Market Update 7.31.18 – Guidelines for Responsible Growth of Crypto Market Released

| Publish date: 07/31/2018
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Guidelines for Responsible Growth of Crypto Market Released

The Chamber of Digital Commerce, a cryptocurrency and Blockchain technology advocacy group, has released a report that has a list of proposed guidelines for the responsible growth of the cryptocurrency market. This report is titled Understanding Digital Tokens: Market Overviews & Guidelines for Policymakers & Practitioners.

This report is broken into 3 sections. The first section deals with an overview of regulations in cryptocurrency markets in 5 different countries. The second section is about principles for distributing cryptos that are not securities, and the third section is an economic coverage about the global token landscape.

Read more here.

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ABC Completes Loan Issuance on Blockchain

The Agricultural Bank of China (ABC), one of the world’s largest banks in terms of assets, just completed the issuance of a loan using a Blockchain system. The loan issued is worth $300,000. This is the first time that the bank tested this Blockchain technology. The loan was issued from one of ABC’s branches in Guizhou province in China and a piece of agricultural land was used as collateral.

According to ABC, the Blockchain was deployed over several nodes to facilitate this loan. These nodes included other banks like a branch of the People’s Bank of China and the Land and Resources Bureau of the province.

Find out more about the story here.

Australian Government Grants AU$2.25 Million to SSP

The Australian government has made a grant of AU$2.25 million to the SSP (Sustainable Sugar Project). This project is led by Queensland’s Cane Growers Organization and will use Blockchain technology to track the sugar supply chain in Australia. This initiative has been dubbed the Smart Cane Best Management Practice and is a part of the sugar industry’s goal of creating better sustainability as well as traceability.

With Blockchain technology in place, buyers will clearly be able to see where the sugarcane they are purchasing has come from and also prove the sustainability of the sugar farm.

Read the rest of the story here.

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Total Market Cap: July 31

The cryptocurrency market’s trading volume went up slightly to $15.24 billion since yesterday. Market capitalization however slipped another notch to $289.49 billion.

Bitcoin Price Analysis: July 31

While BTC is currently down 0.49% to trade at $8139.02 per token. Trading volume went up to $4.85 billion and its market cap is $139.77 billion.

Ethereum Price Analysis: July 31

Ethereum fell 2.54% to its current token price of $452.26. Trading volume to $1.76 billion but Ether’s market cap dropped to $45.66 billion.

State of the Top 10 Cryptocurrencies: July 31

Overall, the cryptocurrency market continued to slip. Tether was the only token that was in the green, with a 0.23% gain since yesterday. The rest of the cryptos in the top ten list showed declines in their prices. BTC still stayed above the $8k mark, but fell 0.49%. The biggest losses were experienced by Cardano, which plunged 9.17%, Stellar, which also nosedived by 7.22%, followed closely by EOS, which dropped by 7.07%.

  • Bitcoin fell 0.49% to trade at $8139.02. The virtual asset’s market cap is $139.77 billion.
  • Ethereum fell 2.54% to trade at $452.26. The virtual asset’s market cap is $45.66 billion.
  • Ripple fell 2.59% to trade at $0.441079. The virtual asset’s market cap is $17.34 billion.
  • Bitcoin Cash fell 2.48% to trade at $801.35. The virtual asset’s market cap is $13.83 billion.
  • EOS fell 7.07% to trade at $7.62. The virtual asset’s market cap is $6.90 billion.
  • Stellar fell 7.22% to trade at $0.280813. The virtual asset’s market cap is $5.27 billion.
  • Litecoin fell 3.07% to trade at $81.53. The virtual asset’s market cap is $4.69 billion.
  • Cardano fell 9.17% to trade at $0.145959. The virtual asset’s market cap is $3.78 billion.
  • IOTA fell 2.79% to trade at $0.970703. The virtual asset’s market cap is $2.69 billion.
  • Tether gained 0.23% to trade at $0.999484. The virtual asset’s market cap is $2.50 billion.
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