Market Update 10.16.18 – Coinbase Opens Office in Dublin

| Publish date: 10/16/2018
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Coinbase Opens Office in Dublin

The cryptocurrency exchange Coinbase, which is based out of San Francisco, is now opening an office in Dublin, Ireland. This new office, which will help the exchange expand its services in Europe is also a part of the contingency plan for when Brexit finally happens.

According to the announcement made by Coinbase, the company’s Dublin team will be taking care of new functions, while the London office will continue to be Coinbase’s regional headquarters for Europe.

Read more of the details here.

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Paxos Issued $50 Million in Stablecoin Already

Paxos, the startup that created the new stablecoin, Paxos Standard (PAX), announced that so far it has already issued $50 million worth of its tokens since it was launched last month.

The vice president of marketing and communications of Paxos, Dorothy Jean Change announced via a Tweet on Monday that the company had already issued $36 million worth of PAX from their launch till September 10. In the same Tweet, she said that the company had now already crossed the $50 million mark, implying that they had managed to issue more than $14 million worth of tokens in just a few weeks.

Read the details of the story here.

Ex-CFTC Chairman: ICOs are Securities

According to Gary Gensler, the former Chairman of the Commodities Futures Trading Commission (CFTC), the majority of tokens that have been sold through ICOs (Initial Coin Offerings) should be categorized as securities.

If what Gensler says were to occur, then cryptocurrency would fall under the purview of the SEC (US Securities and Exchange Commission). This would mean that token issuers would need to comply with certain regulations, register with the SEC as well as reveal specific information such as the description of the organization’s assets and financial statements.

Gensler however stated that with regard to Blockchain technology, they should remain neutral. He said that what was necessary was ensuring investors were protected within certain types of Blockchain applications, specifically cryptocurrencies.

Find out more about this story here.

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Total Market Cap: Oct 16

Volumes in the crypto market moved southward by $3.74 billion to $14.92 billion. Capitalization for the market slipped marginally by $0.17 billion to $211.80 billion.

Bitcoin Price Analysis: Oct 16

Bitcoin’s price is trading at $6604.38, slipping by 0.38%. The market value of Bitcoin is now $114.41 billion. Trading volumes fell once again to $4.98 billion.

Ethereum Price Analysis: Oct 16

Ethereum’s is $210.25, which means the token’s price has dropped 0.48% in the last one day. The altcoin is currently valued at $21.57 billion and its volumes are $1.95 billion.

State of the Top 10 Cryptocurrencies: Oct 16

The top ten cryptos in the market have shown very mild ups and downs in trading so far today. 50% have inched up and 50% have slipped down. The gains are as minor as the losses. The biggest gains have been seen by Ripple, which is up 1.79%, while the biggest losses have been felt by Ethereum, which is down by 0.48%.

  • Bitcoin is trading at $6604.38, sliding 0.38%. The cryptocurrency is now worth $114.41 billion.
  • Ethereum is trading at $210.25%, sliding 0.48%. The cryptocurrency is now worth $21.57 billion.
  • Ripple is trading at $0.454515, inching up 1.79%. The cryptocurrency is now worth $18.17 billion.
  • Bitcoin Cash is trading at $462.22, sliding 0.23%. The cryptocurrency is now worth $8.04 billion.
  • EOS is trading at $5.43, sliding 0.02%. The cryptocurrency is now worth $4.92 billion.
  • Stellar is trading at $0.223967, sliding 0.23%. The cryptocurrency is now worth $4.23 billion.
  • Litecoin is trading at $55.08, inching up 0.25%. The cryptocurrency is now worth $3.23 billion.
  • Tether is trading at $0.980944, inching up 1.34%. The cryptocurrency is now worth $2.26 billion.
  • Cardano is trading at $0.075054, inching up 0.79%. The cryptocurrency is now worth $1.94 billion.
  • Monero is trading at $107.14, inching up 1.05%. The cryptocurrency is now worth $1.76 billion.
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