Market Update 10.15.18 – MasterCard, Visa Classifying Cryptos, ICOs as High Risk
Market News
MasterCard, Visa Classifying Cryptos, ICOs as High Risk
The financial services giants MasterCard and Visa will soon by classifying cryptocurrencies and ICOs (Initial Coin Offerings) in a new “High Risk” category. According to the Broker Complaint Registry, MasterCard has already started classifying binary options (forex, CFDs, ICOs and cryptocurrencies) under the “High-Risk Securities Merchants” category from October 12 this year.
This new category will be subject to extra screening and monitoring by MasterCard and Visa. This categorization also means that chargebacks could now take up to 540 days post the actual date of transaction.
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HK SFC Introducing New Crypto Regulations
The Hong Kong Securities and Futures Commission’s (SFC’s) outgoing Chairman Carlson Tong Ka-shing announced that the agency is planning to introduce a cryptocurrency regulation that is designed to protect investors. Chairman Tong Ka-shing is passing on his position in the SFC on October 19 to Tim Lui Tim-leung.
The Chairman stated in an interview with the South China Morning Post that the agency was not going to ban cryptos and ICOs the way China had done, stating that the SFC did not believe that a total ban on the digital assets and projects was the answer. Instead, he said, a legal framework within which this new industry could function was necessary.
Read the details of the interview here.
Tether Price Falls to 18-Month Low
The stablecoin Tether’s (USTD’s) token price fell to the lowest it has been in the last 18 months on Monday, despite the fact that the broader cryptocurrency markets saw gains in the same time. The exchange rate between Tether and the US Dollar dropped to $0.925284 during trading a 0700 UTC this morning. This is lowest the token has been since April 27, 2017. This a massive 2% drop in the last 24 hours for the stablecoin.
According to some market experts, the drop in the price of Tether is because traders are now losing faith in the stablecoin. One of the main reasons for this is a lack of transparency on the part of Tether LLC.
Read further details here.
Total Market Cap: Oct 15
Volumes in the crypto market shot up by $8.25 billion to $18.66 billion. Capitalization also gained by $9.4 billion to $211.97 billion.
Bitcoin Price Analysis: Oct 15
Bitcoin’s price is $6626.77, jumping up by 4.93%. The cryptocurrency’s market capitalization stands currently at $114.79 billion. Trading volumes have surged to $6.06 billion.
Ethereum Price Analysis: Oct 15
Ethereum’s is now $211.61, rising by 5.49% in 24 hours. The altcoin is now valued at $21.70 billion and trading volumes are $2.37 billion.
State of the Top 10 Cryptocurrencies: Oct 15
The cryptocurrency top ten are 90% in the green in trading so far today. The only exception has been Tether (USDT), which plunged by 2.41% in trading so far today. Otherwise, the top three gainers in the crypto market today are Ripple (up by 6.92%), Ethereum (up by 5.49%) and Bitcoin (up by 4.93%).
- Bitcoin is priced at $6626.77, jumping 4.93%. The digital asset’s worth is now $114.79 billion.
- Ethereum is priced at $211.61%, jumping 5.49%. The digital asset’s worth is now $21.70 billion.
- Ripple is priced at $0.448754, jumping 6.92%. The digital asset’s worth is now $17.94 billion.
- Bitcoin Cash is priced at $462.54, jumping 3.76%. The digital asset’s worth is now $8.04 billion.
- EOS is priced at $5.44, jumping 3.77%. The digital asset’s worth is now $4.92 billion.
- Stellar is priced at $0.225600, jumping 4.32%. The digital asset’s worth is now $4.26 billion.
- Litecoin is priced at $54.87, jumping 2.93%. The digital asset’s worth is now $3.22 billion.
- Tether is priced at $0.965755, plunging by 2.41%. The digital asset’s worth is now $2.42 billion.
- Cardano is priced at $0.074553, jumping 2.11%. The digital asset’s worth is now $1.93 billion.
- Monero is priced at $106.60, jumping 3.91%. The digital asset’s worth is now $1.75 billion.