Market Update 4.08.18 – Bitfinex Being Linked with Drug Cartels

| Publish date: 04/08/2018 (Last updated: April 08, 2018 04:59 PM)
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Bitfinex Being Linked with Drug Cartels

In unconfirmed reports, authorities have seized €400 million from a cryptocurrency account in the Cooperative Bank in Skierniewice, Poland, which is reportedly affiliated with the crypto exchange Bitfinex.

According to local news, the investigation that has led to this discovery is allegedly tied to Columbian drug cartels. In fact, the money confiscated is the amount that had be stolen from Belgium’s Ministry of Foreign Affairs when it was constructing its embassy in the Democratic Republic of Congo.

To read the full story, click here.

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Pakistan Bans Banks from ICOs and Crypto Trading

The Pakistan central bank now joins the list of such institutions that are banning their financial companies from dealing with cryptocurrency related companies and trading.

The State Bank of Pakistan (SBP) released a statement on its website, which announced that all banks, microfinance banks, DFIs, Payment System Operators and Payment Service Providers would no longer be allowed to process, use, trade in, hold, transfer, promote or invest in cryptocurrencies. The statement added that these financial institutions could not help their customers deal in cryptos either.

Read the full story here.

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Overstock SVP Hughes Leaving to Join Subsidiary

American internet retailer Overstock’s senior vice president of finance and risk management, Robert Hughes, is leaving to join the company’s indirectly owned 50% subsidiary which is a blockchain venture DeSoto. Hughes is joining DeSoto as the company’s CFO and he will still continue working with the founder and CEO of Overstock Patrick Byrne.

DeSoto is a joint venture between a Peruvian economist called Hernando de Soto and Overstock’s subsidiary Medici Ventures. The venture is targeting creating a global property register that will protect property owners’ rights. This project is being developed using blockchain technology.

To read the full story, click here.

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Total Market Cap: Apr 08

Current volumes of trade in the crypto market are at $9.28 billion and the market’s value has, however, inched up to $262.32 billion.

Bitcoin Price Analysis: Apr 08

Bitcoin’s market price inched up by 1.49% for the second day in a row to trade at $6974.45. The digital asset’s market cap is now $118.44 billion and trading volume is $3.76 billion.

Ethereum Price Analysis: Apr 08

Ethereum’s price has also inched up by 1.78% for the second day, trading now at $388.88. The trading volume for ETH is now $908.01 million and its market value is up at $38.43 billion.

State of the Top 10 Cryptocurrencies: Apr 08

With the exception of Litecoin (LTC), EOS and Stellar (XLM) that saw marginal (less than 1%) slips in their prices, the cryptocurrency market has inched forward for the second day in a row.

  • Bitcoin saw an increase of 1.49% in its price to trade at $6974.45. The market value for BTC is $118.44 billion.
  • Ethereum saw an increase of 1.78% in its price to trade at $388.88. The market value for ETH is $38.43 billion.
  • Ripple saw an increase of 1.18% in its price to trade at $0.489950. The market value for XPR is $19.15 billion.
  • Bitcoin Cash saw an increase of 2.79% in its price to trade at $648.59. The market value for BCH is $11.06 billion.
  • Litecoin saw a slip of 0.61% in its price to trade at $116.83. The market value for LTC is $6.54 billion.
  • EOS has slipped by 0.16% in its price to trade at $5.90. The market value for EOS is $4.58 billion.
  • Cardano saw an increase of 1.79% in its price to trade at $0.150558. The market value for ADA is $3.90 billion.
  • Stellar saw a slip of 0.09% in its price to trade at $0.201936. The market value for XLM $3.74 billion.
  • NEO saw an increase of 0.68% in its price to trade at $46.86. The market value for NEO is $3.04 billion.
  • IOTA saw an increase of 1.97% in its price to trade at $0.990214. The market value for MIOTA $2.69 billion.
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