Market Update 10.22.18 – Monero Fees Plummet After ‘Bulletproofs’ Upgrade.
Market News
Monero Fees Plummet After ‘Bulletproofs’ Upgrade.
Transaction fees on the Monero network have fallen significantly after last Thursday’s system-wide update. The reduction comes in the wake of the activation of a highly-anticipated form of cryptography named “Bulletproofs” on the privacy-centric cryptocurrency Thursday.
T the new technology seeks to make the aforementioned network’s privacy features more scalable by restructuring how its confidential transactions are verified. According to data published by BitInfoCharts, average monero fees fell from about $0.54 cents on Thursday to roughly $0.021 cents as of Saturday – a 96 percent drop.
Read the full report here.
Chinese Internet Censor Drafts Rules For Blockchain Startups
China’s top-level internet censorship agency has set out how it plans to regulate blockchain-related service providers in the country. The Cyberspace Administration of China (CAC) published a draft policy called “The Regulation for Managing Blockchain Information Services” and is now looking for public feedback before it will take effect.
The rules, if enacted, would apply to any China-based entity regarded as a blockchain information service provider, and would represent one of the country’s first regulatory frameworks drawn up specifically for the blockchain industry. In the draft, the CAC defines blockchain information service providers as “entities or nodes” that offer information services to the public – “both institutions and individuals” – using blockchain technology via desktop sites or mobile apps.
Read the full report here.
Existing Laws Must Apply to Blockchain Says HKEX
The Hong Kong Stock Exchange (HKEX) has proposed that fintech firms, including those focused on blockchain and cryptocurrency, are best regulated under existing financial regulations. In a research report, the HKEX’s Chief China Economist’s Office and Innovation Lab looked primarily at the potential of blockchain and AI within areas of finance, providing an overview of blockchain and possible use cases in trading, settlement and equities markets, for example.
Emerging technologies such as blockchain, it says, could be “integrated in the areas of investment, trading, clearing and settlement,” adding that regulations, too, should be common to all companies in the finance space. While different jurisdictions may apply different rules to the technology in some use cases, the authors suggest applying what they call the “consistency principle” in financial regulation – that is, that “financial businesses of the same nature should be subject to the same regulation.”
“The principle of consistency requires that … the issuance of digital currencies and digital funds must be governed under the existing securities regulatory framework,” the authors said.
Read the full report here.
Total Market Cap: October 22
The volume of trade in the crypto market sat at $10.67 billion. The market’s capitalization, on the other hand, reached $209.18 billion.
Bitcoin Price Analysis: October 22
In the past 24 hours, Bitcoin fell 0.43% to trade at $6,484.32. The leading cryptocurrency’s trade volume trickled to $3.54 billion, while its market slid to $112.41 billion.
Ethereum Price Analysis: October 22
Ethereum’s price fell 1.19% to trade at $204.55. As for the altcoin’s trading volume, it reached $1.31 billion; whereas its market capitalization hit $21.01 billion.
State of the Top 10 Cryptocurrencies: October 22
In the past 24 hours, all prices were down. Meanwhile, Monero continues to dethrone TRON at the 10th spot.
- Bitcoin’s market price fell 0.43% to $6,484.32, and its value in the market is $112.41 billion.
- Ethereum’s market price fell 1.19% to $204.55, and its value in the market is $21.01 billion.
- XRP’s market price fell 1.49% to $0.454523, and its value in the market is $18.18 billion.
- Bitcoin Cash’s market price fell 1.42% to $443.98, and its value in the market is $7.73 billion.
- EOS’ market price fell 0.81% to $5.41, and its value in the market is $4.91 billion.
- Stellar’s market price fell 1.42% to $0.241407 and its value in the market is $4.56 billion.
- Litecoin’s market price fell 1.49% to $52.48, and its value in the market is $3.09 billion.
- Tether market price fell 0.05% to $0.981646, and its value in the market is $2.04 billion.
- Cardano market price fell 1.63% to $0.075683, and its value in the market is $1.96 billion.
- Monero dethroned TRON at the 10th spot, but its market price fell 0.20% to $104.56, and its value in the market is $1.73 billion.