Market Update 12.26.18 – New Remittance To Handle Crypto Volatility
Market News
New Remittance To Handle Crypto Volatility
According to Atom Solutions, there are many options when it comes to foreign workers making overseas remittances. The only catch, however, is that all of them are imperfect. It holds true that costs can be quite high, especially when trying to complete transactions through a traditional bank. Apparently, though, it is an entirely different issue altogether when it comes to the fore when cryptocurrency is used.
Considering the wild fluctuations seen in the marketplace, it is safe to say that the value of a remittance can fall dramatically in a short space of time. This is why the company has come up with the Equivalent Value Overseas Remittance System, which is known as EVOR for short. The firm believes that this would have the potential to eradicate decades of shortcomings in this high-value industry.
Read the full report here.
GMO Internet Leaves Bitcoin Miner Production
Japanese internet giant GMO Internet Group has decided to quit the Bitcoin mining hardware sector. The company cited “extraordinary loss” in Q4 this year, which is the exact time it started its foray into Bitcoin mining in 2017. It further suggested that it would “no longer develop, manufacture and sell” miners.
“After taking into consideration changes in the current business environment, the Company expects that it is difficult to recover the carrying amounts of the in-house-mining-related business assets, and therefore, it has been decided to record an extraordinary loss,” the document reads.
Apparently, GMO will move on to relocate its mining operation “to a region that will allow us to secure cleaner and less expensive power supply.”
Read the full report here.
Bank Of America Unveils New Blockchain Patent
In an official report, the Bank of America (BoA) revealed that it wants to patent a system using blockchain technology. The idea, according to the banking institution, is to significantly improve cash handling. It is worth noting that the patent was originally submitted in June 2017, and it references “banking systems controlled by data bearing records.”
“Aspects of the disclosure relate to deploying, configuring, and utilizing cash handling devices to provide dynamic and adaptable operating functions,” its abstract reads.
The bank further explains that there remain communication difficulties, particularly in aspects of cash handling duties across banks’ huge operations. As such, it believes that the answer to resolve this obstacle is to utilize blockchain.
“Cash handling devices may be used in operating centers and other locations to provide various functions, such as facilitating cash withdrawals and deposits,” the patent document continues.
Read the full report here.
Total Market Cap: December 26
The volume of trade in the crypto market sat at $18.47 billion. The market’s capitalization, on the other hand, reached $129.95 billion.
Bitcoin Price Analysis: December 26
In the past 24 hours, Bitcoin jumped 0.14% to trade at $3,836.46. The leading cryptocurrency’s trade volume trickled to $5.58 billion, while its market slid to $66.92 billion.
XRP Price Analysis: December 26
XRP’s price fell 0.17% to trade at $0.378762. As for the altcoin’s trading volume, it reached $809.06 million; whereas its market capitalization hit $15.45 billion.
State of the Top 10 Cryptocurrencies: December 26
In the past 24 hours, most prices were up except for XRP and EOS’. Meanwhile, TRON continues to dethrone Cardano at the 10th spot.
- Bitcoin’s market price jumped 0.14% to $3,836.46, and its value in the market is $66.92
- XRP’s market price fell 0.17% to $378762, and its value in the market is $15.45 billion.
- Ethereum’s market price jumped 2.74% to $78, and its value in the market is $13.81 billion.
- Bitcoin Cash’s market price jumped 18% to $177.34, and its value in the market is $3.11 billion.
- Stellar’s market price jumped 81% to $0.123392, and its value in the market is $2.36 billion.
- EOS’ market price jumped 66% to $1.02, and its value in the market is $1.90 billion.
- Tether’s market price jumped 26% to $1.02, and its value in the market is $1.89 billion.
- Litecoin’s market price jumped 93% to $31.47, and its value in the market is $1.88 billion.
- Bitcoin SV’s market price jumped 66% to $94.28, and its value in the market is 1.65 billion.
- TRON dethroned Cardano at the 10th spot, with its market price jumping to 3.75% to $020302. As for its value in the market, it is $1.35 million.