Market Update 10.26.18 – China Wants BTC Legally Protected As Property
Market News
China Wants BTC Legally Protected As Property
An arbitration body in China has ruled that despite the central bank’s ban on cryptocurrency trading, Bitcoin should still be legally protected as a property with economic values. The Shenzhen Court of International Arbitration published a case analysis, detailing its ruling on a recent economic dispute that involved a business contract relating to possession and transfer of crypto assets.
According to the case analysis, the unnamed plaintiff signed a contract agreement with the defendant, which allowed the latter to trade and manage a pool of cryptocurrencies on the plaintiff’s behalf. However, the plaintiff said the defendant failed and refused to return the cryptocurrencies after an agreed deadline, and hence brought the case to the arbitrator, demanding for the return of the assets with interests.
The cryptocurrencies at dispute included 20.13 Bitcoin, 50 Bitcoin Cash, and 12.66 Bitcoin Diamond, worth around $493,158, the plaintiff said.
Read the full report here.
Bitfury Reportedly Weighing IPO
Crypto miner manufacturer Bitfury is considering holding an initial public offering (IPO) as one of a number of strategic options for raising funds. Citing “people familiar with the matter,” the report says Bitfury is looking into listing in Amsterdam, London, or Hong Kong, possibly as soon as 2019, though no final decisions have been made.
Other options include raising debt financing or selling a minority stake. The company has contacted investment banks around the world as it considers whether to hold an IPO. Bitfury may be valued somewhere between $3 and $5 billion if it goes public within the next two years, according to sources. However, these valuations are “early estimates and could change depending on markets and the industry,” the report stated.
Read the full report here.
Here’s What Blochain’s First Hardware Wallet Offers
One of the oldest software wallet providers in the cryptocurrency industry is launching its first hardware product. Announced recently, Blockchain has partnered with hardware wallet maker Ledger and started taking orders for a new handheld device called Lockbox. The first batch of shipments will go out in November.
\While there are a number of hardware wallets on the market, Lockbox stands out in two ways, according to Blockchain CEO and co-founder Peter Smith. First, in addition to storing funds offline like other devices, it will facilitate crypto-to-crypto trades through Swap, the company’s native brokerage, which is launching next week. The aim is to make trading easier with an all-in-one account.
Read the full report here.
Total Market Cap: October 26
The volume of trade in the crypto market sat at $8.92 billion. The market’s capitalization, on the other hand, reached $208.23 billion.
Bitcoin Price Analysis: October 26
In the past 24 hours, Bitcoin fell 0.23% to trade at $6,461.13. The leading cryptocurrency’s trade volume trickled to $3.14 billion, while its market slid to $112.05 billion.
Ethereum Price Analysis: October 26
Ethereum’s price fell 0.33% to trade at $201.83. As for the altcoin’s trading volume, it reached $1.07 billion; whereas its market capitalization hit $20.75 billion.
State of the Top 10 Cryptocurrencies: October 26
In the past 24 hours, all prices were down. Meanwhile, Monero continues to dethrone TRON at the 10th spot.
- Bitcoin’s market price fell 0.23% to $6,461.13, and its value in the market is $112.05 billion.
- Ethereum’s market price fell 0.33% to $201.83, and its value in the market is $20.75 billion.
- XRP’s market price fell 0.27% to $0.454112, and its value in the market is $18.26 billion.
- Bitcoin Cash’s market price fell 1.16% to $436.49, and its value in the market is $7.6 billion.
- EOS’ market price fell 0.33% to $5.36, and its value in the market is $4.86 billion.
- Stellar’s market price fell 0.70% to $0.234496 and its value in the market is $4.43 billion.
- Litecoin’s market price fell 0.96% to $51.72, and its value in the market is $3.05 billion.
- Tether market price jumped 0.04% to $0.987065, and its value in the market is $1.90 billion.
- Cardano market price fell 1.20% to $0.072711, and its value in the market is $1.89 billion.
- Monero dethroned TRON at the 10th spot, but its market price fell 0.94% to $105.06, and its value in the market is $1.74 billion.