Market Update 7.19.18 – Cryptos Complicate Regulatory Frameworks

| Publish date: 07/19/2018
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Public Hearing – Cryptos Complicate Regulatory Frameworks

The US House of Agriculture Committee, chaired by US Texas Representative Michael Conaway, conducted a public hearing on July 18 whose focus was cryptocurrencies. Six eminent witnesses were called in to give testimony, all of whom agreed that cryptocurrencies complicate existing regulatory frameworks.

They were Gary Gensler (ex-Goldman Sachs partner and currently a US government regulator), Scott Kupor (managing partner at Andreessen Horowitz), Daniel Gorfine (CFTC), Joshua Fairfield (law professor), Amber Baldet (CEO of Clovyr) and Lowell Ness (managing partner at Perkins Coie).

Read the details here.

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Augur: First Markets Resolved

Augur, the prediction platform launched just a little over a week ago, announced that the first markets have been successfully resolved. The company is giving out its first payments to the early users who took a chance on this platform without knowing for sure whether it would work as planned. Augur has just paid out $20,000 worth of Ether to the users who won their bets.

This peer-to-peer platform has been designed in such a way that anyone can pose a question on which any other user can then bet on with money. The platform first launched its ICO 3 years ago, and then spent two of those three years beta testing the platform to proof it against any problems. That focus on quality seems to have paid off, since Augur has had only a few minor hiccups since it launched.

Read more here.

Crypto Owners and Miners Regulated Under Existing Laws

According to local news outlets, Anatoly Aksakov, the Chairman of the Russian State Duma Committee on Financial Markets, stated that cryptocurrency owners as well as crypto miners would be regulated under existing laws laid out in the Internal Revenue Code. Aksakov stated that new laws on digital financial assets would be passed in the next session of the Duma, which would take place in autumn.

The chairman also said that this new bill that would be put up for legislation would not include a different taxation plan for crypto owners. This means that both owning and mining for cryptocurrencies would fall under the purview of current Russian Tax Codes.

Find out more here.

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Total Market Cap: July 19

Trading volume slipped a little since yesterday to $18.74 billion and the digital asset market’s valuation dropped to $286.87 billion.

Bitcoin Price Analysis: July 19

Since yesterday, Bitcoin slipped slightly by 1.12% to trade at a current price of $7345.93. Trading volume in the virtual currency is now $5.76 billion and its market valuation is $125.92 billion.

Ethereum Price Analysis: July 19

Ethereum’s price dropped by 5.51% to trade at $477.25 a token. The currency’s trading volume is $2.27 billion and its cap is now $48.10 billion.

State of the Top 10 Cryptocurrencies: July 19

After massively soaring yesterday, most of the top ten cryptocurrencies are back down in trading so far today. The only exceptions to price slides were Tether and Stellar. Stellar has gained just slightly, up 0.74%, while Tether continues to remain steady at $1. The rest of the cryptocurrencies, however saw price drops once again, with the biggest loser being Ethereum, which dropped 5.51%.

  • Bitcoin slipped 1.12% to $7345.93. The token’s market cap is now $125.92 billion.
  • Ethereum slipped 5.51% to $477.25. The token’s market cap is now $48.10 billion.
  • Ripple slipped 6.88% to $0.477914. The token’s market cap is now $18.76 billion.
  • Bitcoin Cash slipped 5.42% to $819.10. The token’s market cap is now $14.12 billion.
  • EOS slipped 4.51% to $8.45. The token’s market cap is now $7.56 billion.
  • Stellar gained 0.74% to $0.287402. The token’s market cap is now $5.39 billion.
  • Litecoin slipped 4.73% to $86.91. The token’s market cap is now $4.99 billion.
  • Cardano slipped 1.22% to $0.175810. The token’s market cap is now $4.55 billion.
  • IOTA slipped 5.30% to $1.07. The token’s market cap is now $2.98 billion.
  • Tether’s token price stays steady at $1. The token’s market cap is now $2.71 billion.
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