Market Update 12.13.18 – Stablecoin Basis Closing
Market News
Stablecoin Basis Closing
The major stablecoin project Basis, which is based out of the United States, is shutting down its operations and will be returning most of its funds to investors. The project had raised $133 million in funding via a private placement earlier this year in April. Investors in the project included industry majors such as Andreessen Horowitz and Bain Capital Ventures.
According to Nevin Freeman, the co-founder and Chief Executive Officer of Reserve, a competing stablecoin, this shut down is probably due to regulatory concerns related to one of Basis’ tokens.
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Venezuela Converting Pension Funds into Petro
The government of Venezuela is reportedly converting pensioners’ monthly payouts into the national cryptocurrency Petro. According to local news reports, the government of the country has been taking bolivares, which is Venezuela’s fiat currency, that are being paid to retirees and exchanging them for the Petro.
The normal process for retirees is to receive their monthly pension funds in bolivares, move that money to their bank accounts and then withdraw those funds from a local bank. Now, however, the government has converted those funds into Petros.
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12 New Members Join Hyperledger
Hyperledger has got 12 new members on its network, including industry giants such as Alibaba’s wholly owned subsidiary Alibaba Cloud, European telecom major Deutsche Telekom, the financial services company Citigroup and the European Blockchain based trading platform we.trade. Hyperledger made this announcement at the Hyperledger Global Forum that was held in Basel, Switzerland on December 11.
The executive director of Hyperledger Brian Behlendorf stated that this growing community underlined the increasing importance of open source initiatives to develop enterprise Blockchain tech across industries as well as markets.
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Total Market Cap: Dec 13
The cryptocurrency market’s capitalization is now $108.28 billion and trading volumes are at $10.95 billion.
Bitcoin Price Analysis: Dec 13
The world’s number one cryptocurrency continues to inch downwards, losing another 0.69% of its token price to trade at $3417.23. Bitcoin’s capitalization at the moment is $59.52 billion and is experiencing trading volumes of $4 billion.
Ethereum Price Analysis: Dec 13
The price of Ether is now down to $89.13 per token, another 0.51% drop since yesterday. The crypto’s market capitalization is $9.24 billion and its trading volumes are at $1.50 billion.
State of the Top 10 Cryptocurrencies: Dec 13
The top cryptos in the market are mostly down, with Bitcoin SV seeing the biggest losses at 3.08%. In second place is Bitcoin Cash, which is down by 2.10% and Stellar is in third place with a loss of 1.94%. EOS is the only crypto in the top ten list to have gained and the crypto is up by 3.04%.
- Bitcoin’s price is $3417.23, losing 0.69% in the last one day. Its market capitalization is $59.52 billion.
- Ripple’s price is $0.303170, losing 0.42% in the last one day. The market value of the asset is $12.40 billion.
- Ethereum’s price is $89.13, losing 0.51% in the last one day. The market value of the asset is $9.24 billion.
- Stellar’s price is $0.110934, losing 1.94% in the last one day. The market value of the asset is $2.12 billion.
- Tether’s price is $1.01, losing 0.61% in the last one day. The market value of the asset is $1.86 billion.
- EOS’s price is $1.94, gaining 3.04% in the last one day. The market value of the asset is $1.75 billion.
- Bitcoin Cash’s price is $99.62, losing 2.10% in the last one day. The market value of the asset is $1.74 billion.
- Bitcoin SV’s price is $85.96, losing 3.08% in the last one day. The market value of the asset is $1.50 billion.
- Litecoin’s price is $23.95, losing 1.17% in the last one day. The market value of the asset is $1.42 billion.
- TRON’s price is $0.013224, losing 0.57% in the last one day. The market value of the asset is $876.08 million.