Market Update 6.07.18 – Coinbase to become Regulated Securities Company
Market News
Coinbase to become Regulated Securities Company
Coinbase, one of the world’s biggest cryptocurrency exchanges, announced that it was on its way to becoming a federally regulated broker-dealer. The exchange’s Chief Operating Officer Asiff Hirji announced in an official blog post that Coinbase had already initiated the process of getting its broker-dealer license, a registered investment advisor license as well as an alternative trading system license.
Hirji stated that once the company had these three licenses, then it would get approval from the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), which will then allow the company to offer services that will include cryptocurrency securities trading, OTC (over the counter) as well as margin trading. The company will also be able to offer new market data products.
Find out more here.
Sia Blockchain Co-Founder Reveals Plans for Launchpad
The co-founder of the Sia Blockchain, David Vorick is planning to fight the crypto-mining hardware makers by competing against them by launching a new chip making business called Obelisk. This project was launched last year and widely publicized this May.
This company has created a project called Launchpad, which will work with projects developing new cryptocurrencies and custom design proof-of-work algorithms – along with the corresponding mining hardware (ASIC). The key to this project is that all this will be done in secret with only the developers being in the know. Then the creators of the new crypto can choose to distribute the ASIC hardware within their community, thereby ensuring that no single party can control the mining power for that cryptocurrency.
Read more here.
Susquehanna Opening Cryptocurrency Trading
The US global trading and technology company Susquehanna International Group is opening up cryptocurrency trading for its client. Susquehanna is one the world’s biggest financial services companies that trades in traditional investments like stocks, ETFs (Exchange Traded Funds) and options. In the last two years, the company has also set up a cryptocurrency trading desk for private deals.
Now, the company is set to offer cryptocurrency trading services to a select group of 500 clients. Later, the company plans to expand this service to all its customers. To start with, the trading will in Bitcoin futures and a few cryptocurrencies like Bitcoin, Ethereum and Bitcoin Cash.
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Total Market Cap: June 07
Cryptocurrency trading volume since yesterday is now at $15.75 billion and the value of the cryptocurrency market is has reached $348 billion.
Bitcoin Price Analysis: June 07
Bitcoin rose 1.21% to trade at $7707.19 since yesterday. Trading volume for the digital asset is $4.92 billion and its market value has reached $131.73 billion.
Ethereum Price Analysis: June 07
Ethereum rose 1.36% to $612.61 since yesterday. Trading volume for ETH is currently $1.83 billion and the altcoin’s market value is $61.18 billion.
State of the Top 10 Cryptocurrencies: June 07
Eight of the top ten cryptocurrencies inched forward today, while two of them slipped a notch. The cryptocurrency market is currently moving slowly, with no dramatic changes to the price of most of the top ten tokens. The highest increase was recorded by Stellar, which went up 2.93%.
- Bitcoin’s price rose 1.21% to $7707.19 and its market value now is $131.73 billion.
- Ethereum’s price rose 1.36% to $612.61 and its market value now is $61.18 billion.
- Ripple’s price rose 0.94% to $0.678765 and its market value now is $26.63 billion.
- Bitcoin Cash’s price rose 1.91% to $1153.36 and its market value now is $19.80 billion.
- EOS’s price fell 0.35% to $13.92 and its market value now is $12.47 billion.
- Litecoin’s price rose 0.90% to $122.32 and its market value now is $6.95 billion.
- Cardano’s price rose 0.59% to $0.217202 and its market value now is $5.63 billion.
- Stellar’s price rose 2.93% to $0.301396 and its market value now is $5.59 billion.
- IOTA’s price fell 0.58 % to $1.71 and its market value now is $4.74 billion.
- TRON’s price rose 1.3% to $0.059973 and its market value now is $3.94 billion.