Market Update 7.11.18 – Philippines CEZA Grants Licenses to Crypto Exchanges
Market News
Philippines CEZA Grants Licenses to Crypto Exchanges
The Philippines CEZA (Cagayan Economic Zone Authority) has given out provisional licenses to 3 different cryptocurrency exchanges to operate in the economic zone. With the issuing of these licenses, the CEZA is looking at pulling in about $3 million in investments. CEZA stated that as part of the licensing agreement, these exchanges are required to contribute at least $1 million over a period of two years as well as pay a licensing fee of $100,000.
In April the Philippines government had announced that it would grant 10 crypto and blockchain based companies to operate in the economic zone, thereby generating more jobs for locals and also stimulating the economy.
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Opera Launching Web Browser with Inbuilt Crypto Wallet
According to a press release, Android’s web browser, Opera, is launching its private beta version which will have an inbuilt cryptocurrency wallet. The browser is already in the crypto segment, with both web as well as mobile browsers are equipped with anti-cryptojacking software.
Now, Opera’s new crypto wallet will support ETH Web 3 API and will also be have a default “WebView” on the top of its page. According to Charles Hamel, Opera’s product manager, this makes them the first major web browser to become accessible to Web 3.
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Coinbase Download Rate Drops with Market Decline
According to Quartz, the download rate for the cryptocurrency exchange Coinbase has fallen to the lowest levels amongst financial apps due to the overall slump in the cryptocurrency markets. Coinbase downloads were down to 40th position in download rankings for the month of June, which is the lowest ranking it has had since April of 2017. In December, when the cryptocurrency markets were red hot, the online cryptocurrency exchange was the most downloaded app in the US.
Coinbase has however been under pressure recently after Mashable used the Freedom of Information Act to uncover 134 pages of customer complaints to the Securities and Exchange Commission (SEC) against the cryptocurrency exchange. These complaints have been attributed to the company’s exponential growth due to which managing volumes became difficult.
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Total Market Cap: July 11
Trading volume so far today is at $13.54 billion, but the cryptocurrency market’s capitalization continues to slide, currently being at $252.91 billion, which is a drop of another $12 billion in the last 24 hours.
Bitcoin Price Analysis: July 11
Bitcoin has also dropped even further since yesterday to a current trading price of $6396.28 a token, which is a 4.29% drop for the crypto.
Volume of trade in BTC is currently at $4.1 billion and its capitalization has dropped to $109.73 billion.
Ethereum Price Analysis: July 11
Ethereum’s price also slumped by 5.19% to $439.40 a token. The cryptocurrency’s trading volume is $1.73 billion, and its market cap is at $44.28 billion.
State of the Top 10 Cryptocurrencies: July 11
All the top ten cryptocurrencies continued their downslide, with the biggest losers being EOS, which fell 6.84%, Stellar, which dropped by 5.90% and Bitcoin, which lost 4.29% in trading so far today.
- Bitcoin fell 4.29% to $6683.50, and its token value is now $109.73 billion.
- Ethereum fell 5.19% to $439.40, and its token value is now $44.28 billion.
- Ripple fell 2.90% to $0.448687, and its token value is now $17.61 billion.
- Bitcoin Cash fell 3.97% to $697.11, and its token value is now $12.01 billion.
- EOS fell 6.84% to $7.08, and its token value is now $6.34 billion.
- Litecoin fell 0.79% to $77.55, and its token value is now $4.44 billion.
- Stellar fell 5.90% to $0.18845, and its token value is now $3.53 billion.
- Cardano fell 3.45% to $0.130240, and its token value is now $3.37 billion.
- IOTA fell 2.81% to $0.981529, and its token value is now $2.72 billion.
- Tether fell 0.99% to $1, and its token value is now $2.61 billion.