Market Update 4.05.19 – Coinsquare Launches Stablecoin Backed by Canadian Dollar

| Publish date: 04/05/2019
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Coinsquare Launches Stablecoin Backed by Canadian Dollar

One of Canada’s major cryptocurrency exchanges, Coinsquare, has launched a new stablecoin that is backed by the Canadian dollar. The new token is called eCAD and will be backed on a 1:1 ration to the Canadian dollar.

The announcement was made on April 4 via a press release, in which the exchange stated that the new stablecoin would be a stable as well as reliable store of value that would provide investors with an alternative to the current range of stablecoins that are backed by the US dollar. The announcement did not, however, give a timeframe by when this new stablecoin would be released.

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XRP and LTC ETPs Go Live on Nordic Growth Market

ETPs (exchange traded products) anchored by the prices of XRP (Ripple) and LTC (Litecoin) have gone live on the Borse Stuttgart exchange’s subsidiary, the Nordic Growth Market. The announcement was made on April 4, and it stated that there is a total of 4 ETPs, 2 for XRP and 2 for LTC, which would be available to all investors who were based out of the European Union.

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Stockholm’s XBT Provider, the company behind these 4 products, has been launching various investment products tied to cryptocurrencies. The first product it launched was in 2015, a BTC (Bitcoin) ETP that went live on the Nasdaq Stockholm exchange.

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CryptoTrader.Tax Integrates with TurboTax

According to a press release on April 04, the tax software focused on cryptocurrencies, CryptoTrader.Tax, has integrated with Intuit TurboTax, the number one US tax software. With this integration, users will reportedly be able to export their tax calculations from CryptoTrader.Tax to TurboTax, easing out the filing process.

The co-founder of CryptoTrader.Tax, David Kemmerer stated that the software that had been developed would automatically calculate the user’s capital gains and losses and then generate the required tax documents, including the IRS (Internal Revenue Service) Form 8949. This announcement comes before the deadline for filing taxes in the United States, which is April 15.

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Total Market Cap: Apr 05

While the capitalization of the crypto market is slightly higher than yesterday at $174.60 billion, the trading volumes have dropped down to $62.47 billion.

Bitcoin Price Analysis: Apr 05

BTC’s price has once again dropped below the $5k mark to $4987.26 after falling 0.97%. Capitalization is at $87.91 billion and current trading volumes are $17.75 billion.

Ethereum Price Analysis: Apr 05

Ethereum’s price has slipped by 0.12% to $163.66 and its capitalization is $17.27 billion. The trading volumes for the crypto are at $7.49 billion.

State of the Top 10 Cryptocurrencies: Apr 05

After the 3 days of soaring highs, the cryptocurrency market seems to be stepping back again. Litecoin and Stellar are the only two cryptocurrencies among the ten most valuable in the world that are trading up. Litecoin is up 5.76%, while Stellar is up 1.72%. Bitcoin Cash has the biggest drop, with its token price down by 6.28%.

  • Bitcoin’s trading at $4987.26, down 0.97%. At this point, the market valuation of the asset is $87.91 billion.
  • Ethereum’s trading at $163.66, down 0.12%. At this point, the market valuation of the asset is $17.27 billion.
  • Ripple’s trading at $0.366819, up 5.76%. At this point, the market valuation of the asset is $15.31 billion.
  • Litecoin’s trading at $87.61, down 0.37%. At this point, the market valuation of the asset is $5.36 billion.
  • Bitcoin Cash’s trading at $289.24, down 6.28%. At this point, the market valuation of the asset is $5.12 billion.
  • EOS’s trading at $5.26, down 0.10%. At this point, the market valuation of the asset is $4.76 billion.
  • Binance Coin’s trading at $19.09, down 0.93%. At this point, the market valuation of the asset is $2.69 billion.
  • Stellar’s trading at $0.0125376, up 1.72%. At this point, the market valuation of the asset is $2.41 billion.
  • Cardano’s trading at $0.090974, down 0.99%. At this point, the market valuation of the asset is $2.35 billion.
  • Tether’s trading at $1.00, down 0.60%. At this point, the market valuation of the asset is $2.07 billion.
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