Crypto currency competition is increasingly crowded with the emergence of new coins. One of them is the Alibabacoin (ABBC) product, a product of the Alibabacoin Foundation, a company that is not affiliated with the Alibaba Group.

ABBC Foundation CEO Jason Daniel Paul Philip said this product can be accessed in nine large exchanges simultaneously. The exchange platforms are BitForex, Coinsuper, Coinbene, IDAX, TopBTC, OOOBTC, RightBTC, DragonEx, and Sistemkoin.

“Registering in a large exchange is not an easy thing. There are several requirements that must be met to be registered in different exchanges. These requirements make cryptocurrency projects difficult enough to get into even one exchange,” Jason Daniel Paul said. Philip in his written statement, Sunday, October 7, 2018.

Jason said ABBC Foundation is doing this to provide additional benefits to their coin holders and to anyone interested in investing in their coins in the future.

“The fact that Alibabacoin is not only listed in one exchange but nine makes this product an attractive investment for people who often do trading activities with cryptocurrencies,” he concluded.

Digital currency competition has been led by several coin products such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), EOS (EOS), Stellar Lumens (XLM), Litecoin (LTC), Tether (UDST), and Tether (UDST). The highest value currency is BTC.

Head of the West Nusa Tenggara Financial Services Authority (OJK) Farid Faletehan said investment in cryptocurrency (crypto) is permitted by the Commodity Futures Trading Supervisory Agency (Bappebti), Ministry of Trade, as a commodity subject to be traded on the futures trading market since 2015. But the currency this is still prohibited as a mechanism of payment by Bank Indonesia.

Read in the Indonesian version here

10th birthday, Bitcoin prices are no longer encouraging

Bitcoin will soon celebrate its 10th birthday. However, this achievement is slightly tarnished because its performance tends to be in a downward trend.

The Wall Street Journal reported, in 2017, the price of digital currency launched in 2008 had jumped to 1,375% because investors and traders were interested in Bitcoin.

However, the price of the most popular digital currency fell quite in the third quarter of 2018. Bitcoin prices have dropped more than 60% of the highest price last year, according to Coindesk data. Last week, the price of Bitcoin had gained 4%.

The overall cryptocurrency market is worse: the combined market value of all cryptocurrencies dropped 13% from the previous quarter, down from US $ 255 billion to US $ 221 billion on Friday, according to CoinMarketCap.

This decline was contributed by a decline in the value of the large digital currency market. Ether, which is used in the ethereum network fell 51% each and Bitcoin Cash and EOS dropped 28% respectively.

Lately it is difficult for Bitcoin to attract new buyers or even retain old buyers who are most disappointed with the price.

According to Blockchain, the average price transaction in the third quarter of 2018 reached 217,000 digital coins. This figure is far below the average daily transaction in the fourth quarter of 2017 of 319,000 coins.

The US capital market regulator also did not give positive sentiments to morning investors and traders. In August, the US stock exchange authority rejected nine separate proposals for Bitcoin-based mutual funds. This is the second time rejection of Bitcoin mutual funds submitted by businessmen Cameron and Tyler Winklevoss.

Restoration of Bitcoin mutual funds can be very helpful to attract major retail investors back into the cryptocurrency market, but the SEC consistently concludes there is not enough transparency in the digital currency market that ensures prices are not manipulated.

A full report from the New York Attorney General’s office in September revealed some of the same concerns. Found many exchange exchanges do not have basic consumer protection, making investors vulnerable to manipulators.

The initial coin offering market (ICO), which allows investors to buy digital tokens like bitcoin to be developed or offered in the future is equally unsafe. The ICO market has raised US $ 12 billion this year, according to data from research companies Diar and TokenData, about twice that of 2017.

However, the company calculates that 70% of the projects currently fall in value when the ICO is completed.

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Responses

  1. peter S

    Nice analysis. Still early days for new business development in cryptoland. Take out the crazy peak of Jan 2018 look more long term. Let it grow organically and attract more funds gradually.

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