Market Update 12.08.18 – Blockchain Policy Development Focused on 3 Cities in China
Market News
Blockchain Policy Development Focused on 3 Cities in China
According to a report by Chinese finance publication Securities Daily, BeiShangGuang has become the most concentrated area for Blockchain policy development in China. “BeiShangGuang” is the moniker that has been given to the three cities of Beijing, Shanghai and Guangzhou.
The publication conducted an analysis of the policies related to Blockchain that had been introduced in China over the last few years. Data revealed that 32 Blockchain related policies had been implemented in the country, of which 11 were focused on the three main cities of the country – Beijing, Shanghai and Guagzhou.
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Crypto Fund Fined $50k and Issued Cease-and-Desist
The US Securities and Exchange Commission (SEC) has fined the crypto fund manager CoinAlpha Advisors LLC $50,000 for conducting a sale of unregistered securities. The firm has also been issued a cease-and-desist order from the agency.
According to the order by the SEC which was published on Friday, December 7, CoinAlpha had formed a fund in the month of October 2017 to invest in digital assets. The company had managed to raise just over $600,000 through this fund. CoinAlpha had filed a Notice of Exempt Offering of Securities at the time, however, the firm was not eligible for an exemption and neither did it register itself with the SEC.
Find out more here.
Chinese Miners Becomes Biggest BTC Short Sellers
According to local media reports, cryptocurrency miners in China have now become the biggest short sellers of Bitcoin both locally as well as across the globe, after an increasing amount of hedging operations have popped up in the current bear crypto market.
The serious downturn in the cryptocurrency market in the last one month has led new generation miners to hedge their coins so that they can minimize market risks. However, frequent hedging also makes this group of traders – the crypto miners – the biggest short sellers of Bitcoin.
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Total Market Cap: Dec 08
The crypto market has seen an iota of improvement, with market cap going up less than $1 billion to $109.16 billion with trading volumes of $16.76 billion.
Bitcoin Price Analysis: Dec 08
The price of Bitcoin is seeing a very slight improvement after yesterday’s massive plunge. The crypto is currently up by 0.55% to trade at $3429.93 and has a market capitalization of $59.72 billion. The crypto is trading in volumes of $6.02 billion.
Ethereum Price Analysis: Dec 08
Ether is also up by 5.19% since yesterday’s drop, trading at $90.14 per token. Its capitalization in the market is now $9.34 billion on trading volumes of $2.11 billion.
State of the Top 10 Cryptocurrencies: Dec 08
Bitcoin SV’s wild swings continue with the crypto now losing 9.01% in the day’s trading so far. The only other crypto in the top ten list to lose value is Litecoin, which is down by 3.01%. The rest of the top listed cryptos are in the green, with the way being led by Ethereum, which is up by 5.19% since yesterday.
- Bitcoin’s trading at $3429.93, gaining 0.55% since yesterday. The asset’s market capitalization is $59.72 billion.
- Ripple’s trading at $0.304478, gaining 1.24% since yesterday. The asset’s market capitalization is $12.46 billion.
- Ethereum’s trading at $90.14, gaining 5.19% since yesterday. The asset’s market capitalization is $9.34 billion.
- Stellar’s trading at $0.118123, gaining 4.03% since yesterday. The asset’s market capitalization is $2.26 billion.
- Tether’s trading at $1.01, gaining 0.55% since yesterday. The asset’s market capitalization is $1.87 billion.
- Bitcoin Cash’s trading at $104.12, gaining 1.59% since yesterday. The asset’s market capitalization is $1.82 billion.
- Bitcoin SV’s trading at $99.94, dropping 9.01% since yesterday. The asset’s market capitalization is $1.74 billion.
- EOS’s trading at $1.73, gaining 2.55% since yesterday. The asset’s market capitalization is $1.56 billion.
- Litecoin’s trading at $24.86, dropping 3.01% since yesterday. The asset’s market capitalization is $1.47 billion.
- TRON’s trading at $0.013232, gaining 2.38% since yesterday. The asset’s market capitalization is $876.52 million.