Market Update 5.28.18 – IHS Markit Developing Blockchain Payments System
Market News
IHS Markit Developing Blockchain Payments System
Market infrastructure giant IHS Market is creating a new Blockchain based system which will handle the payments part of syndicated loan trading. The expectation is that the firm will eventually handle a much wider suite of financial transactions. This new system, called Stax, which is a combination of smart contracts and wallets, is being designed to remove the last section of wire transfers – the part where each transaction needs its own wire.
If this new system is successful, there would be a huge cut in the complexity as well as work load with regard to cash reconciliation among parties in a syndicated loan. Such loans can involve up to 30 banks.
Read more here.
UK’s FCA Opens Investigations into Crypto Businesses
The UK’s financial regulatory authority, the Financial Conduct Authority, has initiated investigations into 24 different cryptocurrency related businesses due to a lack of financial regulations compliance. The FCA also confirmed to local media that the agency had opened Whistleblower reports since the beginning of 2018.
The FCA stated that it was conducting these investigations to ascertain whether these companies – which currently remain unnamed – are conducting transactions or activities that need authorization from the financial watchdog. While not overtly stating anything, the regulator implied that it was going to take action against each of the companies based on the seriousness of their missteps.
Read the rest of the story here.
ETC Forking to Diffuse “Bomb” in its Code
Ethereum Classic (ETC) announced that it was getting ready to fork in order to diffuse a “bomb” in its Blockchain code. The change has been set for Block 5,900,000, and will require all users of the ETC Blockchain to update their software. This change is meant to diffuse a feature built into the platform’s code that was designed to increase the level of difficulty in mining for new cryptocurrency. This change is also taking place ahead of a new consensus algorithm.
While this feature had a part of the original vision for the development of the altcoin, such an action now would render Ethereum Classic mining seriously unprofitable. While the majority of the community is for the change, develop and director of ETC Cooperative, Anthony Lusardi disagrees with the plan.
To find out more, click here.
Total Market Cap: May 28
Trading volume in the cryptocurrency market stayed low at $14.28 billion. The market’s capitalization also was low at $310.79 billion.
Bitcoin Price Analysis: May 28
The price of Bitcoin gained 0.1% to $7320.81 since the same time yesterday. Trading volume is $4.37 billion. BTC’s value in the market is now $122.49 billion.
Ethereum Price Analysis: May 28
Ethereum’s price fell by 9.05% to $530.15 since the same time yesterday. Its trading volume is $1.99 billion and market value is $52.3 billion.
State of the Top 10 Cryptocurrencies: May 28
Bearishness in the market has not abated, with 9 of the 10 ten cryptocurrencies falling over the weekend. Bitcoin is the only one with a minuscule gain of 0.1% since yesterday’s price. The slump in the market isn’t expected to go away any time soon.
- The trading price of Bitcoin rose 0.1% to $7320.81. Its market cap is $122.49 billion.
- The trading price of Ethereum fell 9.05% to $530.15. Its market cap is $52.3 billion.
- The trading price of Ripple fell 3.57% to $0.582140. Its market cap is $22.81 billion.
- The trading price of Bitcoin Cash fell 5.77% to $932.25. Its market cap is $15.98 billion.
- The trading price of EOS fell 1.06% to $12.13. Its market cap is $10.55 billion.
- The trading price of Litecoin fell 3.16% to $113.76. Its market cap is $6.45 billion.
- The trading price of Stellar fell 3.95% to $0.266451. Its market cap is $4.89 billion.
- The trading price of Cardano fell 6.38% to $0.182183. Its market cap is $4.69 billion.
- The trading price of TRON fell 10.69% to $0.064329. Its market cap is $4.22 billion.
- The trading price of IOTA rose 0.69% to $1.42. Its market cap is $3.91 billion.