Market Update 8.25.18 – NY Judge Sides with CFTC Ban of Crypto Firm
Market News
NY Judge Sides with CFTC Ban of Crypto Firm
The US CFTC (Commodities Futures Trading Commission) won its fight against CabbageTech Corp., a New York based cryptocurrency firm for bold and vicious fraud. Earlier this year, the promoter and operator of CabbageTech Corp., Patrick McDonnell, had been charged with fraud and as well as the misappropriation in relation to the trading of Bitcoin and Litecoin.
McDonnell fought back, claiming tha the CFTC did not have jurisdiction to regulate his company’s affairs. The matter was taken to court and unfortunately for McDonnell, the New York court’s District Judge Jack B Weinstein ruled against him. Thanks to this ruling, the CFTC can now permanently ban CabbageTech Corp. from operating.
Read the details of this story here.
Alipay, WeChat Blocking Crypto Transactions
Alipay and WeChat, the two Chinese payment platforms, issued press releases on August 24 that they would be working with the government authorities to monitor all cryptocurrency related transactions very closely. This was done in response to the new regulations that have recently been announced about ICOs (Initial Coin Offerings) and cryptos.
Five different regulatory agencies in China, which included the People’s Bank of China as well as the Banking Regulatory Commission, issued a warning this week, cautioning people not to indulge in any ICO funding or crypto related trading.
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US CBP Testing Blockchain Shipment Tracking System
The US CBP (Customs and Border Protection), one of the biggest law enforcement agencies in the US, is said to be launching its live test of a new blockchain based tracking system for shipments. In this test, the CBP is going to join together two different systems: the agency’s legacy app and a new blockchain based platform that has been developed by the Department of Homeland Security (DHS), the agency’s parent body. The DHS is also America’s main border control organization.
These tests are being conducted to see how blockchain technology can help improve the verification process for certificates of origin from NAFTA (North American Free Trade Agreement) partners, and also reduce the entire transaction time for these procedures.
Read the details here.
Total Market Cap: August 25
Trading volume has gone up by almost $2 billion in the last 24 hours, with it currently at $12.36 billion. The market valuation of all cryptocurrencies also shows gains, currently at $215.90 billion.
Bitcoin Price Analysis: August 25
Bitcoin’s price is now $6718.13, a hike of 2.71% in the last 24 hours. BTC’s market value is now $115.62 and the volume of trading is $4.33 billion.
Ethereum Price Analysis: August 25
Ethereum’s price rose by 1.3% to $279.50. The trading volume in ETH is currently $1.49 billion and its market value has increased to $28.38 billion.
State of the Top 10 Cryptocurrencies: August 25
The cryptocurrency top ten all showed gains today, however, these gains have been marginal. The two exceptions are Monero and Bitcoin. While the other top 8 cryptos showed gains ranging from 0.16% (Cardano) to 1.62% (Stellar), BTC and XMR were outliers in their price gains. Monero jumped up by 6.27%, while Bitcoin gained 2.71% in trading so far today.
- Bitcoin gained 2.71% to trade at $6718.13. Market cap is currently $115.62 billion.
- Ethereum gained 1.3% to trade at $279.50. Market cap is currently $28.38 billion.
- Ripple gained 0.38% to trade at $0.326250. Market cap is currently $12.89 billion.
- Bitcoin Cash gained 0.46% to trade at $532.39. Market cap is currently $9.21 billion.
- EOS gained 0.48% to trade at $4.95. Market cap is currently $4.48 billion.
- Stellar gained 1.62% to trade at $0.221224. Market cap is currently $4.15 billion.
- Litecoin gained 0.79% to trade at $57.45. Market cap is currently $3.33 billion.
- Tether gained 0.39% to trade at $1. Market cap is currently $2.8 billion.
- Cardano gained 0.16% to trade at $0.092624. Market cap is currently $2.4 billion.
- Monero gained 6.27% to trade at $94.62. Market cap is currently $1.54 billion.