Market Update 7.03.18 – Bermuda Creating Banks for Blockchain Companies
Market News
Bermuda Creating Banks for Blockchain Companies
The Government of Bermuda announced that it was going to make amendments to its Banking Act so that it can establish a new class of banks that will service the needs of local Blockchain companies.
Some of the traditional local banks have been declining to provide financial services to Blockchain and crypto-based companies, citing concerns about regulations as well as the high risk associated with the industry. Therefore, the Bermuda government consulted with these banks to develop a separate class of banks.
Find out more about the story here.
Fresh Accusations of Manipulation against Tether
A fresh round of accusations have been made against the dollar-backed stablecoin Tether. A new investigative article was released recently that claimed that Tether had been involved in market manipulation, raising a storm of debate on social media. Bloomberg took the investigation to the next level by analyzing data from the cryptocurrency exchange Kraken. The agency claimed that it found several “red flags” that indicated market manipulation.
Defenders of Kraken and the crypto were quick to point out the lack of depth and understanding of financial markets displayed by the authors of the Bloomberg article, however critics did not agree with this viewpoint.
Read the rest of the debate here.
FSA Considering Changing Crypto Regulations
According to local news media, Japan’s regulatory authority, the Financial Services Agency (FSA) is considering changing the legal basis of how cryptocurrency exchanges are regulated.
Currently, cryptocurrency exchanges are being regulated under the Payment Services Act. However, the FSA is now contemplating changing the regulation of crypto exchanges to the Financial Instruments and Exchange Act (FIEA). By changing the laws governing crypto exchanges like this, there would be stronger user protection, since the FIEA mandates that securities companies (such as exchanges) manage their customer’s funds separately from corporate assets.
Read the rest of the story here.
Total Market Cap: July 03
The cryptocurrency market showed its second day of positive movement after last week’s “bloodbath”. Trading volume increased a little more to $15.78 billion and the capitalization of the cryptocurrency market is currently at $275.53 billion.
Bitcoin Price Analysis: July 03
The Bitcoin price jumped 4.80% to trade at $6664.02 per token today. The digital asset’s trading volume is currently $4.59 billion and its capitalization in the market is $113.98 billion.
Ethereum Price Analysis: July 03
ETH gained 6.72% in its token price to currently trade at $482.03. The altcoin’s volume of trade has also gone up to $1.75 billion and its market value is now at $48.44 billion.
State of the Top 10 Cryptocurrencies: July 03
It’s been a good start to the trading day for the top ten cryptocurrencies in the world today. All the cryptos gained in price as well as capitalization. Bitcoin went up by 4.8%, but the biggest jumps were seen in ADA (up 16.29%), EOS (up 14.33%) and IOTA (up 13.20%). Seven of the top ten cryptos have shown more than 11% gains in trading so far today.
- Bitcoin’s price jumped up 4.80% to trade at $6664.02. The crypto’s market cap is $113.98 billion.
- Ethereum’s price jumped up 6.72% to trade at $482.03. The crypto’s market cap is $48.44 billion.
- Ripple’s price jumped up 11.62% to trade at $0.510288. The crypto’s market cap is $20.03 billion.
- Bitcoin Cash’s price jumped up 11.11% to trade at $813.95. The crypto’s market cap is $14.01 billion.
- EOS’s price jumped up 14.33% to trade at $9.17. The crypto’s market cap is $8.21 billion.
- Litecoin’s price jumped up 11.56% to trade at $88.84. The crypto’s market cap is $5.08 billion.
- Cardano’s price jumped up 16.29% to trade at $0.164093. The crypto’s market cap is $4.25 billion.
- Stellar’s price jumped up 11.36% to trade at $0.216503. The crypto’s market cap is $4.06 billion.
- IOTA’s price jumped up 13.20% to trade at $1.20. The crypto’s market cap is $3.33 billion.
- Tether’s price inched up by 0.12% to trade at $0.999916. The crypto’s market cap is $2.7 billion.