Market Update 4.24.18 – Cboe Wants to Lower Bitcoin Futures Prices

| Publish date: 04/24/2018 (Last updated: April 24, 2018 01:19 PM)
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Cboe Wants to Lower Bitcoin Futures Prices

The Managing Director of Cboe, Matthew McFarland wrote to the Commodity Futures Trading Commission (CFTC) proposing that the minimum increment on the exchange’s Bitcoin futures contract be lowered from 10 points (equaling $10) to 5 points (equaling $5). The letter proposed this change be incorporated either on May 1 or sometime after that date.

According to McFarland, the lowering of Bitcoin futures prices would have a positive impact on the product. He also said that the change should only be applicable to single leg transactions that involve only one contract, and not for spread trades.

Read the full story here.

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Binance and Crypto Savannah Support Ugandan Economic Development

One of the world’s biggest cryptocurrency exchanges, Binance, and Ugandan Blockchain firm Crypto Savannah are teaming up to support the East African country in economic development.

According to Binance CEO Changpeng Zhao, this partnership is to promote economic development in Uganda through employment generation as well as by attracting investments to the country. Uganda is considered one of the poorest countries in the world, with a GDP per capita of about $2,000.

Find out more here.

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British Finance Guru Suing Facebook for Crypto Scams

The well-known personal finance guru from Britain, Martin Lewis, is suing Facebook for allowing cryptocurrency scammers to use his likeness in ads on the social media’s platform.

The founder of the famous blog, MoneySavingExpert said he was initiating high court proceedings against the social media giant in a personal capacity and not on behalf of his blog. He also announced that if the court awarded him damages from the suit, then all the proceeds would go to anti-scam charities.

Lewis said that over 50 fake ads using his picture have appeared on Facebook in the last one year. He stated that he has been fighting with the social media giant for all this time for letting scammers use his name to con other people and that he had had enough.

Read the rest of the story here.   

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Total Market Cap: Apr 24

In the last 24 hours, the volume of trade in the cryptocurrency market went up to $27.54 billion. The capitalization in the cryptocurrency market as also gone up to $417.18 billion.

Bitcoin Price Analysis: Apr 24

Bitcoin’s price gained by 3.79% to $9202.22. The virtual asset’s trading volume went up to $8.35 billion and its market value also went up to $156.25 billion.

Ethereum Price Analysis: Apr 24

Ethereum jumped 6.22% to trade at a token price of $673.34. The cryptocurrency’s trading volume was up to $2.85 billion and its market cap went up to $66.6 billion.

State of the Top 10 Cryptocurrencies: Apr 24

The markets are officially in a bull run now. All top ten cryptocurrencies have gained in the last 24 hours. The highest gainer in the top ten list has been EOS, which gained 15.45% to trade at $13.30 per token.

  • The price of Bitcoin gained 3.79% to $9202.22. The virtual currency’s market value is $156.25 billion.
  • The price of Ethereum gained 6.22% to $673.34. The virtual currency’s market value is $66.6 billion.
  • The price of Ripple gained 4.57% to $0.906802. The virtual currency’s market value is $35.49 billion.
  • The price of Bitcoin Cash gained 9.43% to $1507.77. The virtual currency’s market value is $25.76 billion.
  • The price of EOS gained 15.45% to $13.30. The virtual currency’s market value is $10.81 billion.
  • The price of Litecoin gained 7.15% to $158.95. The virtual currency’s market value is $8.93 billion.
  • The price of Cardano gained 3.46% to $0.295692. The virtual currency’s market value is $7.66 billion.
  • The price of Stellar gained 4.06% to $0.383256. The virtual currency’s market value is $7.11 billion.
  • The price of IOTA gained 5.36% to $2.16. The virtual currency’s market value is $6 billion.
  • The price of NEO gained 5.47% to $79.02. The virtual currency’s market value $5.13 billion.
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