Zuckerberg to Testify Before Congress Over Libra; SEC Rejects Bitwise’s ETF; Vanguard Developing FX Blockchain Platform

Crescent Crypto
Dec 13, 2019 · 5 min read

Weekly Market Update 10/3 — Market moves sideways

Weekly Market Recap

Oct 10- Crypto assets popped ~4% this week, bringing the total crypto market cap to $229.7bn. The Crescent Crypto Market Index (CCMIX) was up 5.7%, while BTC gained 4.8% over the same period. The CCALT and CCSMART also outperformed Bitcoin, with only the CCDARK index lagging at +1.4%. Alt coins started to see some life despite trailing BTC throughout much of the year.

Sector Performance

Bitcoin vs. CCMIX vs. CCALT vs. CCDARK vs. CCSMART

Oct 3rd — Oct 10th, 2019

Market Index Constituent Performance

Oct 3rd — Oct 10th, 2019

Summary

  • BTC performed in the middle of the pack this week, as other large-cap constituents saw sizable gains.
  • The CCMIX benefited from this large-cap outperformance, resulting in the index gaining +1% more than Bitcoin over the past week.
  • CCSMART & CCALT significantly outperformed Bitcoin, generating returns of 9.9% and 9.4% respectively.
  • XRP and ETH led the surge, gaining 10.5% and 9.8% respectively.
  • XLM, BTC, BCH and LTC were all positive, with returns ranging from 3.3–5.8%.
  • Bitcoin dominance declined to 66.9% of the total crypto market cap, down from 67.6% last week.

Notable News

Zuckerberg to Testify Before Congress Over Libra

What Happened?

Facebook CEO Mark Zuckerberg will defend the Libra cryptocurrency project before U.S. lawmakers later this month.

The House Financial Services Committee announced Wednesday that Zuckerberg will testify on Oct. 23 during a hearing titled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” Zuckerberg will be the only witness. This will be the third time a hearing on Libra will be held by Congress. Read more…

Why Does This Matter?

Despite lingering questions regarding Facebook’s control over the project, Libra could be viewed in a positive light as an on-ramp for broader crypto adoption. However, a resolution over its halted launch doesn’t seem to be coming anytime soon as members of Congress dig in, determined to slow Facebook’s ever increasing reach. This has had an impact on the companies who partnered to launch Libra, as evidenced by PayPal and Marcus recently pulling out of the 28-member governing association last week.

SEC Rejects Bitwise’s Bitcoin ETF

What Happened?

The United States Securities and Exchange Commission (SEC) has rejected a proposal to list a Bitcoin (BTC) exchange-traded fund (ETF). In an announcement on Oct. 9, the Commission stated that the ETF filing from Bitwise Asset Management and NYSE Arca did not meet the necessary requirements. Read more…

Why Does This Matter?

While market participants have long awaited a Bitcoin ETF, another rejection/delay from the SEC didn’t seem to phase them as BTC traded slightly higher the day of the announcement. As the market continues to mature, and infrastructure improves, many expect that the approval of a Bitcoin ETF may be inevitable, even if it doesn’t happen anytime soon.

Vanguard Developing Blockchain Platform for Forex

What Happened?

Mutual fund giant Vanguard has partnered with Nasdaq Ventures-backed blockchain startup Symbiont to develop a trading platform for the $6 trillion currency market, the companies said.

With the new platform, Vanguard, which manages $5.2 trillion, aims to lower transaction costs for the trillions of dollars worth of currencies it trades annually by boosting peer-to-peer trading for investors, connecting them directly via blockchain technology. The platform has been operational for two months and completed its first trades during the time, according to the report. Read more…

Why Does This Matter?

It’s important to pay attention when a company like Vanguard starts making moves in the space. Due to Vanguard’s size, a blockchain solution targeted at re-engineering how the FX markets trade could start to see real traction within their deep network of clients. While Vanguard is not building a public blockchain, its implementation of the technology is another promising signal of its potential.

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Full-service digital asset management firm with an open architecture investment platform

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