Market Update 1.05.19 – New Gemini Ad Says Crypto Needs New Rules

| Publish date: 01/05/2019
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New Gemini Ad Says Crypto Needs New Rules

The cryptocurrency exchange founded and led by the Winklevoss twins, Gemini has launched a new ad campaign which calls for better regulations in the cryptocurrency industry.

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The new ads are displayed on placards on taxis as well as the New York City subway. They contain slogans such as crypto needs rules, and also publicize the fact that Gemini already provides a cryptocurrency exchange that is regulatorily compliant. Other slogans in this ad campaign say money has a future and crypto without chaos.

Read more about this story here.

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Texas Law May Classify Stablecoins as Money

According to an updated guidance from the Texas Department of Banking, stablecoins may end up being classified as “money” under the state law. The Texas Banking Commission Charles Cooper published a memo that outlined how cryptos needed to be regulated under state as well as federal laws. This memo highlighted how stablecoins, which are backed by sovereign currencies, needed to be assessed.

In a previous memo, Cooper had stated that cryptos could not be classified as money, however, in this memo, he added that stablecoins, on the other hand, could fall into the definition of “money” or at least has “monetary value”.

Read more here.

ETH Core Reaches Consensus on New PoW Algorithm

The developers of Ethereum (ETH) Core have tentatively reached a consensus about implementing a Proof-of-Work (PoW) algorithm, which would increase efficiencies of mining with GPUs on the ETH network, as against using ASIC-based mining.

Developer Hudson Jameson stated that during the ETH Core meeting, there was very little dissent on the implementation of ProgPoW. This new algorithm has so far been tested through client implementations that have been run on the Gangnam testnet (a simulated version of the fundamental network which lets developers experiments with upgrades or smart contracts without having to pay “gas” for the execution of these algorithms).

Find out more here.

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Total Market Cap: Jan 05

The capitalization of the crypto market inched up to $132.54 billion with trading volumes of $16.87 billion.

Bitcoin Price Analysis: Jan 05

Bitcoin’s price gained 0.70% in the last 24 hours to trade at its current price of $3878.36. The digital asset’s value in the market is now $67.73 billion and is trading at volumes of $5.16 billion.

Ethereum Price Analysis: Jan 05

Ethereum has gone up by 1.17% to trade at a token price of $157.50. The altcoin’s market value is now $16.41 billion with volumes in trade at $3.42 billion.

State of the Top 10 Cryptocurrencies: Jan 05

60% of the top ten cryptocurrency have seen gains in the last 24 hours, while the other 40% are in the red. The biggest gainers in trading so far today are TRON (up 7.17%), Litecoin (up 1.51%) and Ethereum (up 1.57%). The biggest losers are Bitcoin Cash (down 2.84%), Bitcoin SV (down 1.97%) and Ripple (down 1.57%).

  • Bitcoin’s price is $3878.36, up by 0.70%. The crypto asset now has a market value of $67.73 billion.
  • Ethereum’s price is $157.50, up by 1.17%. The crypto asset now has a market value of $16.41 billion.
  • Ripple’s price is $0.357867, down by 1.57%. The crypto asset now has a market value of $14.59 billion.
  • Bitcoin Cash’s price is $159.56, down by 2.84%. The crypto asset now has a market value of $2.80 billion.
  • EOS’s price is $2.72, down by 1.23%. The crypto asset now has a market value of $2.46 billion.
  • Stellar’s price is $0.115138, up by 0.63%. The crypto asset now has a market value of $2.20 billion.
  • Litecoin’s price is $33.24, up by 1.51%. The crypto asset now has a market value of $1.99 billion.
  • Tether’s price is $1.02, up by 0.01%. The crypto asset now has a market value of $1.90 billion.
  • Bitcoin SV’s price is $87.76, down by 1.97%. The crypto asset now has a market value of $1.53 billion.
  • TRON’s price is $0.021896, up by 7.17%. The crypto asset now has a market value of $1.45 billion.
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