Market Update 6.23.18 – ECAF Blocks Transactions of 27 Accounts
ECAF Blocks Transactions of 27 Accounts
Barely a week after the Blockchain went live, the EOS Core Arbitration Forum (ECAF) released an Emergency Measure of Protection Order on June 22, directing block producers not to process transactions from 27 accounts. The ECAF is a body set up to resolve disputes within the EOS community.
This order by the ECAF has caused a lot of controversy since the body did not give any reasons for passing such an order. The order simply stated that the reasoning and logic would be explained at a later date. The order was signed by the ECAF’s Interim Emergency Arbitrator, Sam Sapoznick.
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Coinbase Overwhelmed by its Growth
The US cryptocurrency exchange Coinbase is being criticized for not being prepared enough and being overwhelmed by the pace of its growth. Mashable obtained documents using the Freedom of Information Act (FOIA) procedure, which consist of 134 pages of complaints to the Securities and Exchange Commission (SEC) from the exchange’s users. These complaints were also filed to the California Department of Business Oversight.
The most common complaint amongst Coinbase users is their inability to access funds, getting either locked out of their accounts, not receiving the funds due to them, and even not being able to transfer funds between their accounts.
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BoE Rebuilding RTGS System to Interface with Blockchain
The Bank of England’s (BoE’s) Governor Mark Carney announced that it is planning to rebuild its RTGS (Real Time Gross Settlement) system so that it will be able to interface with platforms and businesses that are powered by Blockchain technology.
An RTGS system one that is used to transfer large sums of money between banks. According to Carney, the BoE’s RTGS system is the backbone of every payment that is made in the country.
Carney is hope to rebuild the RTGS system so that private payment platforms could connect directly to the payment system. The Governor also stated that this new system would also help in fight issues such as money laundering as well as the financing of terrorism. The new system would also help improve access to domestic as well as international financial systems.
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Total Market Cap: June 23
Trading volume increased to $16.57 billion since yesterday. The capitalization of the cryptocurrency market fell even further to $256.03 billion today.
Bitcoin Price Analysis: June 23
In the last 24 hours, the price of Bitcoin has slipped another 3.61% to $6127.12. Trading volume in BTC is $4.95 billion but capitalization slipped even more to $104.92 billion.
Ethereum Price Analysis: June 23
Ethereum’s price fell another 4.07% to $469.38 since yesterday. In the past 24 hours, ETH’s volume of trade has gone up to $2.19 billion but its market value is at $47.12 billion.
State of the Top 10 Cryptocurrencies: June 23
The cryptocurrency market just doesn’t seem to be getting a break. All top ten cryptocurrencies are down, with EOS being the biggest loser for the second day in a row, dropping by 10.52%. Stellar also lost 7.57%, making it the second biggest loser on the list. IOTA switched places with TRON on the top ten list, with the latter no taking ninth place and IOTA dropping down to 10th place.
- Bitcoin slipped 3.61% to $6127.12. The crypto’s value is now $104.92 billion.
- Ethereum slipped 4.07% to $469.38. The crypto’s value is now $47.12 billion.
- Ripple slipped 4.38% to $0.487843. The crypto’s value is now $19.14 billion.
- Bitcoin Cash slipped 6.36% to $755.92. The crypto’s value is now $13 billion.
- EOS slipped 10.52% to $8.42. The crypto’s value is now $7.54 billion.
- Litecoin slipped 5.17% to $84.32. The crypto’s value is now $4.81 billion.
- Stellar slipped 7.57% to $0.198501. The crypto’s value is now $3.72 billion.
- Cardano slipped 5.29% to $0.138812. The crypto’s value is now $3.59 billion.
- TRON slipped 2.94% to $0.043727. The crypto’s value is now $2.87 billion.
- IOTA slipped 6.54% to $1. The crypto’s value is now $2.79 billion.