Market Update 7.13.18 – $1.5 Million in Crypto Seized By Police
Market News
$1.5 Million in Crypto Seized By Police
According to local news reports, the Chinese authorities have seized more than $1.5 million worth of cryptocurrencies during a crackdown on gambling on the FIFA World Cup 2018.
Authorities identified an unnamed gambling platform in May through ads that claimed that bettors could place bets using cryptocurrencies such as Bitcoin, Ether and Litecoin. Through the investigation, the Chinese police found out that this platform was based outside the country, and was using a traditional online gambling model in tandem with cryptocurrency payment options. The site used loopholes in Chinese regulations to hide their profits.
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Study: 80% of ICOs in 2017 were Scams
A recent study done by the ICO advisory company Statis Group showed that more than 80% of the Initial Coin Offerings (ICOs) launched in 2017 were actually scams. Factors kept in mind during the analysis of the data included the lifecycle of ICOs that were launched and run in 2017. This lifecycle covered everything from the initial proposal of sale availability to the point on trading on a cryptocurrency exchange.
According to this research, more than 70% of the funding (calculated by $ volume) for ICOs were distributed among the higher quality projects. However, more than 80% of the ICOs (calculated on the number of shares) were scams. The study showed that funding in 2017 for coins as well as tokens totaled more than $11.9 billion, of which $1.34 billion (~11%) went to projects that were later found to be scams.
Read more here.
New York Creates New Power Rates for Crypto Mining
The New York State Public Service Commission announced that it was allowing the local utility provider Massena Electric Department to create a separate service agreement for “high-density load customers” – such as cryptocurrency mining companies.
This is potentially significant move for crypto miners who are looking at tapping into the state’s hydroelectric resources. For Massena, this was largely an administrative move, to ensure that there was a balance between charging fair rates to such huge electricity consumers and attracting more investments from this sector into the State of New York.
Read the rest of the story here.
Total Market Cap: July 13
The trading volume in the cryptocurrency market inched up to $12.45 billion and the value of the market is current $249.75 billion, up a little over $4 billion from 24 hours ago.
Bitcoin Price Analysis: July 13
Bitcoin inched up to a token price of $6261.75, a 0.92% increase since yesterday. Currently, its trading volume is $3.89 billion and its market value is $107.42 billion.
Ethereum Price Analysis: July 13
Ethereum’s price gained 0.57% to trade at $437.04 per token. The altcoin’s current trading volume is $1.56 billion and value is $44.01 billion.
State of the Top 10 Cryptocurrencies: July 13
Of the top ten cryptos in terms of market capitalization, Tether continued to trade flat at $1 for the second day in a row. There was also relief for all the other top cryptocurrencies thanks to slight gains made so far in trading today.
- Bitcoin gained 0.92% to trade at $6261.75 a token and its value is currently $107.42 billion.
- Ethereum gained 0.57% to trade at $437.04 a token and its value is currently $44.01 billion.
- Ripple gained 1.93% to trade at $0.444304 a token and its value is currently $17.44 billion.
- Bitcoin Cash gained 2.72% to trade at $697.93 a token and its value is currently $12.02 billion.
- EOS gained 6.23% to trade at $7.16 a token and its value is currently $6.41 billion.
- Litecoin gained 1.96% to trade at $77.37 a token and its value is currently $4.43 billion.
- Stellar gained 3.39% to trade at $0.190081 a token and its value is currently $3.56 billion.
- Cardano gained 2.54% to trade at $0.129170 a token and its value is currently $3.34 billion.
- IOTA gained 3.68% to trade at $0.985534 a token and its value is currently $2.73 billion.
- Tether trade flat at $1 a token and its value is currently $2.70 billion.