Market Update 4.16.18 – H K’s SFC Says Many ICOs are Frauds

| Publish date: 04/16/2018 (Last updated: April 16, 2018 12:29 PM)
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Hong Kong’s SFC Says Many ICOs are Frauds

In her speech at an investment industry conference, the deputy head of Hong Kong’s Securities and Futures Commission (SFC) sent out another warning to the public, stating that a lot of the Initial Coin Offerings (ICOs) were scams.

She said that many ICO projects had little to do with genuine blockchain technology and were actually frauds. She said ICO issuers are able to escape police detection thanks to their cross-border nature. And the reason, why ICOs are able to avoid scrutiny, is that of their structure, which is designed to fall outside regulation parameters in the grey territory.

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MasterCard May Use Blockchain to Save Identity Data

The payments giant MasterCard is looking at the option of using blockchain technology to prevent identity data theft. To this end, the company filed a patent with the US Patent & Trademark Office (USPTO) last week.

In its patent filing, MasterCard has described a system where a private or semi-private blockchain would be used to store as well as receive identity data. The system would then generate a data file for each piece of data, which would then be linked to a security key as well as a geographic jurisdiction.

Unlike a public blockchain, only certain nodes would be allowed to submit data on this framework.

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Chilean Crypto Exchanges Sue Banks for Shutting Down Crypto Accounts

Some of the top cryptocurrency exchanges in Chile, BUDA, CryptoMarket (CryptoMKT) and Orionx have taken their banks to an appeals court for closing down their crypto accounts. The court has agreed to hear their case, though their bank accounts still remain shut.

In the last few weeks, Scotiabank, Corpbanca and the state-owned Banco del Estado de Chile closed down their accounts of the cryptocurrency exchanges BUDA, CryptoMKT and Orionx. By closing their accounts, the banks have taken away people’s ability to trade in cryptocurrencies.

This move by the banks has created a great furore in the Chilean crypto community, with many protesting the moves by the banks. In fact, BUDA’s CEO and co-founder, Guillermo Torrealba went on record, saying that this decision is going to kill the crypto industry in the country.

To read the full story, click here.

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Total Market Cap: Apr 16

Trading volume was at $16.34 billion in the cryptocurrency market in the last 24-hour period. The market’s capitalization was steady at $325.98 billion.

Bitcoin Price Analysis: Apr 16

Bitcoin’s price fell 3.04% to $8082.98 but the volume trade increased to $5.74 billion. The virtual currency’s market capitalization went down to $137.25 billion.

Ethereum Price Analysis: Apr 16

The last 24 hour-period has seen Ethereum slip by 1.85% to $513.72. ETH’s trade volume is $1.76 billion and its market capitalization dropped slightly to $50.58 billion.

State of the Top 10 Cryptocurrencies: Apr 16

In the last 24-hour period, the cryptocurrency market rose, but then slipped a little once again. Most of the top ten cryptocurrencies were down by an average of 2%, however, Cardano was a surprise as it rose 12.23%.

  • Bitcoin fell by 3.04% trading at $8082.98. The crypto’s capitalization is $137.25 billion.
  • Ethereum fell by 1.85% trading at $513.72. The crypto’s capitalization is $51.73 billion.
  • Ripple fell by 2.61% trading at $0.657231. The crypto’s capitalization is $25.71 billion.
  • Bitcoin Cash fell by 1.25% trading at $767.47. The crypto’s capitalization is $13.1 billion.
  • Litecoin fell by 3.33% trading at $127.44. The crypto’s capitalization is $7.15 billion.
  • EOS fell by 5.06% trading at $8.06. The crypto’s capitalization is $6.42 billion.
  • Cardano jumped up by 12.23% trading at $0.240182. The crypto’s capitalization is $6.22 billion.
  • Stellar inched up by 1.71% trading at $0.283317. The crypto’s capitalization is $5.25 billion.
  • IOTA fell by 4.28% trading at $1.57. The crypto’s capitalization is $4.36 billion.
  • NEO fell by 1.43% trading at $66.71. The crypto’s capitalization is $4.33 billion.
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