Market Update 5.30.18 – Sygnia Asset Management Launching Crypto Exchange
Market News
Sygnia Asset Management Launching Crypto Exchange
The South African investment firm that has more than 180 billion Rand (~$14.5 billion) under its management, Sygnia Asset Management announced that it is planning to launch its own cryptocurrency exchange later this year.
According to the Chief Executive Officer of the company, Magda Wierzycka, Sygnia would launch the exchange, called SygniaCoin, in the third quarter of this year. She said that the investment company is well positioned to become the first major financial services firm to adopt cryptocurrencies. The company, with its solid credentials in custody, would be able to offer its customers a secure trading and execution platform.
Read the full story here.
Swissport Launching Blockchain Pilot
The ground handling and cargo-company from Switzerland, Swissport announced that it was launching a Blockchain-based pilot program for its cargo handling division. This pilot is being launched in partnership with Olam, which is a non-profit organization targeted at developing an open-source platform for its supply-chain partners.
According to the global head of cargo operations at Swissport, Hendrik Leyssens, the Blockchain initiative could significantly speed up transactions, increase security and even help to reduce operational costs. He said that using the Blockchain would also help them overcome the current lack of transparency in processes.
Read the full story here.
Chinese President Acknowledges Blockchain Potential
China’s President Xi Jinping has for the first time publically acknowledged the potential in Blockchain technology. At a yearly conference that was hosted by the Chinese Academy of Sciences, President Xi stated that Blockchain technology was part of a revolution that the country should participate in to be able to grow. He stated that in order for China to be competitive at the global level in this new playing field, the government would launch national laboratories with the highest of standards that would encourage research and development in this sector.
And while President Xi did not elaborate on what the government planned to do to utilize the new technology, his comments echo the statements made by his government just a few days ago, wherein the State Council ordered Guangdong Free Trade Zone to speed up Blockchain growth as well as application.
Find out more here.
Total Market Cap: May 30
Trading volume increased a little more to $18.51 billion since yesterday. The crypto market’s capitalization also showed positive movement to $328.01 billion.
Bitcoin Price Analysis: May 30
Bitcoin finally got a break after so many days of sliding. The cryptocurrency gained 5.44% to trade at a price of $7497.49 since yesterday. Trading volume is now $5.66 billion and market cap is $127.78 billion.
Ethereum Price Analysis: May 30
Ethereum jumped up by 8.07% to $563.29 since yesterday. Trading volume for ETH is $2.37 billion and its market value has risen to $56.23 billion.
State of the Top 10 Cryptocurrencies: May 30
The cryptocurrency market saw a huge reversal in fortunes today with all the top ten tokens jumping up massively. The lowest jump was Bitcoin, which gained 5.44% since yesterday, and the biggest winner was IOTA, which climbed 16.29% in the last 24 hours.
- Bitcoin gained 5.44% to trade at $7497.49. Its market value now is $127.78 billion.
- Ethereum gained 8.07% to trade at $563.29. Its market value now is $56.23 billion.
- Ripple gained 11.28% to trade at $0.614531. Its market value now is $24.08 billion.
- Bitcoin Cash gained 14.22% to trade at $1006.16. Its market value now is $17.26 billion.
- EOS gained 11.34% to trade at $12.27. Its market value now is $10.91 billion.
- Litecoin gained 7.59% to trade at $120.16. Its market value now is $6.81 billion.
- Cardano gained 15.7% to trade at $0.206306. Its market value now is $5.34 billion.
- Stellar gained 13.03% to trade at $0.282351. Its market value now is $5.24 billion.
- IOTA gained 16.29% to trade at $1.57. Its market value now is $4.37 billion.
- TRON gained 11.80% to trade at $0.064388. Its market value now is $4.23 billion.