The crypto market is happy today, with bitcoin back above $9,300, trading at $9,354 for a 2.3% gain over the past 24 hours, according to cryptocompare. A number of positives may have conspired to bring the bulls back out to play, with market participants putting the negativity from Warren Buffett, Charlie Munger and Bill Gates .
Gary Cohn, former chief economic adviser to President Trump, told CNBC he thinks there will be a global cryptocurrency, although it won’t be bitcoin.
Elsewhere, the second-largest mining group, Canaan, has announced it is doing an IPO in Hong Kong. In Japan Yuzo Kano the founder of Japan’s largest crypto exchange, BitFlyer, which is now expanding globally, has grabbed execs from Barclays, Goldman Sachs and Credit Suisse. BitFlyer currently has around 150 employees, according to a report on Bloomberg. Meanwhile, hedge fund outfit Pantera Capital’s Digital Asset Fund is storming ahead, up 46% in April, outperforming bitcoin. Also, Kik’s Kin Foundation announced that it has forked Stellar for the blockchain ecosystem that will power the Kik economy on the messaging social network app. Kin token is trading at $0.000175.
The really big news that has added to the credibility of the crypto sector is Facebook setting up a blockchain group inside its “New platforms and Infra” division, one of three new divisions set up in the most wide-ranging reorganisation at Facebook to date. The new group, revealed in a Recode report, will be headed by David Marcus who previously oversaw the breaking out of the Messenger product as a stand alone service. While leading Messenger development Marcus said he was open to the idea of the messaging platform one day adding cryptocurrency payments. Marcus is a former president of PayPal, so has deep experience in payments. He joined the board of Coinbase at the end of last year.
Finally, news came in yesterday that China was planning to have in place national standards for blockchain by next year, according to a report on Chinese news wire Xinhua. The report in part read:
Li Ming, director of the Blockchain Research Office of the Electronic Industry Standards Research Institute of the Ministry of Industry and Information Technology, said in an interview with a reporter from the Economic Information Daily that at present the national standard plan for blockchains has been announced and related departments will also set up a national blockchain and distributed Accounting Technology Standardization Committee.
Li Ming revealed that the blockchain national standards include basic standards, business and application standards, process and method standards, credible and interoperable standards, and information security standards, and will further expand the applicability of the standards.
“The development of blockchain technology may become an important step for China to grasp the global technological competition.” Yu Kequn, director of the National Center for Information Technology Security Research, recently stated at the 2018 Blockchain Security Summit. He pointed out that the blockchain is believed to lead a new round of technological innovation and new industry development with a rapid momentum.
Bitcoin Cash is up 7.3% at $1,657 and Zilliqa (ZIL) just can’t stop charging ahead, up 22% in the past 24 hours to $0.1943.
ZIL has just been listed on Bithumb and UpBit, two of South Korea’s biggest exchanges. Ox is 17% higher today. Zil has been catching fire over the past few weeks since its Testnet went live in April and optimism grows about the robustness of its sharding technology.
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK’s second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane