59 billion.

State of the Top 10 Cryptocurrencies: May 09

All the top ten cryptocurrencies have seen a price fall in the last 24 hours. The steepest decline was experienced by Stellar with a drop of 9.87%, followed by Cardano with a drop of 8.49% and BCH will a price fall of 8.03%. IOTA saw some volatility in the last one day, but is currently trading flat vis-à-vis its price yesterday.

  • Bitcoin saw a price fall of 3.15% to $9140 and its value dropped to $155.49 billion.
  • Ethereum saw a price fall of 5.17% to $729.28 and its value dropped to $72.59 billion.
  • Ripple saw a price fall of 6.91% to $0.780925 and its value dropped to $30.59 billion.
  • Bitcoin Cash saw a price fall of 8.03% to $1539.53 and its value dropped to $26.35 billion.
  • EOS saw a price fall of 3.85% to $17.70 and its value dropped to $14.95 billion.
  • Litecoin saw a price fall of 7.31% to $155 and its value dropped to $8.74 billion.
  • Cardano saw a price fall of 8.49% to $0.314025 and its value dropped to $8.14 billion.
  • Stellar saw a price fall of 9.87% to $0.369680 and its value dropped to $6.86 billion.
  • IOTA saw some volatility but ended up trading flat $2.30 and its value climbed to $6.38 billion.
  • TRON saw a price fall of 5.8% to $0.080250 and its value dropped to $5.27 billion.
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