Market Update 5.26.18 – BitGo Building Asset Custodian
Market News
BitGo Building Asset Custodian
Four months ago, the Blockchain based security firm had announced its intention to acquire the asset custodian Kingdom Trust. However, now the firm has announced that it will build its own instead. According to its announcement, the startup was looking at a charter to develop BitGo Trust, which would be regulated as well as qualified custodian specifically designed for digital assets.
The deal with Kingdom Trust has been in regulatory limbo for the last four months, however, according to BitGo’s VP Marketing Clarissa Horowitz, this was not the reason why they decided to build their own asset custodian. The reason was so that they could focus on their customers’ needs totally.
Read the full story here.
BoA Governor Open to CBDCs
At the Riksbank Anniversary conference, the Governor of the Bank of England Mark Carney stated that he was open to the idea of a Central Bank Digital Currency (CBDC). He said that while he was open to the idea, the implementation of a CBDC would not happen any time soon. This is because cryptocurrencies do not yet constitute money.
Earlier in May, the Bank of England had issued a working paper – a list of scenarios outlining the possible financial risks as well as stability problems that a CBDC could create. However, the report concluded that adopting a CBDC would not impact private credit or even total liquidity provisions to the country’s economy.
Find out more here.
17th Century Mansion Auctioned on Blockchain
The real estate brokerage firm based in Beverly Hills, Hilton & Hyland is teaming up with the Blockchain based startup called Propy to auction off a 17th century mansion called the Palazzetto, which is located inside the Palazzo Albertoni Spinola in Italy. The mansion, which is now a UNESCO heritage site, was designed by famous Italian architect Giacomo Della Porta and was built between 1580 and 1616, and is currently valued at $42 million.
According to Propy CEO Natalia Karayaneva, the property can be bid for in cryptocurrencies or fiat currencies and that the bidding was open till Jun 28.
Read the full story here.
Total Market Cap: May 26
Trading volume fell by more than $5 billion in the last 24 hours to $14.18 billion. The cryptocurrency market’s capitalization also dropped to $337.32 billion.
Bitcoin Price Analysis: May 26
The price of Bitcoin gained 3.1% to trade at $7558.85 in the last 24 hours. The crypto’s trading volume is $4.5 billion and Its value in the market is $128.87 billion.
Ethereum Price Analysis: May 26
Ethereum’s price rose by 8.11% to $602.4 in the last 24 hours. Its trading volume is $1.91 billion and market value is $60.03 billion.
State of the Top 10 Cryptocurrencies: May 26
After showing gains, the top 10 cryptos have started sliding once again, the exception being the top two cryptos – Bitcoin (gained 3.1%) and Ethereum (the best performer with an 8.11% gain). EOS, TRON and IOTA also showed marginal gains.
- The cost of Bitcoin rose 3.1% to $7558.85. Its value in the market is $128.87 billion.
- The cost of Ethereum rose 8.11% to $602.4. Its value in the market is $60.03 billion.
- The cost of Ripple slipped 1.08% to $0.624157. Its value in the market is $24.46 billion.
- The cost of Bitcoin Cash slipped 1.66% to $1040.89. Its value in the market is $17.84 billion.
- The cost of EOS rose 2.4% to $12.75. Its value in the market is $11.23 billion.
- The cost of Litecoin slipped 0.93% to $121.99. Its value in the market is $6.91 billion.
- The cost of Stellar slipped 0.99% to $0.293034. Its value in the market is $5.44 billion.
- The cost of Cardano slipped 2.32% to $0.203317. Its value in the market is $5.27 billion.
- The cost of TRON rose 0.6% to $0.072522. Its value in the market is $4.76 billion.
- The cost of IOTA rose 2.56% to $1.52. Its value in the market is $4.23 billion.