Market Update 5.13.18 – Zimbabwe’s RBZ Bans Crypto Dealings

| Publish date: 05/13/2018
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Zimbabwe’s RBZ Bans Crypto Dealings

The Reserve Bank of Zimbabwe (RBZ) has banned all financial institutions in the country from dealing with and in cryptocurrencies.

The RBZ director and registrar of banking institutions, Norman Mataruka released a circular on Friday, May 11, giving an order to all financial institutions to terminate their services to cryptocurrency exchanges within the next 60 days. The order also told all financial institutions to begin the process of liquidating all existing cryptocurrency related accounts. This order applies to both individuals as well as businesses.

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Kodak ICO Targeting $50 Million

The Eastman Kodak Co. will finally launch its ICO for its eagerly awaited KODAKCoin token on May 21. The ICO was initially planned for January, however was delayed so that Kodak could comply with all necessary regulations. Kodak is targeting only accredited investors in this sale and is hoping to raise $50 million, which the company will use to build its blockchain based platform.

This platform that Kodak is planning to build is meant to empower photographers by giving them more control over rights to their images and also gives them more control on how to manage their images.

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Blockchain Tech Economic Growth Driver

According to the vice president of the financial services firm Federated Investors Steve Chiavarone, Blockchain technology is going to become an economic growth driver in the near future.

In an interview, Chiavarone highlighted the potential for automation as well as increased efficiency that this kind of technology offers. For example, he said, from an enterprise perspective, Blockchain technology offers companies the chance to replace reconciliation processes, which are expensive, man-power intensive backroom operations, with instant verification processes that will cut costs and increase efficiencies.

The VP ranked Blockchain as one of the top 5 technologies that would drive the next industrial revolution. The other four he named were automation, AI, robotics and the Internet of Things (IoT).

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Total Market Cap: May 13

Trading volume dropped to $21.11 billion in the last one day, however, the crypto market’s value rose 4.68% from yesterday’s massive drop to $392.46 billion.

Bitcoin Price Analysis: May 13

Bitcoin managed to reverse its the downward spiral that hit it towards the end of this week by going up 0.97% from yesterday’s low to trade at $8445.48. Trading volume remained low at $5.78 billion, however, the digital currency’s market value inched up to $145.60 billion.

Ethereum Price Analysis: May 13

Ethereum’s price recovered by 2.79% to $685.58 since yesterday. The number two cryptocurrency’s trading volume is $2.19 billion and its market cap is $68.77 billion.

State of the Top 10 Cryptocurrencies: May 13

Since yesterday’s massive plunge, the top ten cryptocurrencies have been able to correct their downward spirals by gaining on their token prices. Bitcoin’s price gained less than 1% since its more than 8% drop yesterday, however, the altcoins were almost back to their prices before yesterday’s debacle. The biggest gainer in the top ten list was TRON, with a $14.44% jump. Stellar (14.5% gain) and EOS (14.43% gain) followed close behind.

  • Bitcoin’s price gained by 0.97% to $8445.48. BTC’s market value is $145.60 billion.
  • Ethereum’s price gained by 2.79% to $685.58. ETH’s market value is $68.77 billion.
  • Ripple’s price gained by 5.04% to $0.700758. XRP’s market value is $27.46 billion.
  • Bitcoin Cash’s price gained by 10.01% to $1469.57. BCH’s market value is $25.16 billion.
  • EOS’s price gained by 6.8% to $14.43. EOS’ market value is $12.30 billion.
  • Litecoin’s price gained by 3.37% to $139.79. LTC’s market value is $7.89 billion.
  • Cardano’s price gained by 8.22% to $0.273323. ADA’s market value is $7.08 billion.
  • Stellar’s price gained by 14.5% to $0.365010. XLM’s market value is $6.78 billion.
  • IOTA’s price gained by 6.17% to $1.89. MIOTA’s market value is $5.26 billion.
  • TRON’s price gained by 14.44% to $0.072567. TRX’s market value is $4.77 billion.
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