Market Update 6.22.18 – S. Korea Investing $200 Million in Blockchain
S. Korea Investing $200 Million in Blockchain
The Ministry of Science and ICT in South Korea announced that a massive new initiative called the Blockchain Technology Development Strategy was being launched, which was aiming to raise 230 billion won (~$207 million). The funding will then be used to support more than 10,000 Blockchain professionals as well as more than 100 companies.
Additionally, the initiative will also commercialize and expand its 6 existing Blockchain pilots. These pilots are aiming to use Blockchain technology in the real estate sector, online voting, logistics in shipping, record management for livestock, customs clearance and well as international e-document distribution.
Find out more here.
AML Shakeup in 6 Japanese Crypto Exchanges
The Financial Services Agency (FSA) of Japan announced on Friday that it was ordering 6 cryptocurrency exchanges to improve their internal-auditing as well as user protection systems. These 6 crypto exchanges are: bitFlyer, Bit Bank, BTC Box, QUOINE, Bit Point and Tech Bureau.
Due to this recent order, bitFlyer also announced that it would stop accepting new customers for the time being so that it can re-examine the identities of “certain customers”. The exchange said that it was working with the FSA to resolve this issue as soon as possible and resume new customer onboarding.
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Irish Banks Closing Crypto-Related Accounts
The Co-founder of the Bitcoin broker Eircoin in Ireland, David Fleming has accused the BPFI (Banking and Payments Federation of Ireland) of discriminating against cryptocurrency related accounts. Fleming alleged that the federation was “muddying waters” by insinuating that these accounts were being used for dirty money.
Eircoin, purportedly Ireland’s only Bitcoin broker, closed down in April this year. This happened because of the country’s negligent and defensive banking system, according to Fleming. Fleming and his business partner, Roisin Coogan stated that banks had also refused financial services to their new consulting business.
Fleming went on to state that this attitude was in direct opposition to IDA Ireland’s policies. The IDA Ireland is a state-run agency that is responsible for attracting foreign investment, which had recently launched an initiative promoting Blockchain investments in the country.
Read the full story here.
Total Market Cap: June 22
Trading volume in the last 24 hours has gone up to $13.12 billion. The cryptocurrency market’s capitalization, however, dropped to $268.28 billion today.
Bitcoin Price Analysis: June 22
Since yesterday, the price of Bitcoin has plunged 5.89% to trade at $6356.64. The asset’s volume in trade is $3.86 billion and capitalization is down to $108.85 billion.
Ethereum Price Analysis: June 22
Ethereum’s price nosedived by 9.20% to trade at $489.30. In the past 24 hours, ETH’s trade volume has increased to $1.65 billion and its market value is at $49.09 billion.
State of the Top 10 Cryptocurrencies: June 22
The cryptocurrency market suffered huge losses today, with all the top ten cryptos’ prices plunging heavily. Bitcoin dropped by 5.89% and Ether by 9.20%, but double-digit losses were experienced only by EOS, which dropped by 10.72%. Bitcoin’s market capitalization has dropped down almost to the $100 billion mark.
- Bitcoin plunged 5.89% to $6356.64. The asset’s market cap is now $108.85 billion.
- Ethereum plunged 9.20% to $489.30. The asset’s market cap is now $49.09 billion.
- Ripple plunged 5.45% to $0.510216. The asset’s market cap is now $20.02 billion.
- Bitcoin Cash plunged 9.32% to $807.31. The asset’s market cap is now $13.88 billion.
- EOS plunged 10.72% to $9.41. The asset’s market cap is now $8.42 billion.
- Litecoin plunged 9.10% to $88.92. The asset’s market cap is now $5.07 billion.
- Stellar plunged 7.64% to $0.214767. The asset’s market cap is now $4.02 billion.
- Cardano plunged 9.19% to $0.146567. The asset’s market cap is now $3.8 billion.
- IOTA plunged 8.54% to $1.07. The asset’s market cap is now $2.966 billion.
- TRON plunged 7.64% to $0.045055. The asset’s market cap is now $2.962 billion.