Market Update 4.17.18 – Ripple Asks UK Regulators to Implement Crypto Laws

| Publish date: 04/17/2018 (Last updated: April 17, 2018 11:57 AM)
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Ripple Asks UK Regulators to Implement Crypto Laws

Ripple’s head of regulatory relations, Ryan Zagone called on UK’s regulatory authorities to find a balance between enabling innovation and capturing risk in the cryptocurrency industry.

Zagone identified three areas that needed regulation – anti-money laundering, consumer protection and financial stabilization. He said the UK needed to take the lead from Japan and put proper laws related to cryptocurrencies in place. He said that this was the time that the crypto industry needed more clarity and structure as well as certainty. And this could be achieved by setting up a framework of rules for the industry rather than adopting a wait and see approach.

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Barclays May Open a Crypto-Trading Desk

According to the latest news, international banking giant Barclays is looking at the possibility of opening a cryptocurrency trading desk for its customers. So far, the sources say that the bank has only conducted a preliminary check of client interest.

While this is theoretical at the moment, if Barclays were to go ahead with the plan, the bank would need the approval of its International president Tim Throsby as well as the bank’s group chief executive officer Jes Staley. This is because of the novelty of the asset class as well as the risk and compliance requirements for crypto trading.

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Bank of Japan Has No Plan to Issue a Central Bank Digital Currency

At a conference with the International Monetary Fund and the Financial Services Agency of Japan this week, the Bank of Japan’s deputy governor, Masayoshi Amamiya said that they had no plans of issuing a central bank digital currency (CBDC) at the moment.

According to Amamiya, there were issues of financial stability at the moment with regard to the cryptocurrency industry. Therefore, issuing a cryptocurrency directly to its customers, be it on a blockchain or otherwise, could undercut the current two-tier system in place. He said that having a virtual currency that is backed by the country’s central bank would change the entire banking system without first providing financial stability.

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Total Market Cap: Apr 17

The cryptocurrency market’s trading volume went down an iota to $15.57 billion and its capitalization is at $326.38 billion in the last 24 hour period.

Bitcoin Price Analysis: Apr 17

Bitcoin’s slipped 0.79% to $8018.45. The cryptocurrency’s trading volume was $5.32 billion and market capitalization was $136.22 billion.

Ethereum Price Analysis: Apr 17

Ethereum slipped 1.19% to $507.58. Ether’s trade volume is $1.66 billion and its market capitalization dropped slightly to $50.16 billion.

State of the Top 10 Cryptocurrencies: Apr 17

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 slipped 0.79% to a market price of $8018.45. Market cap for the crypto is $136.22 billion.
  • Ethereum slipped 1.19% to a market price of $507.58. Market cap for the crypto is $50.16 billion.
  • Ripple gained 0.39% to a market price of $0.659859. Market cap for the crypto is $25.71 billion.
  • Bitcoin Cash slipped 0.67% to a market price of $762.29. Market cap for the crypto is $13.01 billion.
  • Litecoin gained 1.96% to a market price of $129.94. Market cap for the crypto is $7.29 billion.
  • EOS gained 7.94% to a market price of $8.70. Market cap for the crypto is $6.94 billion.
  • Cardano gained 4.63% to a market price of $0.251311. Market cap for the crypto is $6.51 billion.
  • Stellar slipped 0.58% to a market price of $0.281659. Market cap for the crypto is $5.22 billion.
  • IOTA gained 1.27% to a market price of $1.59. Market cap for the crypto is $4.43 billion.
  • NEO slipped 0.01% to a market price of $66.7. Market cap for the crypto is $4.33 billion.
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