Market Update 8.06.18 – Telangana Working with Tech Mahindra for Blockchain District

| Publish date: 08/06/2018
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Telangana Working with Tech Mahindra for Blockchain District

The Indian state of Telangana partnering with the publically listed multinational IT services giant Tech Mahindra to build a district around the state capital which will be dedicated to Blockchain startups.

According to the news reports, Telangana’s IT department signed an MoU (Memorandum of Understanding) with Tech Mahindra to build the country’s first even “Blockchain District”. The state government would be spearheading the project to build the infrastructure for the new district and will also provide regulatory as well as policy support for Blockchain startups.

Find out more here.

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Starbucks Clarifies its New Crypto Venture

Mainstream media had recently reported that Starbucks was going to start accepting Bitcoin and other cryptocurrencies as payment for coffee at its establishments. However, the coffee chain clarified that this was not true and that the media had misrepresented the news.

After ICE (Intercontinental Exchange) announced on Friday that it was creating a global platform for digital assets and stated that international companies such as Microsoft and Starbucks were supporting this endeavor, a number of mainstream media outlets released headlines that stated that Starbucks would sell its products for cryptos.

Read the rest of the story here.

Coinbase License in Wyoming Renewed

In an official blog post, the San Francisco based cryptocurrency exchange Coinbase announced that it had renewed its license to operate in the state of Wyoming and that exchange services had resumed.

The exchange had stated in 2015 that it would be expensive as well as impractical to continue its operations in Wyoming. This was because regulators in the state informed Coinbase that its operations fell under the Money Transmitter Act. This Act required Coinbase to hold double reserves (holding fiat currency reserves for each and every crypto asset held on behalf of clients) in order for it to renew its money transmitter license.

Now however, that Act has been amended to exempt cryptocurrency related exchanges.

Find out more here.

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Total Market Cap: August 06

After the debacle of the cryptocurrency market’s value plunging this weekend, trading volume has been low in the market, with it currently being at $11.21 billion. Market cap also has not recovered, with its currently at $254.65 billion.

Bitcoin Price Analysis: August 06

While BTC dropped another 0.3% to trade at $7008.19 per token. BTC’s trading volume is now $3.79 billion and its market cap is $120.49 billion.

Ethereum Price Analysis: August 06

Ethereum’s price gained 0.34% to trade at $408.61. Trading volume for the altcoin was $1.40 billion and its market value is $41.33 billion.

State of the Top 10 Cryptocurrencies: August 06

The cryptocurrency market still hasn’t completely recovered from its declines over the weekend. The top ten cryptos in terms of market capitalization showed mixed results in trading so far today. Bitcoin lost another 0.3% in the last 24 hours, while Ether gained 0.34% in the same time. Gains were marginal for those cryptos that showed upward movements.

  • Bitcoin lost 0.3% to a current price of $7008.19. The token’s market value is now $120.49 billion.
  • Ethereum gained 0.34% to a current price of $408.61. The token’s market value is now $41.33 billion.
  • Ripple lost 0.65% to a current price of $0.427962. The token’s market value is now $16.81 billion.
  • Bitcoin Cash gained 0.05% to a current price of $697.47. The token’s market value is now $12.05 billion.
  • EOS lost 0.15% to a current price of $7.01. The token’s market value is now $6.34 billion.
  • Stellar lost 1.51% to a current price of $0.238436. The token’s market value is now $4.47 billion.
  • Litecoin gained 1.58% to a current price of $74.69. The token’s market value is now $4.31 billion.
  • Cardano gained 2.39% to a current price of $0.131366. The token’s market value is now $3.4 billion.
  • IOTA lost 2.72% to a current price of $0.896553. The token’s market value is now $2.49 billion.
  • Tether gained 0.10% to a current price of $0.999575. The token’s market value is now $2.43 billion.
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