Market Update 2.01.19 – QuadrigaCX Files for Creditor Protection
Market News
QuadrigaCX Files for Creditor Protection
The Canada-based cryptocurrency exchange QuadrigaCX announced that it filed for creditor protection. According to its official statement on its website, the exchange filed the petition at the Nova Scotia Supreme Court, complying with the CCAA (Companies’ Creditors Arrangement Act. The announcement stated that the court will be asked to appoint Ernst & Young, one of the Big Four auditors, to oversee the entire process.
According to PricewaterhouseCoopers Canada, this gives the crypto exchange a chance to stave off bankruptcy and also lets the company’s creditors receive get back some of what they are owed by QuadrigaCX.
Read more of the details here.
IBM Finishes Blockchain Shipment Tracking Trial
Technology giant IBM has finished its trial of tracking a shipment from China to Singapore using Blockchain tech. According to the announcement, the company successfully tracked the movement of 28 tons of mandarin oranges, which were delivered before the Chinese New Year celebrations scheduled for February 5. IBM explained that mandarin oranges had a special significance in that they are a Chinese symbol of prosperity.
For this trial, IBM created an eBL (electronic Bill of Lading), which reduced administrative processes to only one second since the document flow was automated. The normal paper-trail process takes between 5 to 7 days. The Chairman and CEO of Hupco, the fruit importing company, said that by using the eBL, the entire shipment process was simplified, made more transparent and achieved tremendous cost saving.
Read more here.
Fidelity’s Crypto Trading & Custody Platform Almost Ready
Fidelity, the American financial services major stated that its crypto trading and custody platform was in its final process refinement and testing phase. According to the announcement the company made through a Medium blog post, Fidelity currently provides services to a small and select group of clients as it carries on building its platform’s infrastructure. The company also stated that its developers were working with auditors to make sure that the new platform was compliant with regulations.
The company stated that its first clients were a key part of its final phase and would eventually allow Fidelity to provide its services to a larger group of eligible companies and institutions.
Read more about this story here.
Total Market Cap: Feb 01
The value of the cryptocurrency market dropped by over $2 billion in the last 24 hours to its current $112.41 billion. Volumes of trade are now $17.85 billion.
Bitcoin Price Analysis: Feb 01
Down by 1.46%, Bitcoin’s price is now $3440.71 and its value in the market has dropped down to $60.25 billion, with trade volumes at $5.74 billion.
Ethereum Price Analysis: Feb 01
Ethereum’s dropped 3.77% to its current price of $105.38 since yesterday. The value of the virtual asset is now $11.02 billion and its volumes in trade are $2.67 billion.
State of the Top 10 Cryptocurrencies: Feb 01
The most valuable cryptos in the world are all in the red, with Ripple leading the declines with a 7.43% drop in its token price. The second and third biggest losses have been suffered by Stellar and Tron, which are down 6.07% and 5.85% respectively. Tether is once again in fifth place, and Bitcoin Cash has dropped one spot in the top ten ranking.
- Bitcoin’s price is $3440.71, losing 1.46%. Now, the asset’s value has become $60.25 billion.
- Ripple’s price is $0.301184, losing 7.43%. Now, the asset’s value has become $12.39 billion.
- Ethereum’s price is $105.38, losing 3.77%. Now, the asset’s value has become $11.02 billion.
- EOS’s price is $2.31, losing 1.36%. Now, the asset’s value has become $2.09 billion.
- Tether’s price is $1.01, losing 0.06%. Now, the asset’s value has become $2.03 billion.
- Bitcoin Cash’s price is $112.92, losing 5.39%. Now, the asset’s value has become $1.98 billion.
- Litecoin’s price is $31.26, losing 2.78%. Now, the asset’s value has become $1.88 billion.
- TRON’s price is $0.025671, losing 5.85%. Now, the asset’s value has become $1.71 billion.
- Stellar’s price is $0.081325, losing 6.07%. Now, the asset’s value has become $1.55 billion.
- Bitcoin SV’s price is $63.81, losing 3.97%. Now, the asset’s value has become $1.12 billion.