Crypto Market Update: Focus on Bitcoin (BTC), XRP, Chainlink (LINK), Cosmos (ATOM)

This article provides a quick overview of how the crypto markets have been doing—with the focus on Bitcoin (BTC), XRP, Chainlink (LINK), and Cosmos (ATOM)—over the past 24-hour period.

To give you a rough idea of how things are going today, 42 out of the top 50 cryptoassets (by market cap) are currently in the green (against the dollar).

All market data was taken around 07:30 UTC on 3 October 2019 from CryptoCompare, which also generated the price charts shown in this article.

BTC-USD 24 Hour on 3 Oct 2019.png

In the United States, the aftermath of poor manufacturing and hiring data, which were released this week, continued to cause trouble for U.S. equities, with the Dow falling on Wednesday (October 2) for the second day in a row, bringing its two-day total loss to 838 points.

Bitcoin (BTC), however, is managing to stay in the $8,200–$8,400 range. It started today at $8,394 and at press time is trading around $8,303, which means that it is up 0.68% in the past 24-hour period.

On October 2, Travis Kling, Founder & Chief Investment Officer of Ikigai Asset Management, referred to Bitcoin as an "X-Man toddler":

 XRP

XRP-USD 24 Hour on 3 Oct 2019.png

Although the XRP price is currently $0.248, i.e. lower than the start of the day when it was trading around $0.253, it is still up 0.73% in the past 24-hour period.

On October 2, Ripple announced that Xpring, its investment arm, is set to become "open developer platform for money" and that this new platform "offers a set of tools, services and programs that makes it easier for developers to send and receive payments in any currency, across any network, using the XRP Ledger and Interledger Protocol." 

Ethan Beard, Ethan Beard, Senior Vice President of Xpring, wrote:

Today, Xpring is offering a new Xpring SDK to easily work with XRP/ILP in any programming language, and a variety of tools for development on XRP and ILP including an XRP Network Explorer, a new XRP Ledger Devnet, and a new Testnet for ILP. These are just the first of many developers tools and services that we plan on building.

Xpring also announced that it had entered into a strategic partnership with crypto payment processor BitPay, as a result of which, two things will happen:

  • BitPay will be supporting XRP natively, which will allow merchants that are customers of BitPay to accept XRP as a form of payment, by the end of the year.
  • BitPay Wallet will support XRP.
  • BitPay Wallet will integrate with the new Xpring developer platform.

Chainlink (LINK)

LINK-USD 24 Hour on 3 Oct 2019.png

LINK has been enjoying a strong rally since September 26 when it had an intraday low of $1.572. Between then and now, the LINK price has gone up over 25%.

This recovery has been based on lots of good news in the form of partnership announcements, a couple of recent examples of which are listed below:

  • On October 1, Parallel Markets said in a blog post that it would be "connecting its investor identity data" to the Chainlink network to "help build the first portable investor identity solution available on the blockchain."
  • On October 2, TomoChain announced that it was going to work with Chainlink in order to integrate data-driven smart contracts into its blockchain ecosystem.

Cosmos (ATOM)

ATOM-USD 24 Hour on 3 Oct 2019.png

Since September 29, the ATOM price has gone up over 23% from an intraday of $2.102 to its current price of $2.60.

On October 1, Cosmos tweeted that Regen Network is "working on enabling WASM smart contracts within the #CosmosSDK":

On September 26, Cosmos sent out this interesting "State of Cosmos" tweet:

 

Featured Image Credit: Photo via Pixabay.com

Tether Gold (XAU₮): A New Tokenized Gold Product Built on Ethereum and TRON

Siamak Masnavi

On Thursday (January 23), Tether launched a new product called Tether Gold (XAUt), which is a crypto token -- available as an ERC-20 token on the Ethereum blockchain and as a TRC20 token on the TRON blockchain -- representing "ownership of one troy fine ounce of physical gold on a specific gold bar" held in a Swiss vault. 

Paolo Ardoino, CTO at Tether, had this to say:

There is growing demand for digital exposure to physical gold, making the launch of Tether Gold a timely innovation in the crypto ecosystem. Tether Gold provides the combined benefits of both physical and digital assets, removing the drawbacks of holding gold in more traditional ways, such as high storage costs and restricted access.

The XAUt token "can be transferred to any on-chain address from the purchasers' Tether wallet where it is issued after purchase." A particular gold bar(s) "will be associated with each on-chain address where Tether Gold is held."

The allocated gold is "identifiable with a unique serial number, purity and weight" and XAUt token holders are able to verify "the details of the gold bars associated with their address" via the Tether Gold product page on the Tether website. 

Tether Good Lookup.png

Tether Gold is a cryptoasset issued/sold by TG Commodities Limited (a UK company incorporated in December 1998). Each XAUt token represents "one troy fine ounce of gold on a London Good Delivery gold bar" and may be "fractionalized up to six decimal places (i.e. in increments as small as 0.000001 troy fine ounce)." 

Here are a few more important things you should know about Tether Gold:

  • You need a verified account with TG Commodities Limited if you want to buy XAUt directly from its issuer. The minimum purchase amount is 50 XAUt (worth approximately $78,250 as of 23 January 2020). The purchase price must be paid in USD.
  • XAUt tokens can be traded on supported exchanges (such as Bitfinex) "in fractions as small as the exchanges permit.", but you do need to pay 
  • There are no custody fees, but you do need to pay "a one-time 25 basis point fee at the time you purchase an XAUt from TG Commodities Limited and certain additional fees on redemption." 
  • To redeem Tether Gold tokens, you need a verified account with TG Commodities Limited. You must have at least "one full bar of gold worth of tokens" in order to use the redemption service. The physical gold can be delivered to either somewhere in Switzerland or the XAUt token holder can ask TG Commodities Limited to sell their physical gold and receive USD from the proceeds of the sale. 

Featured Image Credit: Photo via Pixabay.com