The Daily: September Losses for Most Traders, Crypto Debit Cards Shipped in Singapore

Visa	2018-10-27 16:52

The majority of cryptocurrency traders recorded losses on their investments last month, according to a report we’ve covered in The Daily. In this edition, we also look at the new debit cards allowing customers in Singapore to spend cryptocurrencies anywhere Visa is accepted and the decision of a large cryptocurrency mining company to move one of its farms from Sweden to Colorado.

Also read: Royal Mint Drops Digital Gold, Malta Issues Warning About Trading Platform

Report Depicts Bleak September

September was a busy but not an optimistic month for the crypto space, according to a report published by OK Blockchain Capital – the investment arm of OK Group, operator of cryptocurrency exchange Okex. The monthly survey among investors found that most of them had suffered small losses (25.47%), “essentially flat” (24.53%) or large losses (23.58%). A little over 14.15% of traders made small gains, while another 5.19% remained on the sidelines. The market situation was rather bleak, the authors have concluded.

The study confirms a continued downward trend in the value of digital assets throughout September. However, the trading volume rebounded significantly toward the end of the period. According to the aggregated data, the average global daily market cap of digital assets was $211.103 billion, down 10.27% from August. At the same time, the transaction volume reached $13.526 billion, up 5.15%. The top three cryptocurrency holdings last month were BTC (23.11%), EOS (16.04%) and ETH (12.26%).

The report also lists the industry buzzwords for September, including stablecoins, bitcoin mining machines, Bitmain, and the Ethereum “Difficulty Bomb.” Iran’s decision to recognize cryptocurrency mining, the ongoing court proceedings around the RBI ban in India, and regulatory developments in Japan and the United States are mentioned among the most important global policy news items.

Crypto Debit Cards Issued to Customers in Singapore

Cryptocurrency platform and payment provider Crypto.com has announced it is now shipping the new MCO Visa Cards to customers in Singapore. The prepaid cards are linked to a mobile wallet that allows holders to buy, sell, store, send, and track cryptocurrencies, the company formerly known as Monaco explained in a post published on Medium this week.

With the wallet app, users can order an MCO card, control its usage and manage all transactions. They will also be able to freeze or unfreeze their card. The metal cards come with free ATM withdrawals and no annual or monthly fees. The cards issued by Crypto.com will enable customers to spend digital coins converted to fiat money anywhere Visa is accepted.

The service supports cryptocurrencies like bitcoin core (BTC), ethereum (ETH), Binance coin (BNB) and the platform’s own MCO token as well as major fiat currencies, including the U.S. dollar, euro, British pound, Singapore dollar, Hong Kong dollar, Japanese yen, and Australian dollar.

MGT Moves 6,000 Miners From Sweden to Colorado

MGT Capital Investments, a company involved in cryptocurrency mining operations in the State of Washington and in Northern Sweden, has announced it concluded a hosting agreement for a new facility in Colorado. MGT has been exploring options to relocate more than 6,000 S9 Antminer devices that are currently installed in its bitcoin farm in the Scandinavian country.

“We have identified and successfully negotiated a deal with a U.S. facility that nicely suits our needs,” said MGT’s Chief Operating Officer, Stephen Schaeffer. “This location is capable of not only providing a cost-effective solution to our relocation needs, but also facilitates our growth plans for 2019,” he added, as quoted in a press release.

The facility in Colorado Springs, a former semiconductor campus, has an initial capacity of 10MW of electricity but the electrical infrastructure can support an additional 30MW of power. MGT Capital intends to complete the relocation and restart mining operations in the new location by the end of 2018.

MGT Capital Investments is one of the largest cryptocurrency mining companies in the U.S. where it operates around 6,800 Bitmain S9 miners.

What are your thoughts on today’s news tidbits? Tell us in the comments section below.

Images courtesy of Shutterstock, Crypto.com.

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