Market Update 4.07.18 – Tim Draper: India’s Crypto-Stance

| Publish date: 04/07/2018 (Last updated: April 07, 2018 02:16 PM)

Market News

Tim Draper: India’s Crypto-Stance is a Big Mistake

In a recent interview, tech investor Tim Draper said that India’s negative stance on cryptocurrencies was a big mistake. On April 5, the Indian central bank announced that it would no longer deal with cryptocurrency related accounts.

According to Draper, Bitcoin and Blockchain tech are the best things to have happened to the world of business in a long time. Bureaucratic countries like India that depend on reams of paperwork and suffer from corruption would actually benefit from the efficiency and security that this new tech provides.

Read the full story here.

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South Africa Establishing Self-Regulatory Body for Crypto Industry

The South African Reserve Bank (SARB), South Africa’s central bank, is going to establish a self-regulatory body to oversee cryptocurrency as well as fintech growth and development in the country. This is being done to ensure investors are protected and to prevent risk, the bank has decided to create an investigative unit to regulate this industry.

According to Bridget King, the direct of banking practice at SARB, the new self-regulatory body would be a non-state agency which will have the power to establish its own rules, standards and directives. Read the full story here.

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Chile’s CNE Launches Ethereum-Based Project for Energy Data

Chile’s energy regulation agency, Comision Nacional de Energia de Chile (CNE – the National Energy Commission) announced the launch of an Ethereum-based blockchain project which will record data from the country’s energy sector.

This pilot aims to provide data security, accuracy, transparency as well as accessibility using blockchain technology. According to the CNE, the agency will launch a system consisting of several stages rather than a single centralized database.

Read the full story here.

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Total Market Cap: Apr 07

In the last 24 hours, the cryptocurrency market has dropped in trading volume to $9.04 billion and has a current market cap of $258.16 billion.

Bitcoin Price Analysis: Apr 07

Bitcoin saw slight relief in the last 24 hours with its price increasing by 2.16% to trade at $6871.97. Market capitalization for the Bitcoinis now $116.53 billion and its trading volume is $3.61 billion.

Ethereum Price Analysis: Apr 07

Ethereum finally got a break too with itstoken price inching up a notch by 1.90% to$382.07 in the last24 hours. The digital asset’s trading volume is now at $890.99 million, while its market capitalization is up to $37.70 billion.

State of the Top 10 Cryptocurrencies: Apr 07

The prices of all of the top ten cryptocurrencies have steadied slightly in the last 24 hours, their prices increasing slightly to trade higher since yesterday. EOS was the only exception, its price dropping by 1.66% to trade at $5.91 per token.

  • The token cost of Bitcoinhascurrentlyincreased by2.16% to$6871.97.Its market value is now$116.53 billion.
  • The token costEthereumhas currently increased by1.90% to $382.07. Its market value is now$37.70 billion.
  • The token cost ofRipplehas currently increased by0.17% to $0.484196. Its market value is now$18.92billion.
  • The token cost ofBitcoin Cashhas currently increased by0.09% to$630.96. Its market value is now$10.76billion.
  • The token cost ofLitecoinhas currently increased by2.55% to$117.55. Its market value is now$6.57billion.
  • The token cost ofEOShas slipped by 1.66% to$5.91. Its market value is now$4.59 billion.
  • The token cost ofCardano has currently increased by3.52% to$0.147909. Its market value is now$3.83 billion.
  • The token cost ofStellar has currently increased by5.57% to $0.202135. Its market value is now$3.74 billion.
  • The token cost ofNEOhas currently increased by0.97% to$46.54. Its market value is now$3.02billion.
  • IOTA re-enters the top 10 list – ousting Monero – with a price of $0.970993, its price increasing by4.09% in the last 24 hours. Its market value is now$2.69billion.

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