Weekly Crypto Report 17.09.18

As uncertainty in the crypto world continues, there are still bits of news you can use to learn a thing or two and perhaps try to carve out a nice profit for yourself, here are some of the things we found most interesting over the past few days…

Binance to Start Closed Beta Testing of New Crypto-Fiat Exchange in Singapore:
Binance, the largest global crypto exchange, will soon start private beta testing a crypto-fiat exchange in Singapore, as Binance co-founder and CEO Changpeng Zhao (CZ) tweeted on September 15. As Changpeng Zhao revealed, the testing will be launched on September 18

European Central Bank: ‘No Plans’ for Digital Currency, Cash Demand Growing:
The European Central Bank (ECB) has “no plans” to issue its own digital currency, President Mario Draghi told the European Parliament Wednesday, September 12. Addressing a query by MEP Jonás Fernández, Draghi said “substantial development” was still needed in the underlying technology behind cryptocurrencies before the Central Bank would consider using them.

Coinbase’s New NYC Office to Hire 100 in Wall Street Crypto Push:
The crypto industry unicorn Coinbase has aggressive growth plans for its newly opened New York office, which caters to institutional clients. The digital asset exchange plans to expand the operation to 150 employees next year, from 20 currently. According to the company, the slump in cryptocurrency prices this year has not quelled institutional demand for this asset class.

A Top-20 Crypto Exchange Is Replacing Tether With a Rival Stablecoin:
Digifinex has decided to replace tether (USDT), perhaps the best-known “stablecoin” designed to maintain a steady exchange rate with the U.S. dollar, with a rival, TrustToken’s TrueUSD. Based in Singapore, Digifinex handled $131 million in trading volume over the past 24 hours, according to CoinMarketCap, making it the 16th-largest exchange by that measure. Kiana Shek, Digifinex’s co-founder, told CoinDesk she’d been “looking for ways to get rid of USDT” for months, adding, “I simply don’t believe in tether but I had no choice” but to list it.

Medici-Backed Bitsy Launches User-Friendly Crypto Wallet:
Blockchain startup Bitsy wants to help build out the bridge between cryptocurrencies and fiat money. To that end, the company announced a new crypto wallet Friday, one aimed at providing a simplified, user-friendly experience. CEO Ann-Marie Hopkins told CoinDesk that the wallet will allow users to buy some amount of cryptocurrency, such as bitcoin, and ensure that “it’ll be easier to get bitcoin from one person to another.”

Irrational Exuberance Revisited: Is Crypto The New Dot-Com Bubble?
If you have ever encountered the word ‘cryptocurrency’ or ‘bitcoin,’ there is a solid chance that within the same paragraph or even sentence the word ‘bubble’ could also be found. Bubble has indeed become a shibboleth for crypto sceptics, especially after the market soared at the end of 2017, and the widening gap between valuation and intrinsic value of digital currencies and tokens became ostensible to many.

And as always, our handy market charts:

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