Market Update 5.25.18 – Russia’s First Official ICO Being Piloted
Market News
Russia’s First Official ICO Being Piloted
Russia’s largest bank, Sberbank CIB and the National Settlement Depository (NRD) will be piloting the country’s first ever official Initial Coin Offering (ICO). This pilot will be conducted in the Bank of Russia’s regulatory sandbox.
Sberbank is the investment division of the government-owned Sberbank bank, and NRD is a part of the Moscow Stock Exchange Group. Together the two organizations are finalizing plans on launching this project by the end of the summer this year. The proceeds from this ICO will be used by Level One, which operates Russia’s biggest commercial lecture hall, to launch a new online tokenized service.
Read the details here.
First Retail Crypto Hedge Fund Launching in Australia
According to the latest news report, Every Capital is planning to launch Australia’s first crypto-based retail asset hedge fund. According to the company, they want to make investing in cryptocurrencies more appealing for individuals, which is why the company is looking at a target customer base of individuals rather than institutions. This does not, however, that the company will not also attract the larger institutions.
With Every Capital, users will be able to invest in cryptocurrencies as well as ICO tokens using Australian dollars, which will give them a more diversified investment portfolio.
Read the full story here.
German Companies Complete Pilot Transaction in Forex
German banking giant Commerzbank and steel conglomerate Thyssenkrupp completed a pilot transaction of about €500,000 of a forex forward using a blockchain. This deal was initiated by Thyssenkrupp on the bank’s FX Live Trader platform this week on Wednesday. Once completed, the transaction was verified by Corda, the distributed ledger technology of the R3 consortium.
According to Commerzbank, using Blockchain technology could help significantly reduce delays, manual errors as well as operational risks that are inherent in foreign exchange transactions. This will also remove the requirement for synchronization since the transaction would be stored as one single, immutable record.
Read the rest of the story here.
Total Market Cap: May 25
Trading volume in the last 24 hours have gone down slightly to $19.76 billion, however, the cryptocurrency market’s capitalization rose a little to $340.19 billion.
Bitcoin Price Analysis: May 25
The price of Bitcoin fell sharply to $7331.14 in the last 24 hours when the news broke that the cryptocurrency (among others) was being investigated by the US Department of Justice for price manipulation. At the time of writing, the price of BTC is $7611.47, down 0.09% from yesterday. Trading volume is $5.9 billion and its market value remains at $129.60 billion.
Ethereum Price Analysis: May 25
Ethereum’s price also dropped to $557.21 in the last 24 hours once the news about the investigation broke, however, the altcoin showed a stronger recovery than BTC, gaining 1.25% to trade at $608 in the last one day. Trading volume is $2.76 billion and ETH market value is $60.48 billion.
State of the Top 10 Cryptocurrencies: May 25
There has been some relief in the cryptocurrency market as most of the digital assets saw an increase in their token prices over the last 24 hours. The best performer of the top 10 cryptos was EOS, which gained 12.46%.
- The price of Bitcoin slipped 0.09% to $7611.47. Its market value is $129.60 billion.
- The price of Ethereum rose 1.25% to $608. Its market value is $60.48 billion.
- The price of Ripple rose 3.07% to $0.631032. Its market value is $24.73 billion.
- The price of Bitcoin Cash rose 3.87% to $1058.50. Its market value is $18.14 billion.
- The price of EOS rose 12.46% to $12.45. Its market value is $10.92 billion.
- The price of Litecoin rose 3.21% to $123.14. Its market value is $6.98 billion.
- The price of Stellar rose 2% to $0.295990. Its market value is $5.49 billion.
- The price of Cardano rose 1.42% to $0.208151. Its market value is $5.39 billion.
- The price of TRON rose 1.41% to $0.072087. Its market value is $4.73 billion.
- The price of IOTA rose 4.69% to $1.56. Its market value is $4.33 billion.