Market Update 10.24.18 – Police Seize ATM Run By Crypto Exchange

| Publish date: 10/24/2018
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Police Seize ATM Run By Crypto Exchange

The police authority in the Indian city of Bangalore has seized an ATM. It took place just weeks after it was set up by a local cryptocurrency exchange called Unocoin. Reports suggest that Harish BV, co-founder and chief technology officer of the exchange, was arrested on Tuesday as he was operating the ATM which was installed in a shopping mall.

The Central Crime Branch of the local police reportedly seized the ATM, two laptops, a mobile, three credit cards, five debit cards, a passport and Indian rupees worth about $2,500. Unocoin is one of the several cryptocurrency exchanges in India that have survived a bank ban issued early this year by the Reserve Bank of India (RBI), the country’s central banking authority.

Read the full report here.

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New Stablecoin Launches On Stellar’s Blockchain

A new stablecoin is launching on the Stellar blockchain that is designed to hold its value with the Australian dollar (AUD). Interestingly, it is being pitched for consumer and business uses. Announced Tuesday at the Money 20/20 conference in Las Vegas, Novatti Group, an Australian online payments processor, will issue the Novatti AUD Utility Token beginning on November 19. The token will be backed 1-for-1 with AUD held in a trust.

While traditionally, stablecoins have been a tool for cryptocurrency traders to move money quickly between exchanges, Novatti envisions the token to be used for more common use cases, such as purchases and remittances, among others.

Changelly - Exchange cryptocurrency at the best rate

Novatti is a licensed payments distributor. It basically processes payments for clients like the Vox Telecom in Europe and the South African remittance provider MoniSend. According to Peter Cook, Novatti’s managing director, several institutions beyond Novatti’s clientele have reached out to express interest in the upcoming token because using it requires a compliant know-your-customer identity check.

Read the full report here.

Bitfinex Publishes Data On Non-Existent Tether Market

If people are to visit CoinMarketCap and check Bitfinex’s page, they will be surprised with that they will. That is because it appears that the trading pair with the second-highest volume on the exchange over the past 24 hours – nearly $48 million at the time of writing – is USDT/USD: the tether stablecoin, which aims for parity with the U.S. dollar, and the U.S. dollar itself.

From this data point, it could be forgiven for concluding that Bitfinex’s customers trade huge quantities of Tethers for dollars, and vice-versa – more than they trade ether, XRP and EOS combined for dollars. According to a Bitfinex spokesperson, the exchange does not offer a USDT/USD trading pair, and no such pair is shown on Bitfinex’s site.

Read the full report here.

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Total Market Cap: October 24

The volume of trade in the crypto market sat at $10.12 billion. The market’s capitalization, on the other hand, reached $210.38 billion.

Bitcoin Price Analysis: October 24

In the past 24 hours, Bitcoin jumped 0.37% to trade at $6,503.04. The leading cryptocurrency’s trade volume trickled to $3.51 billion, while its market slid to $112.76 billion.

Ethereum Price Analysis: October 24

Ethereum’s price jumped 0.31% to trade at $204.51. As for the altcoin’s trading volume, it reached $1.23 billion; whereas its market capitalization hit $21.02 billion.

State of the Top 10 Cryptocurrencies: October 24

In the past 24 hours, most prices were up. Meanwhile, Monero continues to dethrone TRON at the 10th spot.

  • Bitcoin’s market price jumped 0.37% to $6,503.04, and its value in the market is $112.76 billion.
  • Ethereum’s market price jumped 0.31% to $204.51, and its value in the market is $21.02 billion.
  • XRP’s market price jumped 2.57% to $0.461913, and its value in the market is $18.48 billion.
  • Bitcoin Cash’s market jumped fell 0.47% to $445.43, and its value in the market is $7.76 billion.
  • EOS’ market price jumped 0.25% to $5.40, and its value in the market is $4.89 billion.
  • Stellar’s market price fell 0.96% to $0.242703 and its value in the market is $4.59 billion.
  • Litecoin’s market price jumped 0.23% to $52.36, and its value in the market is $3.08 billion.
  • Tether market price fell 0.10% to $0.985306, and its value in the market is $2.00 billion.
  • Cardano market price fell 0.62% to $0.074999, and its value in the market is $1.94 billion.
  • Monero dethroned TRON at the 10th spot, with its market price jumping 0.94% to $108.42, and its value in the market is $1.79 billion.
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