Cryptocurrency Market 7-day recap
This past week has been rough, with the cryptocurrency market valuation falling by approximately $30 billion.
The week started around ~$297 billion, and finished at around $264 billion. An 11% reduction in valuation.
Weekly trading volumes started strong around $16.1 billion, finishing lower at $13.7 billion. A sharp decrease but when put into perspective, this time last year trading volumes were $2.3 billion, so so even in this bear market, volumes are up 10x from a year ago.
Figure – Coin market cap
Bitcoin dominance is continuing to climb, with the week starting out at 47.2% and finishing at 48.14%.
Figure – Coin market cap
Google trends searches for Bitcoin, Ethereum, Ripple and cryptocurrency are continuing to show interest levels are very low. An indicator of bearish sentiment and disinterest, which based on the markets performance over the past 6 months is completely understandable.
Figure – Google trends
Bundaberg funds bitcoin travel startup
In our first news story today, we are seeing Australia’s travel by bit making more and more strides in the industry.
The city of Bundaberg may be best known for its rum, but this Queensland coastal resort is now at the forefront for the cryptocurrency start-up. Officials have approved a $100,000 AUD grant for a bitcoin travel business. The initiative aims to increase the adoption of crypto among merchants in the travel industry.
TravelbyBit hopes it will take the hassle out of exchanging currency for foreign travellers. The startup is also expected to appeal to globetrotters dealing in cryptocurrencies. It currently accepts Bitcoin, Litecoin, Dash, Ethereum, and XEM. The grant was awarded from the Ignite Ideas Fund, which supports startups and SMEs with market-ready new ideas.
Kate Jones is Queensland’s Minister for Innovation. She said tourism plays a crucial role in the state’s economy. She hopes TravelbyBit can help businesses in Bundaberg thrive by attracting crypto enthusiasts from across the globe.
Cash granted to TravelbyBit will help it increase staffing levels and add more merchants.
So far, around 150 merchants have reportedly agreed to work with TravelByBit. The city’s famous producers of Bundaberg Rum is expected to go crypto-friendly soon. Its distillery is a magnet for tourists.
TravelbyBit co-founder and CEO is Caleb Yeoh. He said:
“We have partnered with Brisbane Airport Corporation to launch the world’s first digital currency friendly airport and have integrated our cutting-edge blockchain powered point-of-sale system across the regional tourism towns of 1770 and Agnes Water.”
Mr Yeoh added: “With this next phase of technology, we are targeting a different brand of tourist – the tech-savvy traveler from anywhere in the world who are looking to book their travel experiences ahead of their trip and use digital currency to pay for their travels.”
Subpoena for ‘blockchain’ iced tea firm
An iced tea company that rebranded itself as the Long Blockchain Corp seven months ago has been subpoenaed by the US Securities and Exchange Commission. The agency has asked Long Blockchain Crop to produce unnamed documents.
Following the subpoena, issued on July 10, the company issued a statement. It said:
“The company is fully cooperating with the SEC’s investigation. The company cannot predict or determine whether any proceeding may be instituted by the SEC in connection with the subpoena or the outcome of any proceeding that may be instituted.”
The subpoena follows a decision by Nasdaq to delist the Long Blockchain Corp’s stock. The company’s market value has plummeted since the end of last year. It now stands at less than $5 million, compared with nearly $70 million which it was previously valued at.
The company was known as the Long Island Iced Tea Corp before it changed its name. The American corporation is based in Farmingdale, Long Island, New York. Its wholly owned subsidiary, Long Island Brand Beverages LLC, produces ready-to-drink iced tea and lemonade under the “Long Island” brand.
The move by companies to get into the blockchain and cryptocurrency industry, whether actually doing work or by just changing a company name, is a sign of this industries immaturity. Similar stories can be found of companies back in the early 2000’s during the internet boom, whether over-enthusiasm and irrational exuberance were at there highest.
Morgan Stanley hires crypto expert
Yet again we are seeing big players from traditional finance move into crypto. Morgan Stanley now has a new head of digital asset markets – a cryptocurrency expert. Crypto guru Andrew Peel previously worked for Credit Suisse. He has described his former role as a ‘trading subject matter expert for Bitcoin and cryptocurrencies’.
Morgan Stanley, the wealth management and financial giant, is the business that claims to “believe capital can work to benefit all of society – by putting clients first, leading with exceptional ideas, doing the right thing and giving back”.
According to Mr Peel’s LinkedIn profile he took up his new post in June and is based in Zurich and London. He worked in his previous role for more than five years and specialised in crypto markets.
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Beau is the Founder & Chief Editor at Cryptocurrency Australia Media, an educational platform designed to help anyone learn about cryptocurrency investment and blockchain technology. Beau is also the Founder & Principal Consultant of Blockchain Management Solutions, a specialist technical and project management consultancy, is an advisor with Masternode Ventures, a blockchain incubator, and is an advisor with THORChain, a new decentralized exchange protocol.