Market Update 1.28.19 – Iran to Reveal State-Backed Crypto Soon
Market News
Iran to Reveal State-Backed Crypto Soon
Iran may reveal its new state-backed cryptocurrency this week at the Electronic Banking and Payment Systems conference. The country has been faced with new sanctions from the US since November 2018, and has been exploring options in Blockchain technology based financial tools to overcome the restrictions placed on economic growth.
Tehran has hoped to find a substitute for SWIFT, the worldwide settlements system, which many of the country’s banks are unable to access. The answer to this problem could be a CBDC (central bank digital currency), which could be backed by the local currency, the rial.
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Now is Not the Time to Throw Out Token Economics
According to the chairman of Coindesk’s Advisory Board and Senior Advisor on Blockchain research at the Digital Currency Initiative at MIT, Michael J Casey, the investors have swung from one extreme of believing that the new decentralized token-based economy was the future to the current market aversion of anything related to cryptos. Casey says that it is now time to find a more balanced approach towards cryptos.
According to Casey, the economics of the crypto world is not nonsense. He says that the incentive systems created by Bitcoin as well as Ethereum host sustained and viable decentralized communities.
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R3 Reorganization Leads to 2 Executives Leaving
R3, the enterprise software company that leads a consortium of more than 200 companies, is reportedly losing two of its senior executives amid a largescale internal reorganization.
According to internal sources, at its townhall meeting on Friday, January 25, R3 told its employees that Brian McNulty, the managing director and head of global services, and Laura Carroll, the company’s chief administrative officer, were leaving. These sources said that the Chief Executive Officer David Rutter sent out a company-wide memo outlining some of the changes that were being made in the organization.
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Total Market Cap: Jan 28
The valuation of the cryptocurrency market has dropped to $114.16 in the last 24 hours and the volumes of trade being experienced at this time are $19.11 billion.
Bitcoin Price Analysis: Jan 28
Bitcoin continues to flounder with its token price now down to $3477.23, which is a 3.26% drop for the crypto. Its market valuation is now $60.87 billion and volumes of trade are at $6.18 billion.
Ethereum Price Analysis: Jan 28
The price of Ethereum is now down by 7.05% to a trading price of $107.64 and a capitalization in the crypto market of $11.25 billion. Volumes of trade are at $3.04 billion.
State of the Top 10 Cryptocurrencies: Jan 28
The week opens with the cryptocurrency market showing a sea of red. Tether continues to remain stable at $1.01, however the rest of the major cryptocurrencies have seen massive falls in their prices. The biggest drop in token price is for Stellar, which has lost 10.42% in the last 24 hours. Bitcoin Cash is the second worst performer with a 9.66% drop in its token price. And Bitcoin SV is the third worst performer with a9.11% drop in its token price.
- Bitcoin’s price is $3477.23, dropping by 3.26%. The valuation of the crypto is now $60.87 billion.
- Ripple’s price is $0.297948, dropping by 4.71%. The valuation of the crypto is now $12.26 billion.
- Ethereum’s price is $107.64, dropping by 7.05%. The valuation of the crypto is now $11.25 billion.
- EOS’s price is $2.31, dropping by 4.77%. The valuation of the crypto is now $2.09 billion.
- Tether’s price is $1.01, rising by 0.07%. The valuation of the crypto is now $2.03 billion.
- Bitcoin Cash’s price is $112.44, dropping by 9.66%. The valuation of the crypto is now $1.97 billion.
- Litecoin’s price is $31.07, dropping by 5.51%. The valuation of the crypto is now $1.87 billion.
- TRON’s price is $0.027885, dropping by 7.63%. The valuation of the crypto is now $1.85 billion.
- Stellar’s price is $0.089521, dropping by 10.42%. The valuation of the crypto is now $1.71 billion.
- Bitcoin SV’s price is $66.47, dropping by 9.11%. The valuation of the crypto is now $1.16 billion.