Market Update 4.26.19 – India Considering Banning Cryptos Completely

| Publish date: 04/26/2019
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India Considering Banning Cryptos Completely

According to a local news report, a draft of a bill that is targeting the complete ban of cryptocurrencies in the country is being circulated among the various departments of the Indian government. The government has reportedly started inter-ministerial consultations on the bill, which has been named Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019.

The ban is for the sale, purchase as well as issuance of all cryptocurrencies in the country, and the bill is being supported by a committee comprised of the DEA (Department of Economic Affairs), CBDT (Central Board of Direct Taxes), CBIC (Central Board of Indirect Taxes and Customs) and the IEPFA (Investor Education and Protection Fund Authority).

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ETH Staking Could Turn Into $160 Million Industry

The creator of Ethereum, Vitalik Buterin’s new proposal indicates that he is thinking about increasing rewards for validators who will stabilize and secure the operations of the new version of the ETH blockchain. The new version, called Ethereum 2.0, is going to be the biggest upgrade for the ETH blockchain.

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The upgrade’s larger aims are to do away with current bottlenecks in transaction throughputs and significantly cut down costs on the network. The new version will rely on a proof-of-stake consensus protocol rather than the current proof-of-work protocol.

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Samsung Subsidiary Launches New Version of Nexledger Universal

According to an April 24 press release, South Korean electronics giant Samsung’s information technology subsidiary, Samsung SDS has launched a new version of Nexledger Universal, its enterprise blockchain platform.

The new version of the platform is offering an app programming interface that can be used on multiple blockchains such as the Hyperledger Fabric, Ethereum, as well as the company’s in-house Nexledger Consensus Algorithm. Now, users will be able to develop apps for payment settlement, authentication as well as proof of originality. The platform is currently available on Azure, Microsoft’s marketplace.

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Total Market Cap: Apr 26

After the news of Bitfinex’s possible fraud broke out yesterday, the cryptocurrency market’s capitalization has plunged and is currently at $170.79 billion. Trading volumes are $57.70 billion.

Bitcoin Price Analysis: Apr 26

Bitcoin’s price has dropped 2.99% since yesterday and it is trading at $5295.03. Volumes of trade are at $17.90 billion. BTC’s capitalization is $93.54 billion.

Ethereum Price Analysis: Apr 26

ETH has dropped 5.13% in the last one day, and its price is now $155.40. Trading volumes have risen to $7.99 billion but the crypto’s capitalization has dropped to $16.44 billion.

State of the Top 10 Cryptocurrencies: Apr 26

The cryptocurrency market is seeing losses across the board thanks to the revelations about Bitfinex and Tether. Binance Coin is the only one in the top ten list that is trading up, its token price rising by 1.38%. Tether, which has been more or less stable all this time, has now dropped by 1.21% in the last 24 hours. However, the biggest loss is being experienced by Ethereum, which has lost 5.13%.

  • Bitcoin’s trading at $5295.03, dropping 2.99%. The capitalization right now of the asset is $93.54 billion.
  • Ethereum’s trading at $155.40, dropping 5.13%. The capitalization right now of the asset is $16.44 billion.
  • Ripple’s trading at $0.292666, dropping 2.25%. The capitalization right now of the asset is $12.29 billion.
  • Bitcoin Cash’s trading at $267.04, dropping 4.52%. The capitalization right now of the asset is $4.73 billion.
  • Litecoin’s trading at $72.42, dropping 1.24%. The capitalization right now of the asset is $4.45 billion.
  • EOS’s trading at $4.66, dropping 1.94%. The capitalization right now of the asset is $4.39 billion.
  • Binance Coin’s trading at $23.08, gaining 1.38%. The capitalization right now of the asset is $3.25 billion.
  • Tether’s trading at $0.993754, dropping 1.21%. The capitalization right now of the asset is $2.84 billion.
  • Stellar’s trading at $0.099895, dropping 3.03%. The capitalization right now of the asset is $1.90 billion.
  • Cardano’s trading at $0.069389, dropping 4.32%. The capitalization right now of the asset is $1.79 billion.
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