Market Update 11.06.18 – Bitstamp’s Tech Upgrade May Make it 1,250 Times Faster
Bitstamp’s Tech Upgrade May Make it 1,250 Times Faster
Cinnober, a worldwide provider of exchange as well as clearing technology to traditional stock exchanges and commodities markets, is now developing a new matching engine for Bitstamp.
The new matching engine, called TRADExpress Trading System, will replace the cryptocurrency exchange’s current in-house matching engine. According to the announcement made by the two companies, this new matching engine will dramatically increase Bitstamp’s capacity to match orders. This is especially important since the end of the year usually is a period of massive market activity, like the December 2017 rally.
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FINMA: Banks Should Set Crypto Risk Coverage at 800%
Switzerland’s Financial Market Supervisory Authority (FINMA) has recommended to banks as well as financial institutions that they should estimate coverage of risk for cryptos at 800% of their present market value.
The local news portal Swissinfo claimed to have seen a confidential letter from the FINMA to the EXPERTsuisse (Swiss Association for Audit, Tax and Fiduciary) in which the watchdog explains its stance on buffers for cryptocurrencies. In that letter, the agency explains that financial institutions should simple allocate a risk weight of 800% in order to cover credit as well as market risks, whether or not that asset’s position is being held in trading or banking books.
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President Heine Facing No Confidence Motion
Hilda Heine, the President of the Republic of the Marshall Islands, is facing a vote of no confidence because of her plans to introduce a national cryptocurrency. The creation of the national digital currency, called the Sovereign (SOV), had initially been endorsed by the Marshallese Parliament in February. The plan was to release the new national cryptocurrency before the end of this year. The SOV would be used in conjunction with the US Dollar, which is the island nation’s official currency.
According to President Heine, the launch of the new cryptocurrency would be another step advancing their country’s national liberty. However, on Monday, a cabal of 8 senators put forward a vote of no confidence against Heine’s administration.
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Total Market Cap: Nov 06
The cryptocurrency market’s capitalization has gone up by $1.58 billion to $213.48 billion, but its trading volumes have slipped by $1.29 billion to $13.27 billion.
Bitcoin Price Analysis: Nov 06
The price of Bitcoin is currently at $6417.40 per token, which is a 0.26% drop since yesterday. The digital token’s market capitalization is currently $111.41 billion and its trading volume is at $4.24 billion.
Ethereum Price Analysis: Nov 06
Ethereum currently has a token price of $208.55, which is a 0.10% increase since yesterday’s price. The crypto’s capitalization is now $21.48 billion and its volume of trade is $1.66 billion.
State of the Top 10 Cryptocurrencies: Nov 06
The top ten cryptocurrencies in the market are currently showing a mixed bag of results. BTC, ETH, EOS and USTD have lost traction since yesterday’s positive moves, however, the drops these digital assets are currently experiencing are marginal. The biggest gains in the trading so far today has been seen by XRP, which is up 9.79% since yesterday, followed by XLM, which has gained 3.16% in trading today.
- Bitcoin is currently $6417.40, slipping 0.26%. The worth of the crypto is now $112.07 billion.
- Ethereum is currently $208.55, slipping 0.04%. The crypto’s worth is $21.48 billion.
- Ripple is currently $0.507961, increasing 9.79%. The crypto’s worth is $20.42 billion.
- Bitcoin Cash is currently $559.19, increasing 2.87%. The crypto’s worth is $9.75 billion.
- EOS is currently $5.47, slipping 0.07%. The crypto’s worth is $4.95 billion.
- Stellar is currently $0.250122, increasing 3.16%. The crypto’s worth is $4.73 billion.
- Litecoin is currently $53.82, increasing 0.64%. The crypto’s worth is $3.17 billion.
- Cardano is currently $0.077196, increasing 2.88%. The crypto’s worth is $2 billion.
- Monero is currently $113.04, increasing 2.32%. The crypto’s worth is $1.87 billion.
- Tether is currently $0.993763, slipping 0.07%. The crypto’s worth is $1.76 billion.