Market Update 4.11.19 – Bittrex Responds to NYDFS’ Denial of BitLicense Application
Market News
Bittrex Responds to NYDFS’ Denial of BitLicense Application
In a press release issued today, April 10, the US-based crypto exchange Bittrex has responded to the denial of its application for a BitLicense by the NYDFS (New York Department of Financial Services).
Earlier in the day, the NYDFS had vetoed the exchange’s application for a license to conduct cryptocurrency-related business in the state. The agency stated that it had denied Bittrex’s license application because the exchange did not have adequate policies or controls with regard to AML (anti-money laundering), KYC (Know Your Customer) as well as the OFAC (Office of Foreign Assets Control) standards.
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Chinese Crypto Funds Turn to Lending to Tide Over Bear Market
A number of cryptocurrency funds and investment firms in China have now turned to lending to tide over the bear sentiment in the crypto market. Notable firms such as FBG Capital, Bixin Capital and DGroup are some of the companies that are now lending to stabilize revenues.
These investors, along with a startup Babelbank, have chalked up a combined total of $60 million in issued loans in the last 5 months. These have been in different denominations of cryptocurrencies or Chinese Yuan. According to the companies, the biggest demand for crypto loans comes from domestic users, hedge fund traders and, most surprisingly, cryptocurrency miners.
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Bermuda’s Finance Ministry Approves VLHL ICO
Bermuda’s Ministry of Finance has approved trading company VLHL’s (Velocity Ledger Holdings Limited) ICO (initial coin offering). VL Financial, VLHL’s subsidiary, is currently in the application stage with the BMA (Bermuda Monetary Authority) to get the necessary licenses to operate in the country. If its application is approved by the BMA, the company will be allowed to open a cryptocurrency exchange in Bermuda. The company will then be able to use its native token, VL Tokens, to pay for the licensing of its technology platforms and services.
About this development, the CEO of VLHL Shawn Sloves stated that Bermuda as a country had adopted practical as well as non-restrictive regulations for digital assets which provided regulatory stability and certainty to the industry there.
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Total Market Cap: Apr 11
The crypto market’s capitalization has dropped to $177.57 billion in the last 24 hours. Additionally, the market is facing trading volumes of $56.82 billion.
Bitcoin Price Analysis: Apr 11
Bitcoin is down 0.77% to its current trading price of $5215.74, with a market capitalization of $92 billion. The crypto’s trading volumes are currently at $16.21 billion.
Ethereum Price Analysis: Apr 11
ETH’s price has plunged 5.14% in the last one day and is now at $171.55. Capitalization of the cryptocurrency is at $18.11 billion. Trading volumes are $8 billion.
State of the Top 10 Cryptocurrencies: Apr 11
All of the top cryptocurrencies by market capitalization are down at this time. The highest losses are currently being experienced by Bitcoin Cash, Stellar and Ethereum. These tokens have lost 6.50%, 5.16% and 5.14% in price respectively. Cardano has also fallen on spot in the top ten rankings to take 10th place, with Tether replacing it as the 9th most valuable crypto in the world.
- Bitcoin’s trading at $5215.74, down 0.77%. Now, the valuation of the virtual currency is $92.00 billion.
- Ethereum’s trading at $171.55, down 5.14%. Now, the valuation of the virtual currency is $18.11 billion.
- Ripple’s trading at $0.338913, down 4.73%. Now, the valuation of the virtual currency is $14.16 billion.
- Litecoin’s trading at $85.02, down 3.83%. Now, the valuation of the virtual currency is $5.21 billion.
- EOS’s trading at $5.65, down 2.75%. Now, the valuation of the virtual currency is $5.12 billion.
- Bitcoin Cash’s trading at $283.24, down 6.50%. Now, the valuation of the virtual currency is $5.01 billion.
- Binance Coin’s trading at $17.81, down 3.97%. Now, the valuation of the virtual currency is $2.51 billion.
- Stellar’s trading at $0.119951, down 5.16%. Now, the valuation of the virtual currency is $2.31 billion.
- Tether’s trading at $1.01, down 0.07%. Now, the valuation of the virtual currency is $2.27 billion.
- Cardano’s trading at $0.086041, down 0.75%. Now, the valuation of the virtual currency is $2.25 billion.