Market Update 7.21.18 – BBVA Signs Blockchain-Based Loan
Market News
BBVA Signs Blockchain-Based Loan
The BBVA (Banco Bilbao Vizcaya Argentaria), a Spanish multinational banking group, announced that it has signed a loan agreement with civil engineering company, ACS Group. What makes this agreement special is that it is a Blockchain-based loan, which will provide ACS a corporate long-term bilateral loan to the tune of €100 million (about $117 million).
According to BBVA, settling the loan on a Blockchain lets both parties independently monitor the conditions as well as the stages of the contract, thereby offering greater transparency as well as traceability of the entire transaction process.
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Coinbase Forms PAC
According to documents published by the US Federal Election Commission, the US’s biggest cryptocurrency exchange Coinbase has formed a PAC (Political Action Committee). The name of the body is Coinbase Inc. Political Action Committee, and was formed in June of this year. However, the body is yet to donate any money or even raise any funds. This is shown by the Form 3X, a document that reports if the body is attached to a candidate running for public office.
In the US, PACs are formed mainly to raise funds for candidates are running for office and stand for specific ideological or even business interests. The communications director of Coinbase Elliot Suthers confirmed that the company had formed a PAC, however, refused to divulge any further details about this body.
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Ukraine Supports Concept for Crypto Regulations
Ukraine’s Financial Stability Council is reported to be supporting a concept for cryptocurrency regulations. The head of the country’s National Securities and Stock Market Commission (SSMCS) confirmed this story in a Facebook post on July 20.
According to the post, this concept will involve recognizing cryptos as well as tokens as financial instruments. It will also establish the functions and roles of various government agencies for regulating these new financial instruments, set up rules for licensing of transaction participants, information disclosure and other aspects related to the industry.
The Financial Stability Council includes the Governor of the National Bank of Ukraine, Ukraine’s Finance Minister, the leaders of the SSMCS and the managing director of the Deposit Guarantee Fund.
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Total Market Cap: July 21
Trading volume slipped for the third day in a row to $14.69 billion and the cryptocurrency market’s capitalization is now $279 billion.
Bitcoin Price Analysis: July 21
Since yesterday, Bitcoin slipped back 1.14% to trade at $7345.52. Bitcoin’s trading volume is at $4.80 billion and its valuation in the crypto market is $126.13 billion.
Ethereum Price Analysis: July 21
Ethereum’s price regained 0.67% to trade at $463.04. The currency’s trading volume is at $1.78 billion and its current market cap is $46.71 billion.
State of the Top 10 Cryptocurrencies: July 21
Of the top ten cryptocurrencies in the world today, Ethereum was the only one that saw gains, however small. The price of Ethereum went up by 0.67% in the last 24 hours of trading. However, for the rest of the list, all prices were down. Cardano and Stellar saw the biggest drops, with 5.55% and 4.46% declines respectively.
- Bitcoin sank 1.14% to $7345.52. The digital asset’s capitalization is currently $126.13 billion.
- Ethereum rose 0.67% to $463.04. The digital asset’s capitalization is currently $46.71 billion.
- Ripple sank 1.42% to $0.452136. The digital asset’s capitalization is currently $17.77 billion.
- Bitcoin Cash sank 1.99% to $774.05. The digital asset’s capitalization is currently $13.35 billion.
- EOS sank 1.36% to $7.97. The digital asset’s capitalization is currently $7.14 billion.
- Stellar sank 4.46% to $0.281712. The digital asset’s capitalization is currently $5.28 billion.
- Litecoin sank 1.76% to $82.89. The digital asset’s capitalization is currently $4.76 billion.
- Cardano sank 5.55% to $0.166346. The digital asset’s capitalization is currently $4.31 billion.
- IOTA sank 1.29% to $0.987019. The digital asset’s capitalization is currently $2.74 billion.
- Tether sank 0.02% $0.998567. The digital asset’s capitalization is currently $2.65 billion.