Market Update 12.27.18 – India To Legalize Cryptos

| Publish date: 12/27/2018
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India To Legalize Cryptos

India might just be the next country to finally embrace the world of cryptocurrency. According to the official report, the country’s government is looking at making this a reality, but there is catch. It will only be made possible through tough terms and conditions attached.

In fact, an interdisciplinary committee has already set up by the government and is tasked to investigate digital currencies.

An anonymous senior official who attended the committee’s meetings told the newspaper:

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“We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders. Deliberations are on.”

The government set up the committee in April 2017 with the remit of examining the existing legal framework related to digital currencies and suggesting new measures to deal with the technology, including addressing issues around consumer protection and money laundering.

Read the full report here.

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Bitcoin’s Price To Go Below $3k

Bitcoin (BTC) has been fluctuating these past few days. But as far as Morgan Creek Digital Assets founder Anthony Pompliano is  concerned, the cryptocurrency still has “lower to go” despite its bull run to above $4,000 last week.

Pompliano, who is also a frequent markets commentator on social media, became the latest figure to claim the aforementioned digital asset markets will only bottom out when the price drifts below $,3000.

“Short term, I actually think we have lower to go,” he claimed.

Sometime in November, Pompliano also made a bold prediction. He said that a plunge to $3,000 for BTC/USD was going to happen, which subsequently occurred earlier this month.

Since then, prices across the crypto markets have taken off, with Bitcoin hitting its monthly high of almost $4,300 before correcting downwards to circle $3,782 at press time. Some altcoins gained much more, with Bitcoin Cash (BCH) and Ethereum (ETH) more than doubling their respective USD values in days.

Read the full report here.

UN Partners With Blockchain Telemedicine Firm

The United Nations Office on Drugs and Crime (UNODC) has voiced out its decision to partner with blockchain-based telemedicine and telepsychology firm doc.com. The goal is to expand free basic healthcare services, all of which are specifically aimed across Eastern Africa.

In an officially sealed letter signed by Amado Philip de Andres, Regional Representative for UNODC’s Regional Office for Eastern Africa (ROEA), de Andres wrote that the organization is “willing to cooperate […] in a new partnership.”

Doc.com is a tech firm that offers blockchain-based 24/7 telemedicine and telepsychology platforms. By essence, it allows users to tokenize their personal data and sell it in return for access to the services.

Read the full report here.

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Total Market Cap: December 27

The volume of trade in the crypto market sat at $16.56 billion. The market’s capitalization, on the other hand, reached $127.03 billion.

Bitcoin Price Analysis: December 27

In the past 24 hours, Bitcoin fell 1.07% to trade at $3,800.91. The leading cryptocurrency’s trade volume trickled to $5.22 billion, while its market slid to $66.31 billion.

XRP Price Analysis: December 27

XRP’s price fell 3.56% to trade at $0.366834. As for the altcoin’s trading volume, it reached $610.57 million; whereas its market capitalization hit $14.96 billion.

State of the Top 10 Cryptocurrencies: December 27

In the past 24 hours, all prices were up down. Meanwhile, TRON continues to dethrone Cardano at the 10th spot.

  • Bitcoin’s market price fell 1.07% to $3,800.91, and its value in the market is $66.31
  • XRP’s market price fell 3.56% to $366834, and its value in the market is $14.96 billion.
  • Ethereum’s market price fell 5.46% to $91, and its value in the market is $13.10 billion.
  • Bitcoin Cash’s market price fell 05% to $168.79, and its value in the market is $2.96 billion.
  • EOS’ market price fell 51% to $2.51, and its value in the market is $2.27 billion.
  • Stellar’s market price fell 10% to $0.117650, and its value in the market is $2.25 billion.
  • Tether’s market price fell 0.03% to $1.02, and its value in the market is $1.90 billion.
  • Litecoin’s market price fell 20% to $30.16, and its value in the market is $1.80 billion.
  • Bitcoin SV’s market price fell 08% to $92.73, and its value in the market is 1.63 billion.
  • TRON dethroned Cardano at the 10th spot, but its market price fell to 2.26% to $0.019925. As for its value in the market, it is $1.33 million.
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