Market Update 3.25.18 – CMIIT Creating Committee for Blockchain

| Publish date: 03/25/2018 (Last updated: March 25, 2018 01:00 PM)
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CMIIT Creating Committee for Blockchain Standards

According to a document released last week, the Chinese Ministry of Industry and Information Technology (CMIIT) has listed objectives to support the development as well as standardization of the tech sector in the country. This list also includes objectives related to blockchain technology.

A committee called The National Blockchain Distributed Accounting Technology Standardization Committee will be formed, which will recommend standards for domestic as well as international blockchain technology.

To read the full story, click here.

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JP Morgan Spinning off Quorum

An anonymous source told Bloomberg on Friday that J P Morgan was planning to spin off its Blockchain and Smart Contracts division and turn it into an independent company.

Quorum was created by the banking giant in 2016, as a part of the Ethereum Enterprise Alliance (EEA). The network runs on the Ethereum blockchain and is designed after the Ethereum Go client. The platform is already being used by big companies such as Pfizer, Genentech and even Microsoft Azure.

Brian Marchiony, a spokesman for the company, said that Quorum has become a very successful enterprise platform and that JP Morgan was excited about the division’s potential. Read more here.

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Quebec Temporarily Halts New Crypto Mining Operations

The Canadian province of Quebec has temporarily halted all developments on new crypto mining operations. The reason for this is that utility company Hydro-Quebec has been turning down more clients as the already existing mining operations are already placing a heavy demand for the hydroelectric dam’s power.

Pierre Moreau, the region’s Minister for Energy and Natural Resources stated that while crypto-mining operations consume a lot of energy, they create very few jobs, unlike factories that refine operations. He also stated that it was a possibility that the hydroelectric dam would not be able to meet all the power needs for the mining projects.

Read more here.

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Total Market Cap: Mar 25

The trading volume for the cryptocurrency market again fell in the last 24 hours to $13.75 billion. The market value of the cryptocurrency industry also dropped in the last one day to $330.21 billion.

Bitcoin Price Analysis: Mar 25

Bitcoin’s market price has gone down by 3.61% in the last 24 hours. The number one cryptocurrency in the world is currently trading at $8614.32. The crypto’s volume of trade is $5.26 billion, and its market capitalization is $145.89 billion.

Ethereum Price Analysis: Mar 25

Ethereum’s market price dropped by 3.33% in the last 24 hours and is now being traded at $523.69. Trading volume is low at $1.22 billion, while the altcoin’s market cap is $51.51 billion.

State of the Top 10 Cryptocurrencies: Mar 25

The last 24 hours has seen a small slide in the value of the cryptocurrency market. Most of the top 10 cryptos traded lower in the last one day.

  • Bitcoin’s trading price is currently $8614.32, which is a drop of 3.61%. The market cap is $145.89 billion.
  • Ethereum’s trading price is currently $523.69, which is a drop of 3.33%. The market cap is $51.51 billion.
  • Ripple’s trading price is currently $0.63, which is a drop of 4.54%. The market cap is $25.01 billion.
  • Bitcoin Cash’s trading price is currently $983.95, which is a drop of 3.82%. The market cap is $16.76 billion.
  • Litecoin’s trading price is currently $159.94, which is a drop of 4.26%. The market cap is $8.92 billion.
  • EOS’s trading price is currently $6.73, which is a drop of 3.30%. The market cap is $5.04 billion.
  • Cardano’s trading price is currently $0.185782, going down by 0.60%. The market cap is $4.81 billion.
  • Stellar went up one spot and its trading price is currently $0.233282, which is a drop of 2.66%. The market cap is $4.32 billion.
  • NEO’s trading price is currently $66.17, which is a drop of 4.75%. The market cap is $4.3 billion.
  • IOTA’s trading price is currently $1.33, which is a drop of 2.91%. The market cap is $3.70 billion.

 

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