Market Update 2.16.19 – Indonesia Now Recognized BTC as a Trading Commodity

| Publish date: 02/16/2019
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Indonesia Now Recognized BTC as a Trading Commodity

Indonesia has instituted a new legislation according to which BTC (Bitcoin) will now be recognized as a trading commodity. Indonesia’s Bappebti (the country’s Commodity Futures Trading Regulatory Agency) had first signed a decree making cryptos a legally tradeable securities future in June last year. At the time, the regulator had stated that the Indonesian government would release corresponding legislation in the near future.

Finally, on February 15, Bappebti approved the regulation that recognized BTC as well as other cryptos as trading commodities.

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tZero Faces Low Volumes and Price Drops

Retail giant’s ATS (alternative trading system) targeted at security tokens went live three weeks ago. However, since then, the system has faced low volumes and trading activity. Daily volumes have been fluctuating between 7,000 and 23,000 of its native tZero Preferred (TZROP) tokens. The TZROP token is currently the only token listed on its platform at the moment.

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Considering that 26 million TZROP tokens were issued after its STO (security token offering) that raised $134 million last August, the number of tokens being traded is minuscule. And of the accredited 1,000 investors who had participated in the STO, only a few hundred have been on-boarded to the Overstock.com’s trading platform.

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Cotten May Have Kept Private Keys in Safety Deposit Box

According to mainstream media, the founder and Chief Executive Officer of Canadian cryptocurrency exchange QuadrigaCX, Gerald Cotten may have stored his private keys on a piece of paper in a safety deposit box.

This speculation is based on an interview that Cotten had given in February 2014, where QuadrigaCX’s founder had warned of the dangers of losing private keys to cold storage wallets. He had also explained during this interview that the best way to protect private keys was to take a printout of them and safely store these papers in a safety deposit box.

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Total Market Cap: Feb 16

With an increase of just less than $1 billion in the last 24 hours, the cryptocurrency market’s valuation is now at $121.34 billion. Markets are currently experiencing trade volumes of $19.63 billion.

Bitcoin Price Analysis: Feb 16

Bitcoin’s minute up-and-down fluctuations continue, with the number one cryptocurrency now up by 0.37% to a price of $3643.72. Capitalization for the crypto is at $63.91 billion and trade volumes stand at $6.05 billion.

Ethereum Price Analysis: Feb 16

Ethereum also continues its up-and-down movement, with its token price up by 0.47% to a trading price of $123.49. The capitalization of the number one altcoin is now at $12.95 billion and trade volumes are at $2.96 billion.

State of the Top 10 Cryptocurrencies: Feb 16

While the top seven cryptocurrencies are in the green, the last three of the top ten list are in the red at the moment. Ripple is trading more or less flat, as its Tether. And Litecoin is the only crypto in the top list that has shown proper gains. LTC’s price is currently up by 3.08%. Of the losers, Binance Coin is leading the way with a 1.95% drop in its token price. Tron follows with a 1.51% decline in its token price.

  • Bitcoin’s token price is $3643.72, gaining 0.37%. The asset is now worth $63.91 billion.
  • Ethereum’s token price is $123.49, gaining 0.47%. The asset is now worth $12.95 billion.
  • Ripple’s token price is $0.302942, gaining 0.02%. The asset is now worth $12.48 billion.
  • Litecoin’s token price is $43.84, gaining 3.08%. The asset is now worth $2.65 billion.
  • EOS’s token price is $2.82, gaining 0.54%. The asset is now worth $2.55 billion.
  • Bitcoin Cash’s token price is $123.12, gaining 0.75%. The asset is now worth $2.16 billion.
  • Tether’s token price is $1.01, gaining 0.14%. The asset is now worth $2.03 billion.
  • TRON’s token price is $0.023892, slipping 1.51%. The asset is now worth $1.59 billion.
  • Stellar’s token price is $0.078935, slipping 0.40%. The asset is now worth $1.51 billion.
  • Binance Coin’s token price is $9.24, slipping 1.95%. The asset is now worth $1.30 billion.
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