Market Update 10.28.18 – Bitcoin Turns 10
Market News
Bitcoin Turns 10
October 31, 2008 marked the birth of bitcoin. Ten years on, the world’s first cryptocurrency is at the forefront of a complex financial system viewed warily by markets and investors. From its first evocation amid a global financial crisis, in a white paper written by Satoshi Nakamoto, an unknown pseudonym, bitcoin conveyed a political vision.
The “abstract” set out in the paper for bitcoin, currently worth about $6,400 per unit from a starting point of virtually zero, was for “a purely peer-to-peer version of electronic cash (that) would allow online payments to be sent directly from one party to another without going through a financial institution.”
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Blossom Finance Plans To Launch Blockchain-Based Sukuk
The company is called Blossom Finance and it already has plans for other blockchain-based bond projects in the future like a green waste disposal project and a hospital expansion, but it will focus on this Shariah-compliant project. Its main idea is to target the Islamic market, which is not too friendly with projects that are not compliant with the Shariah. Because of this, acquiring the compliance will enable the company to work in many countries that could have blocked it otherwise in case the company was not compliant with the religious law.
It is important to remember that the Islamic countries have plenty of potential customers for funds and that the blockchain technology is not very strong in the market up until this point, so this means that the company will have an edge when exploring this new market. This project, which will be known as Smart Sukuk, was first introduced in May and it focused on automating legal and payment aspects of bonds.
Read the full report here.
Fidelity Crypto Head To Provide Missing Link To Investors
The president of Fidelity Digital Asset Services has spoken about the company’s plans in an interview, such as the decision not to launch an in-house exchange, how it intends to attract more institutional investors, and why it’s crypto offering is focused on custody and trade execution. In his interview, Tom Jessop, president of Fidelity’s new investment arm, outlined the asset management’s game plan.
Rather than operating an exchange — which Jessop says “other folks are already doing quite a good job at” — the firm instead wants to focus its energy on creating high quality market access services for its customers. To make this happen, Fidelity intends to work with existing exchange and infrastructure providers to evolve the market in a direction that “suits the needs of institutions” as opposed to retail clients (at least for the near future).
Read the full report here.
Total Market Cap: October 28
The volume of trade in the crypto market sat at $9.36 billion. The market’s capitalization, on the other hand, reached $208.54 billion.
Bitcoin Price Analysis: October 28
In the past 24 hours, Bitcoin fell 0.40% to trade at $6,462.49. The leading cryptocurrency’s trade volume trickled to $3.39 billion, while its market slid to $112.09 billion.
Ethereum Price Analysis: October 28
Ethereum’s price fell 0.18% to trade at $203.59. As for the altcoin’s trading volume, it reached $1.08 billion; whereas its market capitalization hit $20.94 billion.
State of the Top 10 Cryptocurrencies: October 28
In the past 24 hours, most prices were down. Meanwhile, Monero continues to dethrone TRON at the 10th spot.
- Bitcoin’s market price fell 0.40% to $6,462.49, and its value in the market is $112.09 billion.
- Ethereum’s market price fell 0.18% to $203.59, and its value in the market is $20.94 billion.
- XRP’s market price fell 0.27% to $0.456439, and its value in the market is $18.35 billion.
- Bitcoin Cash’s market price fell 0.26% to $437.15, and its value in the market is $7.62 billion.
- EOS’ market price jumped 0.01% to $5.38, and its value in the market is $4.89 billion.
- Stellar’s market price fell 2.23% to $0.229162 and its value in the market is $4.33billion.
- Litecoin’s market price fell 0.71% to $51.80, and its value in the market is $3.05 billion.
- Tether market price jumped 0.36% to $0.993438, and its value in the market is $1.91 billion.
- Cardano market price fell 1.25% to $0.072531, and its value in the market is $1.88 billion.
- Monero dethroned TRON at the 10th spot, but its market price fell 1.25% to $102.50, and its value in the market is $1.69 billion.