Market Update 10.08.18 – Governments Getting Better at Tracking Cryptos
Market News
Governments Getting Better at Tracking Cryptos
For years now, the biggest draw for cryptocurrencies have been their lack of traceability. The USP of cryptos for years has been the fact that users could trade or transact anonymously. Because of this, cryptocurrencies became the currency of choice of the dark web. However, governments have been working feverishly to figure out ways to trace crypto movements and have been largely successfully now.
Despite its reputation for anonymity, cryptos are actually only pseudonymous, meaning only the names of the users can be false. The very structure of the Blockchain ensures that there is a public and immutable record of every single transaction as well as the link to fixed wallet addresses which offers governments a near perfect way of tracing all financial transactions.
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ICO May Be Launched on Bitcoin
There are news reports that there will be an ICO (Initial Coin Offering) launched on Bitcoin by the end of this year. So far, ICOs have been launched on other altcoin’s (especially Ethereum’s) Blockchain. However, now, a side chain has been created by RSK which will allow Bitcoin to also host this fundraising mechanism too.
Thus, in late November this year, a South Korea-based Blockchain startup called Temco, which is focusing on the supply chain management sector will utilize the new technology by RSK to launch its ICO on Bitcoin’s Blockchain. Temco is hoping to raise a sum of $9 million through this fundraiser.
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Lithuanian FCIS Organizes Seminar about ICOs
The Financial Crime Investigation Service (FCIS) of Lithuania organized a seminar to examine the possible threats as well as benefits of ICOs (Initial Coin Offerings) to the economy of the country. This event was attended by government representatives, central bank representatives as well as the country’s General Prosecutor.
The Lithuanian government is currently conducting an investigation into crypto trading habits within the country. The biggest concern that the government has is that there is a huge turnover from cryptocurrencies to fiat currencies in Lithuania.
Find out more about this story here.
Total Market Cap: Oct 08
Trading volumes in the cryptocurrency market are at $10.59 billion at the beginning of the week. The capitalization of the market is at $218.59 billion.
Bitcoin Price Analysis: Oct 08
Bitcoin’s token price is $6588.58, falling 0.2% since yesterday. The crypto’s capitalization is $114.24 billion and has trading volumes of $3.20 billion.
Ethereum Price Analysis: Oct 08
Ethereum’s price is currently at $225.22, losing ground by 0.3%. The altcoin’s market capitalization is at $23.09 billion and its trading volume is $1.41 billion.
State of the Top 10 Cryptocurrencies: Oct 08
Trading volumes for the cryptocurrency market have been low, with most the top ten cryptocurrencies showing very slight gains or losses in the last 24 hours. Bitcoin (-0.2%), Ethereum (-0.3%) and Monero (-1.21%) are the losers in trading so far today. The biggest gains have been seen so far by Cardano, which is up by 3.30% at this point in time.
- Bitcoin is currently at $6588.58, losing 0.2%. Bitcoin’s market value is now $114.24 billion.
- Ethereum is currently at $225.22%, losing 0.3%. Ethereum’s market value is now $23.09 billion.
- Ripple is currently at $0.486325, gaining 1.28%. Ripple’s market value is now $19.42 billion.
- Bitcoin Cash is currently at $519.21, gaining 1.31%. Bitcoin Cash’s market value is now $9.02 billion.
- EOS is currently at $5.75, gaining 0.06%. EOS’s market value is now $5.21 billion.
- Stellar is currently at $0.243244, gaining 1.05%. Stellar’s market value is now $4.57 billion.
- Litecoin is currently at $58, gaining 0.01%. Litecoin’s market value is now $3.4 billion.
- Tether is currently at $0.998112, gaining 0.05%. Tether’s market value is now $2.80 billion.
- Cardano is currently at $0.084284, gaining 3.30%. Cardano’s market value is now $2.18 billion.
- Monero is currently at $113.14, losing 1.21%. Monero’s market value is now $1.86 billion.