America's top universities have invested in crypto funds, Dr. Doom and Peter Van Valkenburgh will square off in front of Congress, Bitcoin billionaires make China's richest list, and more!
Market Cap: Top 10 Currencies
The market took a hit Thursday, with the top 10 currencies ending the day in red. As a group, their combined market caps have lost -7.16% over the last seven days.
(Currencies included this analysis: ADA, BCH, BTC, EOS, ETH, LTC, USDT, XLM, XMR, XRP)
Market Cap: Currencies Ranked 3-10
The currencies ranked between 3 and 10 were hit hard this week. Without Bitcoin to save them, their combined market caps have lost -13.44% over the last seven days.
(Currencies included this analysis: ADA, BCH, EOS, LTC, USDT, XLM, XMR, XRP)
Share of Market Cap: Bitcoin
Despite price drop off Thursday, Bitcoin continues to gain market share. At press time, the currency's market cap represented roughly 58.45% of the total market cap of the top 30 cryptocurrencies.
As first reported by The Information, a cadre of major educational institutions including Harvard University, Stanford University, Massachusetts Institute of Technology, Dartmouth College, and the University of North Carolina have each invested in at least one cryptocurrency fund through their respective endowments. Read more.
Crypto Wars, new episode: Nouriel Roubini vs. Peter Van Valkenburgh in the US Senate Banking Committee
Cryptocurrency markets might get another reason to get more volatile after a prolonged period of lull and low trading activity. The United States Senate Banking Committee will hold hearings focused on Exploring the Cryptocurrency and Blockchain Ecosystem later today with Dr. Nouriel Roubini, Professor of Economics and International Business, New York University Stern School of Business, and Mr. Peter Van Valkenburgh, Director of Research, Coin Center invited as witnesses to testify before the Committee on the subject matter. Read more.
The Hurun Research Institute released the 2018 Hurun China Rich List of the richest individuals in the country, with at least 13 entrepreneurs whose business is related to cryptocurrency mining and trading. Read more.
BTC whales are individuals or entities that own a large amount of the cryptocurrency and are said to exert influence on the market volatility. However, Chainalysis data reveals that BTC whales are a diverse group, and only about a third of them are active traders. And while these trading whales certainly have the capability of executing transactions large enough to move the market, they have, on net, traded against the herd, buying on price declines. Read more.
Starting Friday, BitGo said it will enable customers to keep Dash, a digital currency based on a tweaked version of the code behind Bitcoin, in digital wallets provided by the company. In the next couple of weeks, BitGo said it would add support for Lumens, a cryptocurrency associated with Stellar, an open source blockchain project that spun out of fintech giant Stripe in 2014. Read more.
PricewaterhouseCoopers, the top accounting firm better known as PwC, is backing a cryptocurrency—specifically, a so-called stablecoin backed by the U.S. dollar. Read more.
Forbes, the century-old business publisher, is joining forces with Civil, a journalism blockchain network, to become the first major media company to experiment with publishing stories to the blockchain. Read more.
Venezuelans seeking to escape their country’s hardships now face another hurdle: getting their hands on the government’s elusive Petro cryptocurrency to pay for their passports. Read more.
90 cryptocurrency hedge funds launched in the first three quarters of 2018, on track for 120 for the fiscal year, according to Crypto Fund Research. The record rate of new crypto hedge fund launches defies traditional thinking that hedge funds tend to launch most frequently in bull markets. Leading cryptocurrencies, like Bitcoin and Ethereum, are down 50% or more YTD 2018. Read more.
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