Market Update 3.10.18 – Finance Minister of Netherlands Demands ICO Regulations

| Publish date: 03/10/2018 (Last updated: March 22, 2018 04:14 PM)
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Finance Minister of Netherlands Demands ICO Regulations

Wopke Hoekstra, the Dutch Minister of Finance published a letter to the Parliament this week. In it, he proposed an international approach to the regulation of cryptocurrencies.

First on his agenda was talking to credit card companies get them to institute stronger protections for customers who use their credit cards to buy cryptocurrencies. Other items on his agenda included having all local cryptocurrency exchanges and services register with the government and also abide by the Know-Your-Customer requirements by the end of 2019.

To read more, click here.

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People’s Bank of China Chairman Says Bank-Backed Digital Currency Inevitable

The People’s Bank of China (PBoC) Chairman Zhou Xiaochuan stated in a press interview that a bank-backed digital currency was inevitable. He warned that it was not certain that the development of this currency would take the form of a cryptocurrency or whether another type of technical innovation would be used to form the basis of the digital currency.

However, on thing that was certain was that this digital currency would be developed based on the needs that China needs fulfilled.

To read the full article, click here.

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Former Chairman of CFTC Says Crypto “Bubble” Will Not Burst Soon

Forbes reported earlier this week that the former chairman of the American financial regulator the Commodities and Futures Trading Commission (CFTC), Jim Newsome said that the crypto “bubble” would not burst any time soon.

According to him, without a strong regulatory framework, institutional investors will not participate in cryptocurrency markets. And without them – the “big money” – it would not be likely that the crypto “bubble” would burst.

Newsome was commenting from his new post as central advisor on cryptocurrencies to US policy makers. Find out more here.

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Total Market Cap: Mar 10

Cryptocurrency trading volume lowered even further to $17.43 billion in the last one day. Market capitalization for cryptocurrencies however showed improvement since yesterday, going up to $383.87 billion.

Bitcoin Price Analysis: Mar 10

There was good news for Bitcoin as it stopped its downward momentum and gained 6.87%, bringing its price back up to $9,348.07. Trading volume, however, dropped further to $7.05 billion. Bitcoin’s market value went up to $158.29 billion.

Ethereum Price Analysis: Mar 10

The world’s second most valuable currency also saw gains of $729.73, a jump of 8.55% since yesterday’s lows. Trading volume continues to be low at $1.91 billion but Ethereum’s market value has gone up to $71.55 billion.

State of the Top 10 Cryptocurrencies: Mar 10

**The data provided below related to the top 10 cryptocurrencies based on their market value in the last one day.

  • Bitcoin’s price is $9,348.07, gaining 6.87%. The cryptocurrency now has a value of $158.29 billion in the market.
  • Ethereum’s price is $729.73, gaining 8.55%. The cryptocurrency now has a value of $71.55 billion in the market.
  • Ripple’s price is $0.83, gaining 8.51%. The cryptocurrency now has a value of $32.66 billion in the market.
  • Bitcoin Cash’s price is $1,049.32, gaining 9.25%. The cryptocurrency now has a value of $17.84 billion in the market.
  • Litecoin’s price is $187.27, gaining 13.12%. The cryptocurrency now has a value of $10.40 billion in the market.
  • NEO’s price is $91.86, gaining 10.15%. The cryptocurrency now has a value of $5.97 billion in the market.
  • Stellar’s price is $0.312528, gaining 9.80%. The cryptocurrency now has a value of $5.78 billion in the market.
  • Cardano’s price is $0.220630, gaining 11.11%. The cryptocurrency now has a value of $5.72 billion in the market.
  • Monero’s price is $290.63, gaining 12.72%. The cryptocurrency now has a value of $4.59 billion in the market.
  • EOS’s price is $6.16, gaining 9.80%. The cryptocurrency now has a value of $4.42 billion in the market.
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