Flipside Daily Mover #100: FCAS 25
A coin per day, making big moves
FCAS 25 Healthier As Spotlight Shines on Crypto
August 1, 2019
The FCAS 25 tracks the overall health of the crypto-asset industry by following the fundamental scores of the top 25 projects over time. The time-weighted moving average for these 25 assets is up 2-points (0.24%) over the month of July.
Who is in, who is out?
Members of the FCAS 25 are reevaluated each month and must be ranked within the top 25 for at least 40 days to qualify. Today, a new set of members was released with a number of significant changes. This month, NEM (XEM) has stormed the list, replacing Aeternity (AE), while Decentraland (MANA) and Decred (DCR) have jumped several spots in the rankings.
Into the Limelight
From U.S. congressional hearings to presidential tweets, cryptocurrencies garnered levels of attention in July that haven’t been seen since the late 2017 bull run. At the center of the hullabaloo was Facebook & Calibra’s David Marcus and his testimony regarding Libra in front of the House Financial Services Committee on July 17th. While excitement leading up to the event was palpable, the aftermath was a mixed bag of sentiments.
On one hand, it is clear that lawmakers are wary of both Facebook’s past abuses of user data and how this foreshadows their use of data collected from the Calibra wallet, as well as general concerns around the systemic risk of 2.7 billion users gaining access to the currency. On the other hand, Bitcoin came away with a nice shine and polish. Committee members seem to grasp its inherent benefits as a permission-less, decentralized system that is not backed by fiat reserves or government securities.
🌶️ Hot Take
During all of the Libra excitement, projects and exchanges in the space continued to rollout exciting enhancements to their products, including the release 0x Mesh Beta and the reveal of Huobi’s HUSD stablecoin custodied by Paxos. The trend of interoperability continued to knit the industry into a more cohesive system, led by the announcement that NEO and Ontology would be partnering to create a global cross-chain platform. It is likely that this trend will continue amongst single-blockchain platform providers as the likes of Cosmos and Polkadot ramp up operations.
From an infrastructure perspective, Bakkt and LedgerX continue to inch towards the launch of their physically-settled Bitcoin futures products. Bakkt kicked off user acceptance testing on July 22nd, and LedgerX recently announced approval from the CFTC only to have it reneged today (more to come on that developing story). Overall, there is tremendous progress being made across the space. Brick-by-brick the foundations are being built, and the industry is continuing to strengthen.
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