Market Update 2.27.18 – Israel Forbid Banks from Restricting Cryptocurrencies

| Publish date: 02/27/2018 (Last updated: March 22, 2018 04:21 PM)
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Supreme Court in Israel Forbid Banks from Restricting Cryptocurrency Activity

The Israeli Supreme Court passed a landmark judgement when it forbid Leumi Bank from restricting banking activities of the cryptocurrency broker, Bits of Gold. This decision basically sends out a message that no bank can limit the activities of a bank account linked with the cryptocurrency industry.

The problem started last year, when Leumi Bank denied Bits of Gold service, citing Israel’s anti-money laundering law as the reason. The broker took the bank to court. However, the first judgement was in favor of the bank, which Bits of Gold appealed. To read the full story, click here.

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Japanese e-Commerce Giant Launching Cryptocurrency

The Japanese e-commerce giant, Rakuten is launching its own cryptocurrency. Rakuten’s CEO, Hiroshi Mikitani launched the “Rakuten Coin” at the Mobile World Congress in Barcelona this Tuesday. Mikitani said that this new initiative was a way by which the company could increase its international customer base.

The company’s target is to make it available for use in all its businesses. The company is hoping that Rakuten Coin will become a borderless mode of payment that could reduce exchange rate fees. To read more, click here.

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Japanese Regulator Looking at New Framework of Regulations for ICOs

The Financial Service Agency, Japan’s financial regulator, is considering creating a framework of regulations for companies that are raising funds through ICOs. Currently, Japan doesn’t seem to have any clear laws with regard to ICOs and the current Bitcoin payment regulation is not enough to cover the legal status of all ICO related activities.

According to a local news report, there is an increasing need for the creation of an ICO specific regulation. To read the full story, click here.

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Total Market Cap: Feb 27

Trading volume for all cryptocurrencies for the last 24 hours is $18.66 billion. The current market capitalization of all digital assets is $450.23 billion.

Bitcoin Price Analysis: Feb 27

At the time of writing, the Bitcoin price is $10,366.70, which shows a growth of 0.96%. The cryptocurrency’s trading volume has been at $7.28 billion. Bitcoin’s market capitalization is currently at $175.07 billion.

Ethereum Price Analysis: Feb 27

Ethereum’s price at the time of writing is at $869.32, which denotes a loss of 0.76% in the last one day. The altcoin’s trading volume has been at $2.04 billion and its market capitalization is $85.04 billion.

State of the Top 10 Cryptocurrencies

**The data given here covers the last one day of trading for the top 10 cryptocurrencies.

  • Bitcoin is trading at $10,366.70, a gain of 0.96%. BTC’s current market capitalization is $175.07 billion.
  • Ethereum is trading at $869.32, a loss of 0.76%. ETH’s current market capitalization is $85.04 billion.
  • Ripple is trading at $0.94, a loss of 1.05%. XRP’s current market capitalization is $37.11 billion.
  • Bitcoin Cash is trading at $1,249.32, a loss of 1.14%. BCH’s current market capitalization is $21.22 billion.
  • Litecoin is trading at $216.76, a loss of 4.93%. LTC’s current market capitalization is $12 billion.
  • NEO is trading at $139.75, a gain of 2.93%. NEO’s current market capitalization is $9.08 billion.
  • Cardano is trading at $0.333, a loss of 0.29%. ADA’s current market capitalization is $8.64 billion.
  • Stellar is trading at $0.359, a loss of 1.71%. XLM’s current market capitalization is $6.64 billion.
  • EOS is trading at $8.64, a gain of 5.23%. EOS’s current market capitalization is $6.01 billion.
  • IOTA is trading at $1.92, a gain of 1.58%. MIOTA’s current market capitalization is $5.33 billion.
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