Market Update 6.10.18 – Huobi Creates Brand New US-Based Platform
Market News
Huobi Creates Brand New US-Based Platform
Houbi is the world’s third-largest crypto exchange in terms of trade volume, and it has recently created a brand new digital currency trading marketplace in the US. The platform reportedly arrives through a newly created company in San Francisco, and it is called HBUS. The latter is nothing close to being a “subsidiary” or “affiliate” of Houbi. It is basically its “exclusive US strategic partner.”
Official trading is poised to launch June 15. However, if there is an overwhelming demand, the company might just postpone the launch. Huobi first revealed its plan back in January this year. The Singapore-based company is looking to target overseas market, with plans to build another office in London.
Read the full report here.
Central Banks Still Not Looking to Issue Digital Currencies
Unfortunately, central banks are still not ready to involve themselves in the world of digital currencies. The move was announced by Fabio Panetta during his keynote address for the BAFFI CAREFIN and SUERF Centre Conference, which was held at the Bocconi University. Nonetheless, he is positive that central banks will soon issue currencies digitally.
Panetta highlighted the lower costs involved in issuing digital currencies as compared to distributing physical currencies. He also clarified that such move would not necessarily be deemed “disruptive,” though a number of key issues surrounding this type of currency must be dealt with.
Read the full report here.
Google Bans Cryptocurrency Ads
It is no secret that the world’s largest search engine company decided to ban advertisements concerning cryptocurrency. Of course, this caused a shock to anyone who loves digital asset, but this did not disturb Google. There is still no reason why the move was made. According to experts, there could be one viable reason why this is happening. For starters, cryptocurrency simply has no regulatory body that somehow guarantees that it is not being utilized or exploited by criminals. Meaning, they could be using it for money laundering and/or trafficking unlawful stuff, among others.
In a report from the Statis Group, about 80% of initial coin offerings were proven to be fraudulent. And perhaps this could be Google’s main reasoning for not allowing products resembling cryptocurrency to be advertised. As expected, this blanket policy has angered various individuals, particularly those who work in the digital currency world. Not only was the move called unfair, they saw it as a way to only give digital assets a bad reputation. In fact, some called Google’s move “heavy-handed” due to the fact that one would not simply ban on job postings just because someone used it for setting scams or exploits.
See the full story here.
Total Market Cap: June 10
The volume of trade in the crypto market sat at $12.32 billion. The market’s capitalization, on the other hand, increased a bit at $339.46 billion.
Bitcoin Price Analysis: June 10
In the past 24 hours, Bitcoin dropped a notch by 0.60% to $7,598.07. The leading cryptocurrency’s trade volume trickled to $3.76 billion, while its market slid to $129.815 billion.
Ethereum Price Analysis: June 10
Ethereum’s price fell at around 0.29% to trade at $600.77. As for the altcoin’s trading volume, it reached $1.51 billion; whereas its market capitalization hit $60.06 billion.
State of the Top 10 Cryptocurrencies: June 10
Apparently, most prices dropped a notch, with only EOS showing a promising jump. TRON was able to dethrone NEO at the 10th place.
- Bitcoin’s market price fell 0.46% to $7,609.95, and its value in the market is $130.01.
- Ethereum’s market price fell 0.29% to $600.77, and its value in the market is $60.06 billion.
- Ripple’s market fell 1.71% to $0.663720, and its value in the market is $26.05 billion.
- Bitcoin Cash’s market fell 1.68% to $1,103.37, and its value in the market is $18.95 billion.
- EOS’s market price jumped 0. 85% to $14.27, and its value in the market is $12.79 billion.
- Litecoin’s market price fell 1.34% to $118.59, and its value in the market is $6.75 billion.
- Cardano’s market price fell 1.17% to $0.203643, and its value in the market is $5.28 billion.
- Stellar’s market price fell 2.16% to $0.283312, and its value in the market is $5.27 billion.
- IOTA’s market price fell 4.27% to $1.65, and its value in the market is $4.58 billion.
- TRON ousted NEO but its market price fell 0.21 % to $0.057664, and its value in the market is $3.79 billion.