Cryptocurrency Market News: Federal Reserve Bank of Boston looking into digital currencies for banks

Here is what you need to know on Friday 14, August

BTC/USD remains stable at $11,500 while it losses market dominance due to altcoins rallying up.

ETH/USD is aiming to crack $400 in the next 24 hours as bulls managed to defend the daily 12-EMA and bounce off of it. 

XRP/USD is struggling to climb above the daily 12-EMA and is the weakest digital asset.

The biggest winner today is Numeraire with a massive 50% price explosion to $51 followed by Algorand which also had a notable rally towards $0.7. Waves is also extremely strong and breaking out of all resistance levels thanks to an announcement from Binance.

Chart of the day: WAVES/USD daily chart

Market

Just hours ago, the Federal Reserve Bank of Boston stated that they are working together with researchers at the Massachusetts Institute of Technology to build and explore a hypothetical digital currency specifically designed for bank uses.

The objectives of our research and experimentation across the Federal Reserve System are to assess the safety and efficiency of digital currency systems, to inform our understanding of private-sector arrangements, and to give us hands-on experience to understand the opportunities and limitations of possible technologies for digital forms of central bank money. These efforts are intended to ensure that we fully understand the potential as well as the associated risks and possible unintended consequences that new technologies present in the payments arena.

Bitfinex was down for more than five hours unexpectedly. Users were deeply concerned but the exchange quickly made an official statement saying the platform had some ‘performance issues’ and that they were investigating it. 

Eventually, the platform went back online and no funds have been lost. 

Industry

Crypto Pro application is extending its services to Apple devices including the iPhone, iPad, MAC, and even Apple Watch. The app tracks crypto prices and allows users to retain their privacy by not collecting any type of personal information and encrypting all data.  

Quote of the day

Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly. 

– Vitalik Buterin