Market Update 10.31.18 – Ledger To Expand Support For Stablecoins

| Publish date: 10/31/2018

Market News

Ledger To Expand Support For Stablecoins

Ledger, which is a hardware cryptocurrency wallet maker, plans to add support soon for more stablecoins, including expanding tether (USDT)’s usability across all its products and services, executives said. Currently, the company supports Tether for its two handheld storage products, the Ledger Nano and Ledger Blue, but it intends to add the U.S. dollar-linked cryptocurrency to its institutional vault service.

Despite USDT’s recent loss of parity with the dollar amid renewed questions about its issuer’s reserves, Benjamin Soong, Ledger’s new head of operations for the Asia-Pacific region, said the token remains popular there.

“One thing that is slightly unique in China and South Korea is the demand for USDT,” said Soong, an alumnus of S&P Global Market Intelligence and Deloitte, whose hiring Ledger announced. “Since both of those countries have capital controls, in terms of your ability to move currency out of the country.”

Read the full report here.

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Bank Of America Hints Crypto Key Storage

Bank of America was awarded a patent for a device that stores cryptographic keys and the document’s details hint at applications for cryptocurrencies. In a patent awarded by the U.S. Patent and Trademark Office, the bank outlines a “hardened storage device” for storing private keys – such as those used for blockchain platforms – explaining that, at present, most keys are stored locally protected by nothing more than a password.

“In specific embodiments of the system, the authentication routine is conducted as part of a crypto-currency transaction, a blockchain transaction or the like,” the patent states.

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The patent references “crypto-currencies” several times, though overall, the document leaves it open keys of other sorts to be applied to the proposed device.

According to Bank of America, given that computers storing these keys are usually connected to the internet or other public networks, local storage means that they “are continuously susceptible to being misappropriated.”

Read the full report here.

Crypto Exchange Service Offers Help To Bithumb

Hong Kong-based crypto exchange service Changelly has announced that it helped South Korean exchange platform Bithumb recover 1,063,500 Ripple (XRP) in stolen assets following a massive hack in June.

In June 2018, hackers attacked South Korea’s leading crypto exchange Bithumb. As soon as security specialists had detected the theft, the exchange temporarily suspended all deposits and withdrawals, and moved its customers’ funds to a cold wallet.

Bithumb initially lost over $30 million worth of cryptocurrencies due to the hack. Four months after the incident, Bithumb recovered approximately $14 million in stolen digital assets after it collaborated with global counterparts.

Read the full report here.

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Total Market Cap: October 31

The volume of trade in the crypto market sat at $10.37 billion. The market’s capitalization, on the other hand, reached $203.07 billion.

Bitcoin Price Analysis: October 31

In the past 24 hours, Bitcoin fell 0.19% to trade at $6,336.48. The leading cryptocurrency’s trade volume trickled to $3.70 billion, while its market slid to $109.95 billion..

Ethereum Price Analysis: October 31

Ethereum’s price fell 0.02% to trade at $197.53. As for the altcoin’s trading volume, it reached $1.34 billion; whereas its market capitalization hit $20.33 billion.

State of the Top 10 Cryptocurrencies: October 31

In the past 24 hours, most prices plummeted. Meanwhile, Monero continues to dethrone TRON at the 10th spot.

  • Bitcoin’s market price fell 0.19% to $6,336.48, and its value in the market is $109.95 billion.
  • Ethereum’s market price fell 0.02% to $197.53, and its value in the market is $20.33 billion.
  • XRP’s market price fell 0.92% to $0.441260, and its value in the market is $17.74 billion.
  • Bitcoin Cash’s market price jumped 0.20% to $418.78, and its value in the market is $7.30 billion.
  • EOS’ market price fell 0.59% to $5.12, and its value in the market is $4.64 billion.
  • Stellar’s market price fell 1.03% to $0.223327, and its value in the market is $4.22 billion.
  • Litecoin’s market price fell 0.70% to $48.99, and its value in the market is $2.89 billion.
  • Tether market price jumped 0.30% to $0.996533, and its value in the market is $1.82 billion.
  • Cardano market price fell 1.13% to $0.069078, and its value in the market is $1.79 billion.
  • Monero dethroned TRON at the 10th spot, with its market price jumping 0.45% to $102.40. As for its value in the market, it is $1.69 billion.

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