Market Update 5.22.18 – BoE Releases Working Papers on CBDCs
Market News
BoE Releases Working Papers on CBDCs
The Bank of England has released staff working papers outlining multiple scenarios related to risks as well as stability issues with regard to Central Bank Digital Currencies (CBDCs). The papers have constructed three different models of how CBDCs could be utilized and what impact they would have.
The three models are the Financial Institutions Access model, where CBDCs are limited to only banks and non-banking financial institutions (NBFIs), the Economy-wide Access model, which allows access to banks, NBFIs, households as well as companies and the third is the Financial Institution and CBDC-Backed Narrow Bank Access model, which is also limited to banks and NBFIs.
Read the full report here.
Banco Masventas Enables Crypto Cross-Border Payments
Banco Masventas, a bank in Argentina announced that starting this week, customers could make cross-border payments using Bitcoin as an alternative to Swift. The regional bank formed a partnership with Bitex, a Latin America facing cryptocurrency exchange.
Bitex’s Chief Marketing Officer, Manuel Beaudroit stated that this was the first time that a domestic bank has adopted a cryptocurrency for cross-border payments. The bank’s principal shareholder, Jose Dakak said the move to join hands with Bitex was so that it could increase its digital as well as smartphone-based services. The idea was also to lower the cost of service for the bank and its customers.
Read the rest of the story here.
Agoric Developing Secure Language Based on JavaScript
A new startup, Agoric, has been launched by computer scientists Mark Miller, Brian Warner and Dean Tribble and Bill Tulloh with the aim of developing a secure “blockchain-agnostic” language for programming based on JavaScript. This program will let developers code in a more secure as well as intuitive way, while also allowing for the formal verification processes that are a challenge in smart contracts today. According to co-founder of Agoric, Tribble, the current environment for blockchain based smart contracts does not allow for secure growth into larger economies.
This new startup is being backed by some of the heavyweights in the industry, such as Naval Ravikant, Zcash Company and Polychain Capital.
Read more here.
Total Market Cap: May 22
The volume of trading in cryptocurrencies has gone down to $16.09 billion, while the market capitalization of the industry is now $376.06 billion.
Bitcoin Price Analysis: May 22
BTC’s price fell once again by 2.30% to trade at $8307.73. Trading volume in BTC is $5.07 billion and its current market cap is $141.80 billion.
Ethereum Price Analysis: May 22
Ethereum’s price dropped by 3.67% to $690.13 since yesterday. ETH’s trading volume is $2.03 billion and its market cap is $68.85 billion.
State of the Top 10 Cryptocurrencies: May 22
The cryptocurrency market just doesn’t seem to be able to pull itself out of its slump. All top ten cryptocurrencies once again fell in price, trading volume as well as market capitalization. The biggest percentage drops were seen by EOS (6.52%) and Cardano (6.34%). The least drop was felt by TRON, which saw a slip of 1.94% in its token price.
- Bitcoin’s price dropped 2.30% to $8307.73 and its market value is now $141.80 billion.
- Ethereum’s price dropped 3.67% to $690.13 and its market value is now $68.85 billion.
- Ripple’s price dropped 3.35% to $0.672968 and its market value is now $26.37 billion.
- Bitcoin Cash’s price dropped 5.86% to $1198.39 and its market value is now $20.54 billion.
- EOS’s price dropped 6.52% to $13.04 and its market value is now $11.35 billion.
- Litecoin’s price dropped 3.67% to $133.19 and its market value is now $7.54 billion.
- Cardano’s price dropped 6.34% to $0.241521 and its market value is now $6.26 billion.
- Stellar’s price dropped 5.56% to $0.313602 and its market value is now $5.82 billion.
- TRON’s price dropped 1.94% to $0.079854 and its market value is now $5.25 billion.
- IOTA’s price dropped 5.52% to $1.71 and its market value is now $4.74 billion.