Market Update 3.24.18 – Binance Moving Base to Malta
Binance Moving Base to Malta
Binance, one of the largest cryptocurrency exchanges in the world, has been facing troubles in China and Japan. After Chinese authorities clamped down on cryptocurrency exchanges, Binance moved operations to Japan.
However, after moving operations to Japan, Binance was issued a formal warning this week that the cryptocurrency exchange had to comply with FSA licensing requirements or be shut down. Binance has been operating in the country without a license and, according to Japanese daily, Nikkei, is not conducting proper identity scans on investors when they are opening accounts with Binance.
To read the full story, click here.
IRS: Reminder to US Taxpayers to Include Crypto Earnings
With tax season round the corner, the Internal Revenue Service in the US has sent out a reminder to all taxpayers to include income from cryptocurrencies in their annual tax forms.
In 2014, the agency had issued a statement on how cryptocurrencies should be reported. Profits or losses on cryptocurrencies would be treated as capital gains or losses when the digital currency was being utilized as a capital asset. Also, if employees were paid their wages in cryptocurrency, they were to be taxed. However if independent contractors were paid in cryptos, then they would have to show this in Form 1099.
To find out all the details, click here.
Bug Found in Coinbase that Allowed Users to Get Unlimited Ether
This week, it was revealed that there was a bug in Coinbase’s Ethereum smart contract system which could give the users of the exchange access to unlimited amounts of Ether. Luckily, it seems that this vulnerability was not discovered or exploited by anyone.
This issue was discovered by VI Company in December 2017. This Dutch company that specializes in Fintech was planning to give its employees ether as Christmas bonuses and that is when the issue was noticed.
Read the full story here.
Total Market Cap: Mar 24
The trading volume in cryptocurrencies is the last 24 hours has been at about $17.71 billion, and the value of the cryptocurrency market is now at $340.85 billion.
Bitcoin Price Analysis: Mar 24
Bitcoin has a market price of $8937.86 right now, which is a rise of 5.18% in the last 24 hours. The crypto’s volume in trade is at $6.05 billion at the time of writing, and its market value is $150.98 billion.
Ethereum Price Analysis: Mar 24
Ethereum’s current market price is $541.76, meaning the cryptocurrency gained 3.72% in the last one day. The cryptocurrency’s trading volume is at $1.53 billion, while its market cap has touched $53.22 billion.
State of the Top 10 Cryptocurrencies: Mar 24
Listed below are the top 10 cryptocurrencies in the world based on market capitalization. This is their performance in the last 24 hours.
- Bitcoin is trading at a price of $8937.86, going up by 5.18%. The market value of the currency is $150.98 billion.
- Ethereum is trading at a price of $541.76, going up by 3.72%. The market value of the currency is $53.22 billion.
- Ripple is trading at a price of $0.66, going up by 4.76%. The market value of the currency is $225.86 billion.
- Bitcoin Cash is trading at a price of $1023.08, going up by 5.35%. The market value of the currency is $17.42 billion.
- Litecoin is trading at a price of $167.06, going up by 5.22%. The market value of the currency is $9.31 billion.
- EOS has gone up one spot and is trading at a price of $6.96, going up by 6.07%. The market value of the currency is $5.20 billion.
- Cardano is trading at a price of $0.186908, going down by 1.49%. The market value of the currency is $4.84 billion.
- NEO is trading at a price of $69.47, going up by 6.58%. The market value of the currency is $4.51 billion.
- Stellar is trading at a price of $0.239669, going up by 5.65%. The market value of the currency is $4.44 billion.
- IOTA is trading at a price of $1.37, going up by 7.03%. The market value of the currency is $3.79 billion.