Market Update 7.24.18 – 58% Canadians Own BTC as Investments

| Publish date: 07/24/2018

Market News

58% Canadians Own BTC as Investments

According to a study conducted by the Bank of Canada, Canadian citizens were using BTC as a means of investment in 2017. This study, published on July 23, is an update of an earlier study (the Bitcoin Omnibus Survey) conducted by the country’s central bank for the period between December 12 and December 15 last year.

In 2016, Bitcoin had been used mainly for transactions, however, by 2017, that trend had changed, wherein Canadians were buying BTCs as an investment. Of the people surveyed, 58% stated that they had bought BTC as an investment. 12% of the respondents bought Bitcoin because their “friends owned” the cryptocurrency. 7% were interested in new technology and only 6% used the digital assets as a means of transaction on the internet.

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BoA’s Updated Payment System Blockchain Compatible

According to the announcement made by the UK’s central bank, the Bank of England, its updated payments system is going to be compatible with blockchain based fintech forms. This is the latest in the central bank’s efforts to reform and modernize its RTGS (Real Time Gross Settlement) system.

The RTGS system is critical to the banking and trading industry in the UK. This system handles transactions that amount to more than £500 billion on an annual basis, which is nearly a third of the entire country’s economic output.

This new system is expected to be launched in early 2020.

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Google Offering Blockchain Tech in its Cloud Platform

Google is now joining the ranks of other technology majors in offering Blockchain technology solutions in its Fintech and Cloud businesses. The company announced on July 23 that it is partnering with two Blockchain focused startups – BlockApps as well as Digital Asset – to offer new DLT (distributed ledger technology) services on its Google Cloud Platform (GCP). This, the company stated, would allow users to explore various options in using DLT frameworks.

The company also mentioned future plans in its announcement. Google stated that towards the end of this year, their customers would also be able to test open-source integrations of Ethereum protocols as well as Hyperledger Fabric on their platform.

Read the story here.

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Total Market Cap: July 24

Trading volume went up by $4 billion in the last 24 hours to $17.50 billion. Capitalization in the cryptocurrency market is also up to $293.23 billion.

Bitcoin Price Analysis: July 24

BTC just broke through the $8k mark and is currently trading at $8006.03 per token, a 4.12% jump since yesterday. The crypto’s volume in trade is $5.86 billion and its market value is now $137.29 billion.

Ethereum Price Analysis: July 24

Ethereum gained 1.79% to $471.85. Trading volume in ETH is $1.92 billion and its market value is $47.43 billion.

State of the Top 10 Cryptocurrencies: July 24

Bitcoin climbed another 4.12%, the highest gains amongst the top ten cryptocurrencies, to dominate the cryptocurrency market. The other altcoins did not fare as well, with the top nine (after BTC) showing a mixed bag of results for trading today so far. ETH, BCH, XLM, LTC and USDT rose slightly, but XRP, EOS, ADA and MIOTA fell.

  • Bitcoin rose 4.12% to trade at $8006.03. Its market value is $137.29 billion.
  • Ethereum rose 1.79% to trade at $471.85. Its market value is $47.43 billion.
  • Ripple fell 0.18% to trade at $0.452306. Its market value is $17.78 billion.
  • Bitcoin Cash rose 2.94% to trade at $836.75. Its market value is $14.43 billion.
  • EOS fell 0.61% to trade at $8.07. Its market value is $7.23 billion.
  • Stellar rose 0.89% to trade at $0.293789. Its market value is $5.51 billion.
  • Litecoin rose 2.85% to trade at $87.06. Its market value is $5 billion.
  • Cardano fell 3.81% to trade at $0.168846. Its market value is $4.37 billion.
  • IOTA fell 1.56% to trade at $0.959449. Its market value is $2.66 billion.
  • Tether rose 0.23% to trade at $0.998391. Its market value is $2.60 billion.

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