Top stories in the Crypto Roundup:

• Staunch cryptocurrency proponent Patrick Byrne resigns as CEO of Overstock.com.
• Arcane Research: Bitcoin market dominance is in fact above 90 percent.
• Blockstack lands strategic investment from Japanese internet giant, Recruit Holdings.

Once again, sellers struggled overnight (UTC) to drive the price of BTC/USD lower. Whilst the 100-day exponential moving average (EMA) has not come into play this week at $9,650, the simple 100-day MA (i.e., $9,920) has—on multiple occasions—acted as a key support level over the past couple of days.

At the time of writing, bitcoin (BTC) is trading at $10,240.03 (3.14%) with daily top tier volume of $1.31 bn. As for ether (ETH) it is trading at $193.59 (4.16%) with daily top tier volume of $332.22 mn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 3,370.85 (0.67%).

 

Pro-Cryptocurrency Patrick Byrne Resigns as Overstock CEO

After two decades as chief executive of online retailer Overstock.com, Patrick Byrne—a longstanding proponent of cryptocurrency and blockchain technology—has resigned; admitting he had become “far too controversial” to continue leading the eBay and Amazon competitor. Byrne has also stood down as a board member for Overstock.

The resignation came a week after Utah-based Overstock issued a statement in which Byrne referred to the “Deep State,” called federal agents “Men in Black,” and confirmed a journalist’s reports detailing his relationship with an imprisoned unregistered agent of Russia.

Stepping in as interim chief executive for Overstock is Jonathan Johnson III, the current president of Medici Ventures—the company’s wholly-owned subsidiary specializing in blockchain innovation. Johnson will continue serving on the boards of each of Overstock, Medici Ventures, as well as tZERO, a Medici Ventures keiretsu company that operates a security token trading platform.

Arcane Research: Bitcoin Market Dominance Is Actually Over 90%

According to Arcane Research, the market dominance of bitcoin is significantly higher than what is commonly being reported. Explaining further, Arcane said it is meaningless to look at valuation without considering liquidity.

When adjusting for liquidity by calculating volume-weighted market capitalization, the firm explained, the market dominance of bitcoin rises well above 90 percent—compared to the roughly 70 percent commonly reported on (which does not adjust for liquidity).

Arcane’s researchers also excluded stablecoins from their calculation. This, in their opinion, enables “a more precise measurement of the relative strength of different cryptocurrencies and blockchain projects.”

Blockstack Lands Strategic Investment From Japanese Internet Giant

Blockstack PBC—the public benefit corporation steering the development of the eponymous decentralized computing network and app ecosystem—announced that global technology corporation Recruit Holdings had made a strategic investment in the Blockstack network.

“Recruit is one of the biggest Japanese internet companies with more than a $50 billion market cap,” Blockstack stated in a blog post Thursday. The investment—which The Block reported was partly in the form of a purchase of an undisclosed number of Blockstack-native Stacks tokens—will help introduce the Blockstack’s Stacks blockchain and its developer toolkit to the Japanese market.

In late July, Blockstack announced the Hashkey Group and SNZ were to lead an Asia-based strategic investment round for Blockstack’s Stacks token offering. The round was described as forming a part of Blockstack PBC’s Reg S offering, and separate from the general offering approved by the U.S. Securities and Exchange Commission (SEC) earlier this year.

State of the Crypto by Top Tier Exchange Volume

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