Market Update 3.07.18 – Venezuela Declares Crypto as Domestically Illegal
Market News
Venezuela’s Lawmakers Declare President’s Petro Crypto Domestically Illegal
Venezuela’s Asamblea Nacional, a political group that is against President Maduro and his policies, harshly denounced the issuance of a petro cryptocurrency. The declared that they believed this move to be unconstitutional and called it a fraud as well as a threat to potential investors.
The members of this law-making body said that this was just another scheme by a corrupt government to embezzle the country. To read the full story, click here.
Illinois May Allow Residents to Pay Taxes in Bitcoin
Legislators in Illinois have been weighing the possibility of allowing residents of the state to pay their taxes in Bitcoin. If the state does go ahead with this proposal, then Illinois will join the ranks of a growing number of states that are looking at this option.
The proposal mirrors previous legislations by Arizona and Georgia, which asks tax collectors to accept the cryptocurrency as a mode of payment and then convert it to US dollars within a day of having received the digital currency. Find out more here.
South Korea Bans Government Officials from Trading or Holding Cryptos
The South Korean government has put a ban on any trading or holding of cryptocurrencies for all government officials. This is the first time that a government has ruled that public servants will not trade or hold any form of crypto.
The Ministry of Personnel Management released a document which stated that officials found to be trading or holding cryptocurrencies would in violation of the forbidding of “forbearance obligation” that applies to all civil servants. To read the full story, click here.
Total Market Cap: Mar 07
The cryptocurrency market has traded with a volume of $17.36 billion since yesterday. The total cryptocurrency market capitalization in the last 24 hours has been $430.82 billion.
Bitcoin Price Analysis: Mar 07
Since yesterday, Bitcoin has dropped by 6.11% to its current trading price of $10,648.20 and has seen a volume of $6.88 billion in trading. The crypto’s value in the market is currently $180 billion.
Ethereum Price Analysis: Mar 07
Since yesterday, Ethereum has dropped by 6.43% to its current trading price of $793.96 and has seen a volume of $1.84 billion in trading. The altcoin’s value in the market is currently $77.93 billion.
State of the Top 10 Cryptocurrencies: Mar 07
**The information here is the trading data for the top ten cryptocurrencies for the period between March 6 and March 7:
- Bitcoin in the cryptocurrency market is currently priced at $10,648.20, dropping by 6.11%, and having a market value of $180 billion.
- Ethereum in the cryptocurrency market is currently priced at $793.96, dropping by 6.43%, and having a market value of $77.93 billion.
- Ripple in the cryptocurrency market is currently priced at $0.91, dropping by 5.20%, and having a market value of $35.61 billion.
- Bitcoin Cash in the cryptocurrency market is currently priced at $1,182.30, dropping by 5.39% and having a market value of $20.10 billion.
- Litecoin in the cryptocurrency market is currently priced at $193.06, dropping by 7.26%, and having a market value of $10.71 billion.
- Cardano in the cryptocurrency market is currently priced at $0.273872, dropping by 6.72%, and having a market value of $7.10 billion.
- NEO in the cryptocurrency market is currently priced at $107.48, dropping by 4.51%, and having a market value of $6.98 billion.
- Stellar in the cryptocurrency market is currently priced at $0.329, dropping by 8.10%, and having a market value of $6.07 billion.
- Monero in the cryptocurrency market is currently priced at $346.29, dropping by 4.31%, and having a market value of $5.47 billion.
- EOS in the cryptocurrency market is currently priced at $7.03, dropping by 11.46%, and having a market value of $5.47 billion.