Market Update 10.13.18 – FSC Reaffirms Negative Stance on ICOs and Cryptos
Market News
FSC Reaffirms Negative Stance on ICOs and Cryptos
Choi Jong-koo, the Chairman of South Korea’s financial regulator, the Financial Services Commission, has once again confirmed his negative stance against ICOs (Initial Coin Offerings) and cryptocurrencies. Choi made his stance clear at a parliamentary audit session for the FSC that was held at the National Assembly.
ICOs had been banned in the country in September last year. However, in August this year, the cryptocurrency and ICO issue was brought up again, with South Korean lawmakers and certain government officials asking for the ban to be repealed. However, Choi is reported to have stated that while the potential of Blockchain technology cannot be denied, crypto trading should not be equated with it.
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World Bank President: DLT Has Huge Potential
The president of the World Bank Group, Jim Kong stated that DLT (distributed ledger technology) has massive potential and that the bank should keep up with the latest technology. The President of the World Bank made this assertion at the Annual Meeting between the IMF (International Monetary Fund) and World Bank, which was held in Bali, Indonesia.
According to Kim, DLT could be used to help the organizations get over generations of bad practices that would actually “take forever” to eradicate, especially in terms of overcoming corruption.
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Blockstack Planning to Decentralize
Blockstack, the developer of Web 3.0, has announced its plans of decentralizing itself. The company has rolled out a roadmap to develop numerous entities that would – together – form a wider decentralized community.
The founders of the company, Ryan Shea and Muneeb Ali issued a blog post that Blockstack wanted to ensure that its corporate governance was completely decentralized, the same way that its app network and Blockchain works. While this was the goal, they also stated that it would take time for it to be achieved. As a first step, Blockstack will create non-profit foundations, one in the US and one in Hong Kong, which would start contributing to the future ecosystem.
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Total Market Cap: Oct 13
The crypto market’s volumes have fallen $2.97 billion to $10.41 billion. The market’s cap has inched up $0.61 billion to $202.57 billion.
Bitcoin Price Analysis: Oct 13
Bitcoin’s price is $6298.22, gaining only 0.09% since yesterday. The crypto’s market cap slipped an iota to $109.08 billion. Trade volumes are $3.35 billion.
Ethereum Price Analysis: Oct 13
Ethereum’s is now $200.11, gaining about 1.49% in the last one day. The value is $20.51 billion and the crypto’s trading volume is $1.23 billion.
State of the Top 10 Cryptocurrencies: Oct 13
The cryptocurrency market continues to struggle to gain ground. Most of the cryptocurrencies in the top ten list have shown minute to moderate gains. Four of the cryptos in that list are down – BCH (down 0.08%), USDT (down 0.28%), ADA (down 0.13%) and XMR (down 0.40%). The biggest gains have been seen by LTC (up 2.48%) and ETH (up 1.49%).
- Bitcoin is trading at $6298.22, gaining 0.09%. The virtual token is now worth $109.08 billion.
- Ethereum is trading at $200.11%, gaining 1.49%. The virtual token is now worth $20.51 billion.
- Ripple is trading at $0.424796, gaining 0.51%. The virtual token is now worth $16.99 billion.
- Bitcoin Cash is trading at $446.53, falling 0.08%. The virtual token is now worth $7.76 billion.
- EOS is trading at $5.25, gaining 0.95%. The virtual token is now worth $4.75 billion.
- Stellar is trading at $0.217180, gaining 0.58%. The virtual token is now worth $4.10 billion.
- Litecoin is trading at $54.03, gaining 2.48%. The virtual token is now worth $3.09 billion.
- Tether is trading at $0.990971, falling 0.28%. The virtual token is now worth $2.68 billion.
- Cardano is trading at $0.074195, falling 0.13%. The virtual token is now worth $1.92 billion.
- Monero is trading at $102.31, falling 0.40%. The virtual token is now worth $1.92 billion.