Market Update 7.23.18 – Global AML Standard for Cryptos Decided by October
Market News
Global AML Standard for Cryptos Decided by October
The G20 member countries are targeting October as the deadline to review global Anti-Money Laundering (AML) standards for cryptocurrencies. During a meeting held for the G20 countries this weekend, members reemphasized their stance on vigilantly monitoring cryptocurrencies.
During this meeting members asked the FATF (Financial Action Task Force) to explain how its current AML policies would apply to cryptos across the globe. The FATF is an international intergovernmental agency that has been formed to fight money laundering as well as financing of terrorism across the globe.
Find out more here.
U Network Runs Out of Tokens
A blockchain based publishing startup called U Network has announced that it has run out of reserves of its cryptocurrency tokens called UUU tokens. Developers of this protocol, which has been valued at $8 million, said that they were now planning to buy back some of the UUU tokens from early investors.
When the project was launched, tokens were distributed to early investors via airdrops. The total cap on the number of tokens to be issued was 10 billion, which would be worth about $15.6 million. Of this supply, 40% had been set aside as reserves (amounting to about $6.2 million) for the founding teams as well as future development of the project.
Find out more here.
CBDCs will Reshape Competition in Crypto Markets
According to a study commissioned by the European Parliament’s Committee on Economic and Monetary Affairs (ECON), central bank digital currencies (CBDCs) could be the answer to the current lack of competition policies within the cryptocurrency industry.
Competition issues can be divided into issues related to competition between cryptocurrencies, competition in the intra-crypto market (competition between service providers like exchanges and wallets) and inter-crypto market competition (competition between cryptocurrencies).
This study also stated that since closed system currencies such as CBDCs would require a supervisory authority to monitor it, it would help reshape these competition issues in the cryptocurrency market.
Read the details of the story here.
Total Market Cap: July 23
Trading volume still remains low at $13.49 billion. However, the crypto market’s capitalization is now $287.57 billion.
Bitcoin Price Analysis: July 23
In the last one day, BTC’s price has gone up by 3.45% to trade at $7689.08 per token. The cryptocurrency’s trading volume is currently at $4.51 billion and its market value is, at this time, $131.98 billion.
Ethereum Price Analysis: July 23
Ethereum lost 0.11% to trade at $463.52. The trading volume is now $1.48 billion and market value is $46.75 billion.
State of the Top 10 Cryptocurrencies: July 23
Sunday was a good day for the top ten cryptocurrencies. However, today, 24 hours later, the top ten cryptos have shown mixed results in trading so far today. Bitcoin continues to rise by 3.45%, but ETH lost 0.11%. Cardano was the biggest gainer, rising 4.08%, and IOTA was the biggest loser at 2.23% so far.
- Bitcoin has gained 3.45% to trade at its current price of $7689.08. Market cap is now $131.98 billion.
- Ethereum has lost 0.11% to trade at its current price of $463.52. Market cap is now $46.75 billion.
- Ripple has gained 0.08% to trade at its current price of $0.453123. Market cap is now $17.81 billion.
- Bitcoin Cash has gained 2.88% to trade at its current price of $812.84. Market cap is now $14.02 billion.
- EOS has gained 0.36% to trade at its current price of $8.12. Market cap is now $7.28 billion.
- Stellar has lost 1.71% to trade at its current price of $0.291186. Market cap is now $5.46 billion.
- Litecoin has gained 1.09% to trade at its current price of $84.64. Market cap is now $4.86 billion.
- Cardano has gained 4.08% to trade at its current price of $0.175550. Market cap is now $4.55 billion.
- IOTA has lost 2.23% to trade at its current price of $0.974721. Market cap is now $2.70 billion.
- Tether has lost 0.29% to trade at its current price of $0.996001. Market cap is now $2.70 billion.