Market Update 4.18.18 – Swiss Banking Industry Impacted Most by Blockchain

| Publish date: 04/18/2018 (Last updated: April 18, 2018 01:09 PM)
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Moody’s Report Say Swiss Banking Industry Impacted Most by Blockchain

Moody’s Investor Services, the world’s foremost credit rating firm, released a report recently that stated that Swiss Banks would be the most impacted by Blockchain technology.

As Blockchain technology makes cross-border transactions much faster and, more importantly, cheaper, Swiss Banks will be the most hurt. This is because Swiss Banks make most of their revenue through fees and commissions. Switzerland is third on Moody’s list of countries (after the UK and Belgium) whose revenues from cross-border transactions impact their GDP.

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Lagarde Backs Up Bitcoin with Praise

Christine Lagarde, the head of the International Monetary Fund, published a blog this week in support of cryptocurrency technology. Just one month ago, Lagarde had cautioned the public about the risks involved in dealing with cryptocurrencies. And now, in an about-face, the IMF head took to her blog with praise for the potential benefits of the technology, especially Bitcoin.

Lagarde still kept a cautionary tone about needing to rein in illegal activities related to cryptocurrencies, however, she was more willing to take an even-handed approach to the nascent industry.

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Cognizant and 14 Indian Firms Team Up

Cognizant and 14 Indian firms have teamed up to develop a blockchain based solution for cross-company data sharing. Cognizant stated this week that the platform was developed last year on the R3’s Corda distributed ledger platform and is being hosted on Microsoft’s Azure cloud. This project has been a collaborative effort between the tech giant as well as a consortium of Indian insurers such as SBI Life, Max Life Insurance, Kotak Life, HDFC Life as well as ICICI Prudential Life.

The system has been designed to let companies share data with each other with a lower risk of fraud and data breaches. The system would also offer greater efficiency, record keeping and a faster turnaround time than current traditional methods.

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Total Market Cap: Apr 18

Trading volume in the last 24 hours in the cryptocurrency market has gone up to $18.41 billion. The market’s capitalization has slipped a little once again to $327.26 billion.

Bitcoin Price Analysis: Apr 18

Bitcoin’s price continues to slide by another 0.92% to $7944.53 from yesterday. The number one cryptocurrency’s trading volume increased to $6.8 billion and its market cap dropped to $134.76 billion.

Ethereum Price Analysis: Apr 18

Ethereum’s price in the last 24 hours fluctuated a lot before settling at a 0.01% gain to trade at $507.66. Ether’s volume in trading is $1.69 billion and its market value inched up to $50.19 billion.

State of the Top 10 Cryptocurrencies: Apr 18

In the last 24-hour period, the cryptocurrency market has been fluctuating with highs and lows, however, at the time of writing, the prices of the top ten cryptos were almost the same as they were yesterday. Stellar, with a jump of 9.45%, and Litecoin, with a 5.38% increase were the best performers in the last 24 hours.

  • Bitcoin went down by 0.92% to $7944.53. Its market cap is now at $134.76 billion.
  • Ethereum went up by 0.01% to $507.66. Its market cap is now at $50.19 billion.
  • Ripple went up by 0.76% to $0.664915. Its market cap is now at $26.01 billion.
  • Bitcoin Cash went up by 1.16% to $771.18. Its market cap is now at $13.17 billion.
  • Litecoin went up by 5.38% to $136.94. Its market cap is now at $7.68 billion.
  • EOS went down by 1.49% to $8.57. Its market cap is now at $6.86 billion.
  • Cardano went down by 1.82% to $0.246725. Its market cap is now at $6.39 billion.
  • Stellar went up by 9.45% to $0.308286. Its market cap is now at $5.72 billion.
  • IOTA went down by 0.62% to $1.58. Its market cap is now at $4.39 billion.
  • NEO went up by 0.01% to $66.71. Its market cap is now at $4.336 billion.
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