This week we have brought you another episode of Crypto Weekly Highlights. Take a look and tell us what you think!
On the Cusp
There are some interesting development coming up in the past week that may warrant the attention of everyone in the crypto industry. Bitcoin (BTC) had a very bullish week, increasing 14% or roughly $1,200. It started the week at around $9,600 and ended at $10,800. Ether (ETH) however, did not performed as well, trading between $185 to $195 before declining and ending the week below $170.
We hope you will enjoy the next 3 minutes 34 seconds as we bring you top crypto news of the week.
⬇️ CoinCheck Exchange Reduce Leverage by 20%
Japanese Crypto Exchange Coincheck has announced that it is reducing the scope of its leveraged trading options to comply with local rules. The move has come in direct response to best practices put forward by the Japan Virtual Currency Exchange Association (JVCEA). The changes will take effect from Oct. 31. Coincheck is urging traders to cancel any scheduled margin calls and take certain precautions.
⛳ Bitcoin.com Launches Crypto Exchange
Popular Cryptocurrency portal - Bitcoin.com, has announced the launch of its own exchange. The new exchange will start with the trading of several popular coins such litecoin (LTC), Ripple (XRP), Tron (TRX), Zcash (ZEC), Stellar (XLM), and EOS . It will have markets denominated by bitcoin (BTC), ether (ETH), bitcoin cash (BCH), and Tether (USDT).
🔗 Ripple Releases Another 500 Million XRP out of escrow
Ripple released 500 Million more XRP out of escrow on 03 Sep 2019, valued at $130 Million at the time of writing. Ripple regularly releases and sell XRP to the market to fund the company's operations. The move has generated resentment within the community as some of its members accuse it of dumping XRP and crashing the token's price.
🎼 K-Pop Music Giant is Planning Its Own Cryptocurrency
K-pop talent agency, SM Entertainment, is planning to build its own blockchain network with a native cryptocurrency. Joo Sang-sik, director of the company’s technology arm, CT-AI Labs, made the announcement at the Upbit Developer Conference in Incheon. the firm aims to make use of the concepts of both public and private blockchains and is currently talking to potential partners to build the network. SM Entertainment is listed on the Korean stock exchange and has a market capitalization of roughly $600 million.
💵 Binance Launches US Dollar-Backed Crypto Stablecoin
Binance announced that the New York Department of Financial Services (NYDFS) had approved the launch of Binance's USD stablecoin. The stablecoin is launched in partnership with Paxos Standard (PAX) who will act as custodian. The stablecoin will be up for direct purchase and redemption on the Paxos platform, as well as for trading on Binance.com later this month. Paxos has also launched a gold-backed stablecoin in which each token will worth the same as an ounce of gold.
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