Market Update 6.06.18 – Regulations Necessary for Digital Trade Finance
Market News
Regulations Necessary for Digital Trade Finance
According to the Global Head of Product and Propositions for Global Trade and Receivables Finance at HSBC, Vinay Mendonca, distributed ledger technology (DLT) is going to change the way global trade works. However, how it changes the world of trade will depend on how regulations are put in place.
If strong regulations are put in place, then DLTs and Blockchains could do for the global supply chains what shipping containers have done for the logistics industry. The standardizing of shipping containers has ensured that physical good can be transported around the world with ease. Similarly, standards for Blockchain technology could create interoperability which in turn would create a seamless flow of information and data along the value chain.
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NTIA Requesting Stakeholders’ Feedback on Blockchain
The National Telecommunications and Information Administration (NTIA), a US government telecommunications agency, has reached out to its stakeholders for feedback on Blockchain technology to help it shape its international policy agenda.
The focus of the agency, which is a part of the US Department of Commerce, is to create an agenda that pertains to internet governance, especially in terms of emerging technologies as well as trends like that of Blockchain technology and the freedom of information, privacy as well as security on the internet.
According to the agency’s assistant secretary of communications and information and NTIA administrator, they expect that the agency’s focus will increasingly shift to AI, automated workforces, Blockchain tech, etc.
Find out more here.
Binance Invests in chiliZ
The world’s biggest cryptocurrency exchange has made an unknown amount of investment in the e-sports Blockchain-based voting platform, chiliZ. According to the announcement by the crypto exchange, chiliZ is a Malta-based firm that is a subsidiary of the Mediarex Group, an international sports and entertainment company. The two companies – chiliZ and Binance – will reportedly partner together to give the global sports industry a fan-driven ecosystem run on tokens wherein they can vote for traditional sports teams.
The press release stated that chiliZ has already managed to raise $27 million through a “private placement” – basically a closed token sale. According to chiliZ, the investment by Binance will enable the e-sports firm to share “technology, innovation and creativity”.
Read the rest of the story here.
Total Market Cap: June 06
Trading volume in the global cryptocurrency market is at $15.01 billion. Capitalization of the crypto market is at $343.31 billion.
Bitcoin Price Analysis: June 06
Bitcoin finally gained 2.17% to trade at $7614.48 since yesterday. Trading volume for BTC is $4.67 billion and its market cap is $129.98 billion.
Ethereum Price Analysis: June 06
Ethereum gained 1.93% since yesterday to trade at $604.36. Trading volume is now $1.73 billion and ETH’s market value is $60.36 billion.
State of the Top 10 Cryptocurrencies: June 06
The cryptocurrency market shows gains today, however the gains for the top ten cryptocurrencies was marginal. The highest gains were seen by Bitcoin Cash, which gained 3.54%, and then Litecoin, which went up by 2.63%, followed by Bitcoin, which rose 2.17%. IOTA’s token price stayed flat since yesterday.
- Bitcoin’s price went up 2.17% to $7452.61 and its market cap is $129.98 billion.
- Ethereum’s price went up 1.93% to $604.36 and its market capitalization is $60.36 billion.
- Ripple’s price went up 0.95% to $0.672387 and its market capitalization is $26.38 billion.
- Bitcoin Cash’s price went up 3.54% to $1131.66 and its market capitalization is $19.42 billion.
- EOS’s price slipped 0.21% $13.97 and its market capitalization is $12.52 billion.
- Litecoin’s price went up 2.63% to $121.22 and its market capitalization is $6.89 billion.
- Cardano’s price went up 1.75% to $0.215928 and its market capitalization is $5.59 billion.
- Stellar’s price went up 1.79% to $0.292814 and its market capitalization is $5.44 billion.
- IOTA’s price stayed flat at $1.72 and its market capitalization is $4.78 billion.
- TRON’s price went up 0.06% to $0.059203 and its market capitalization is $3.89 billion.