Market Update 1.29.19 – QuadrigaCX Down for Maintenance

| Publish date: 01/29/2019

Market News

QuadrigaCX Down for Maintenance

Canada-based cryptocurrency exchange QuadrigaCX announced on its webpage on January 28 that it was down for maintenance. The exchange has been unavailable for comment since then. QuadrigaCX, which has been embroiled in legal issues with CIBC (Canadian Imperial Bank of Commerce), has not posted any update on its website either.

Users, however, have been complaining that they have not been able to access their accounts or withdraw their funds for months now. Speculation is now rife that the exchange may be insolvent.

Read the details of the story here.

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Iran May Ban BTC for Payments

According to a draft report made by the Central Bank of Iran, unapproved cryptos could be banned from being used for payment transactions in the country. The report, called Obligations and Rules Regarding Cryptocurrencies, states that crypto wallets will only be used to hold and transfer digital assets and that the integration of these wallets with any services using cryptos will be prohibited.

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If this plan goes through, then the Iranian central bank can block people from using unapproved cryptos for making any payments. The bank has not forbidden people from holding or transferring approved cryptos. It is currently not known which cryptocurrencies would be given approval.

Read more about this story here.

Tangem to Issue Physical Banknotes for SOV

The Swiss smart-card wallet maker Tangem is reportedly going to issue physical banknotes for the Marshall Islands’ state-backed cryptocurrency, the Sovereign (SOV). According to the announcement by the company, the issuance of banknotes representing the crypto is being done so that the country’s citizens have equal as well as fair access to the digital asset, even if they do not have internet connections. Additionally, by issuing these physical notes, the government will be able to more easily control the currency disbursement process.

Tangem has said that each of the notes issued will contain microprocessors that are Blockchain powered.

Find out more about this story here.

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Total Market Cap: Jan 29

The capitalization of the crypto market continues to drop. It is now at $111.88 billion, while trading volumes have gone up to $20.14 billion.

Bitcoin Price Analysis: Jan 29

With the 1.65% drop in the last 24 hours, the price of Bitcoin is now $3426.99. Capitalization of the token in the market is now $59.99 billion and trade volumes have shot up to $6.42 billion.

Ethereum Price Analysis: Jan 29

At $104.29 per token, the price of Ether has dropped by another 3.70% since yesterday. The token’s market cap is now $10.91 billion and the volume of trade is at $3.05 billion.

State of the Top 10 Cryptocurrencies: Jan 29

Tether has now moved to the fourth spot in the top ten cryptocurrency list and is the only digital asset in the green. Of the 9, Stellar is the one that has fallen the most in trading today, down by 6.97%. Bitcoin SV is the next biggest loser, with a drop of 5.97% in its token price. Bitcoin Cash has experienced the third biggest drop in the last 24 hours, down by 3.39%.

  • Bitcoin’s price is $3426.99, sliding down 1.65%. The virtual asset’s value is now at $59.99 billion.
  • Ripple’s price is $0.299815, sliding down 3.10%. The virtual asset’s value is now at $11.92 billion.
  • Ethereum’s price is $104.29, sliding down 3.70%. The virtual asset’s value is now at $10.91 billion.
  • Tether’s price is $1.01, rising by 0.25%. The virtual asset’s value is now at $2.04 billion.
  • EOS’s price is $2.22, sliding down 3.90%. The virtual asset’s value is now at $2.01 billion.
  • Bitcoin Cash’s price is $109.32, sliding down 3.39%. The virtual asset’s value is now at $1.92 billion.
  • Litecoin’s price is $30.79, sliding down 1.80%. The virtual asset’s value is now at $1.85 billion.
  • TRON’s price is $0.026620, sliding down 2.88%. The virtual asset’s value is now at $1.77 billion.
  • Stellar’s price is $0.083912, sliding down 6.97%. The virtual asset’s value is now at $1.60 billion.
  • Bitcoin SV’s price is $62.80, sliding down 5.79%. The virtual asset’s value is now at $1.10 billion.

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