Market Update 4.27.19 – China Supporting Development of Blockchain City

| Publish date: 04/27/2019
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China Supporting Development of Blockchain City

According to a press released shared on April 26, China is supporting the development of a blockchain city in the key shipping lane of Malaysia’s Malacca Strait. The engineering and construction giant China Wuyi has joined hands with SWT International Sdn Bhd, a Malaysian investment network, for this Chinese government-backed project.

The aim of this project is to develop Malacca into a blockchain city which will be called Malacca Straits city. The project founders are now looking to raise at least 500 million Malaysian Ringgit (about $120 million) in the initial stages. According to the press release, the plan is that entire city’s infrastructure will be based on blockchain technology which will have a DMI platform, complete with its own token, DMI coin.

Read more about this story here.

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Bitfinex to Shareholders: Need a Few Weeks to Unfreeze Funds

The Chief Financial Officer of Bitfinex Giancarlo Devasini personally assured some of the cryptocurrency exchanges shareholders that they just needed a few weeks and the company’s funds would be unfrozen.

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Specifically, two of Bitfinex’s shareholders attempted to reassure the crypto community that the exchange was still solvent and that they were supportive of both Tether as well as Bitfinex. One shareholder, Zhao Dong, said that he had heard that the company’s funds were in multiple banks in Poland, Portugal as well as the US. According to Zhao, despite the fact that the New York Attorney General’s Office had said that the funds that had been lost belonged to both individual as well as corporate customers, he had heard that all the funds actually belonged only to individuals.

Read more about this story here.

E*Trade to Offer Crypto Trading

According to mainstream media reports released on April 26, E*Trade Financial Group, the online trading company, is planning to offer crypto trading on its online platform. Reports say that the company will begin by offering trading in BTC (Bitcoin) and ETH (Ethereum), post which other cryptocurrencies will be added.

E*Trade is one of the biggest online trading platforms and if the company does start offering trading options in cryptos, it would be a major step forward in the adoption of cryptos.

Read more about this story here.

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Total Market Cap: Apr 27

The capitalization of the crypto market remains at $170.36 billion, while volumes of trading have dropped further to $44.09 billion.

Bitcoin Price Analysis: Apr 27

Bitcoin’s price falls again by 0.78% to $5248.41. Volumes in trading are at $14.21 billion and the crypto’s market cap is $92.73 billion.

Ethereum Price Analysis: Apr 27

Ether’s price is up by 1% to $156.85. The altcoin is seeing trading volumes of up to $6.22 billion at the moment and its market cap is now $16.59 billion.

State of the Top 10 Cryptocurrencies: Apr 27

While industry chatter continues about the Bitfinex-Tether scandal, the cryptocurrency market is more stable as compared to yesterday. There are still mixed performances in the top ten cryptocurrencies, but the volatility is less. Binance Coin is the only crypto that has lost 3.91% in trading so far. All the others in the list are showing gains/losses or just over or less than 1%.

  • Bitcoin’s trading at $5248.41, down by 0.78%. Now, its market cap is $92.73 billion.
  • Ethereum’s trading at $156.85, up by 1%. Now, its market cap is $16.59 billion.
  • Ripple’s trading at $0.296699, up by 1.07%. Now, its market cap is $12.46 billion.
  • Bitcoin Cash’s trading at $262.98, down by 1.04%. Now, its market cap is $4.66 billion.
  • Litecoin’s trading at $72.51, down by 0.03%. Now, its market cap is $4.46 billion.
  • EOS’s trading at $4.72, up by 1.20%. Now, its market cap is $4.45 billion.
  • Binance Coin’s trading at $22.32, down by 3.91%. Now, its market cap is $3.15 billion.
  • Tether’s trading at $0.994331, up by 0.40%. Now, its market cap is $2.83 billion.
  • Stellar’s trading at $0.0994331, down by 0.62%. Now, its market cap is $1.89 billion.
  • Cardano’s trading at $0.069354, up by 0.47%. Now, its market cap is $1.79 billion.
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