Market Update 7.20.18 – Houbi Group Launches Huobi Cloud
Market News
Houbi Group Launches Huobi Cloud
Huobi Group announced the launch of a brand new platform called Huobi Cloud which will allow users to develop crypto exchanges on top of Huobi’s current platform. The group also revealed that they have already gone into partnerships with more than 10 multinational companies.
The new Huobi Cloud platform is designed to establish OTC as well as digital asset exchanges. Partners using this platform will be able to use its wallet as well as ordere integration systems. They will also be able to use Huobi Global’s asset management as well as clearing systems.
Read more here.
UK Law Commission Launches Research Project
The UK’s Law Commission launched a research project that will investigate reforms that can bring clarity about the use of Blockchain based smart contracts from a legal perspective. The commission published a working paper earlier this week, which showed that the agency has already started the legwork about the subject, and a more formal project is due to be released later this summer.
The Commission stated that this project was to make sure that the law is certain as well as flexible enough to apply to a global and digital context, as well as highlight any issues that may lack clarity or certainty. The Commission also said that it believes that smart contracts have the ability to increase certainty as well as trust, and heighten transactions efficiencies within and among businesses.
Find out more here.
Seiko Noda Denies Interference in Crypto Exchange Probe
Seiko Noda, the Japanese Internal Affairs Minister has denied that she had interfered in the government’s investigation of a cryptocurrency exchange that is suspected to be operating unlawfully without being registered. The investigation began in January when the Financial Services Agency (FSA), the Japanese financial watchdog suspected that a Tokyo-based company was violating the law by operating an unregistered cryptocurrency exchange. The FSA then sent a warning letter to the said company.
However, according to local media reports, just a few days after the FSA issued the warning, Noda’s office contacted the agency, asking about what happened. It seems that Noda met with the FSA at her office in the presence of the accused company’s representative.
Read the rest of the story here.
Total Market Cap: July 20
Trading volume has slipped further today to $15.81 billion and the crypto market’s valuation has also fallen to $282.96 billion.
Bitcoin Price Analysis: July 20
Since yesterday, Bitcoin inched up 1.15% to trade at $7430.89. Trading volume in the world’s number one crypto is $4.98 billion and its market valuation is $127.42 billion.
Ethereum Price Analysis: July 20
Ethereum’s price fell another 3.62% to its current price of $459.94. The token’s trading volume is now $1.98 billion and its value in the market has come down to $46.34 billion.
State of the Top 10 Cryptocurrencies: July 20
Most of the top ten cryptocurrencies saw a second day of price drops. The exceptions were Stellar, which rose by 2.60%, Bitcoin, which went up by 1.15% and Cardano, which saw a 0.17% increase. Tether lost traction for the first time in a week, dropping by 0.12%.
- Bitcoin rose 1.15% to $7430.89. The digital token’s value is now $127.42 billion.
- Ethereum fell 3.62% to $459.94. The digital token’s value is now $46.34 billion.
- Ripple fell 4.02% to $0.45867. The digital token’s value is now $18.03 billion.
- Bitcoin Cash fell 3.57% to $789.83. The digital token’s value is now $13.62 billion.
- EOS fell 4.37% to $8.08. The digital token’s value is now $7.24 billion.
- Stellar rose 2.60% to $0.294878. The digital token’s value is now $5.53 billion.
- Litecoin fell 2.91% to $84.38. The digital token’s value is now $4.85 billion.
- Cardano rose 0.17% to $0.176126. The digital token’s value is now $4.56 billion.
- IOTA fell 6.54% to $1. The digital token’s value is now $2.79 billion.
- Tether fell 0.12% $0.998794. The digital token’s value is now $2.70 billion.