Market Update 5.16.19 – Facebook Should Build Stablecoin on Public Blockchain

| Publish date: 05/16/2019
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Polychain CEO: Facebook Should Build Stablecoin on Public Blockchain

The Chief Executive Officer of Polychain Capital Olaf Carlson-Wee stated that Facebook should build its rumored stablecoin on a public blockchain. Carlson-Wee made this statement during the panel discussion called To the Moon and Back at the Consensus 2019 conference.

Polychain’s CEO went on to explain that the kind of blockchain platform he was referring to was one that would be similar to Bitcoin’s, where control would be relinquished by the creator. He argues that this kind of blockchain platform would actually be beneficial for Facebook.

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Study: Most Ransomware Solution Providers Just Pay the Ransom

According to a study by ProPublica, most ransomware solution providers simply pay the ransom to get rid to cyber attackers. Experts at Coveware, a ransomware solution provider, state that Ransomware activity is growing on a weekly basis. The provider states that in the first quarter of 2019, ransomware activity went up by 89% as compared to the last quarter of 2018.

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Ransomware is used by attackers to encrypt computers, after which data on that system is locked. The study conducted by ProPublica found that while many solution providers promised to have users’ data unlocked using the latest technology, in reality they were simply paying off the attackers and getting the decryption codes.

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Seed CX Adds Support for 3 Stablecoins

The Chicago-based crypto exchange Seed CX announced via a press release on May 14 that it had added support for 3 stablecoins. The three stablecoins are PAX (Paxos), USDC (USD Coin) and TUSD (TrueUSD). The exchange stated that these three new stablecoins would be available for trade with the US dollar from May 17 onwards. It also said that it is planning to roll out trading pairs between these stablecoins and other currencies like the Euro soon.

The Chief Executive Officer of Seed CX Edward Woodford explained why support had been added for stablecoins. He said that these digital assets were important for the ecosystem as they increased the movement of assets linked to fiat currencies.

Read more about this story here.

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Total Market Cap: May 16

The crypto market’s capitalization has gone up by almost $10 billion to $254.36 billion in the last 24 hours. Trading volumes are at $111.67 billion.

Bitcoin Price Analysis: May 16

In the last 24 hours, BTC has gone up by 1.06% to trade at $8040.58. The crypto’s capitalization is at $142.34 billion and the volumes of trade it is currently experiencing are $32.59 billion.

Ethereum Price Analysis: May 16

The price of Ethereum continues to shoot up, gaining 15.78% in the last 24 hours, to trade at $263.10. Trading volumes are at $16.12 billion and the crypto’s capitalization is now $27.91 billion.

State of the Top 10 Cryptocurrencies: May 16

While Bitcoin’s price increase seems to be slowed down, the most of the other coins on the top ten list are seeing massive price increases since yesterday. The only exception is Tether, which is down 0.54% at this time. Of those that have gained, Stellar’s price has skyrocketed by 23.01%, and Ethereum’s by 15.78% in the last 24 hours.

  • Bitcoin is trading at $8040.58, increasing 1.06%. The token’s market cap is currently $142.34 billion.
  • Ethereum is trading at $263.10, increasing 15.78%. The token’s market cap is currently $27.91 billion.
  • Ripple is trading at $0.446252, increasing 5.31%. The token’s market cap is currently $18.80 billion.
  • Bitcoin Cash is trading at $419.14, increasing 9.60%. The token’s market cap is currently $7.45 billion.
  • Litecoin is trading at $100.21, increasing 8.47%. The token’s market cap is currently $6.19 billion.
  • EOS is trading at $6.62, increasing 8.25%. The token’s market cap is currently $6.03 billion.
  • Binance Coin is trading at $26.79, increasing 6.37%. The token’s market cap is currently $3.78 billion.
  • Stellar is trading at $0.147237, increasing 23.01%. The token’s market cap is currently $2.82 billion.
  • Tether is trading at $0.995632, decreasing 0.54%. The token’s market cap is currently $2.81 billion.
  • Cardano is trading at $0.093831, increasing 10.21%. The token’s market cap is currently $2.43 billion.
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