Market Update 5.23.18 – Bitfinex Cooperating with British Virgin
Market News
Bitfinex Cooperating with British Virgin Islands Government
Bitfinex is working actively with the British Virgin Islands government to alleviate suspicious of the exchange being used for tax evasion purposes. Criminals have been using cryptocurrency exchanges to convert their cryptocurrencies into fiat currencies for some time now and that is why Bitfinex has taken the decision to work with its government.
According to a statement made by the exchange, Bitfinex explained that according British Virgin Islands law, which are also applicable to entities that are based out of the territory, they are required to report certain parts of users’ account information to the government.
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Major Global Banks Complete Payments Pilot
According to a press release a cross border payments pilot was successfully completed using the Thai Bank of Ayudhya Krungsri’s Blockchain, Interledger. This pilot was conducted in Bank of Thailand’s regulatory sandbox and was carried out by Japanese giant Mitsubishi Group, their banking division MUFG Bank as well as Standard Chartered Bank Singapore.
In this test, money was sent in seconds from a Mitsubishi Group subsidiary based in Thailand to the Singapore Standard Chartered Bank account of another subsidiary. This was done using Kungsri’s Interledger technology.
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MIT Testing Bitcoin’s Lightening Network
A test being conducted at MIT is showing what Bitcoin can do at scale. The prestigious university has been quietly conducting experiments with Bitcoin’s Lightening Network to show how it can be combined with smart contracts to handle not only millions of transactions but also to do so with much greater complexity.
This experiment has been modeled within MIT’s Digital Currency Initiative as a way to do further research on cryptocurrencies. In this test, MIT researchers Tadge Dryja and Alin S Dragos constructed a test “oracle” (a trusted entity meant to broadcast data to smart contracts), which would broadcast the latest price of the US Dollar in Satoshis (the smallest unit of the Bitcoin). Then anyone could use these satoshis for their smart contracts.
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Total Market Cap: May 23
The volume of trade in the cryptocurrency market remains more or less the same as yesterday at $16.53 billion, while the market’s capitalization has dropped even further to $354.85 billion.
Bitcoin Price Analysis: May 23
BTC’s price has fallen below the $7K mark in the last 24 hours. The cryptocurrency dropped 3.85% to $7987.86. Trading volume is $5.25 billion and its market value is $135.83 billion.
Ethereum Price Analysis: May 23
Ethereum’s price fell by 6.94% to $642.23 in the last one day. ETH’s volume in trading is $2.29 billion and its market value is $63.66 billion.
State of the Top 10 Cryptocurrencies: May 23
The performance of the cryptocurrency market continued to be poor, with all the major cryptocurrencies falling even further in their prices as well as market capitalization. The worst performer in the market was Cardano, which experienced an 8.74% drop in its price.
- Bitcoin’s price fell by 3.85% to $7987.86 and the market value of the crypto is $135.83 billion.
- Ethereum’s price fell by 6.94% to $642.23 and the market value of the crypto is $63.66 billion.
- Ripple’s price fell by 4.74% to $0.641051 and the market value of the crypto is $25.12 billion.
- Bitcoin Cash’s price fell by 6.44% to $1121.14 and the market value of the crypto is $19.21 billion.
- EOS’s price fell by 6.36% to $12.21 and the market value of the crypto is $10.66 billion.
- Litecoin’s price fell by 4.39% to $127.33 and the market value of the crypto is $7.21 billion.
- Cardano’s price fell by 8.74% to $0.220393 and the market value of the crypto is $5.71 billion.
- Stellar’s price fell by 5.04% to $0.297762 and the market value of the crypto is $5.53 billion.
- TRON’s price fell by 5.51% to $0.075452 and the market value of the crypto is $4.96 billion.
- IOTA’s price fell by 5.26% to $1.62 and the market value of the crypto is $4.50 billion.