Cryptocurrency Market Updates

Market Update 5.14.19 – Uphold Will Use Ledger Vault

Chainbits Staff | Publish date: 05/14/2019

Market News

Uphold Will Use Ledger Vault

According to a press release on May 13, Uphold, the US-based payments startup will be using French cryptocurrency hardware maker Ledger’s technology to improve security on its platform.

Uphold was formerly known as Bitreserve. Now, the startup will be incorporating the French technology company’s institutional custody platform called Ledger Vault in an effort to increase its anti-hacking protection with an added layer of security. Uphold’s co-founder and Chief Executive Officer JP Theriot stated that the addition of the Ledger Vault was in response to customers’ demands for more thorough security measures.

Routing Proposal to be Merged into Lightening Network

A new routing proposal is going to be merged today, May 14, into the Lightening network, a technology that many believe will fix Bitcoin’s long-time payment challenges. Christian Decker, one of the most well-know developers for the Lightening network who is also the engineer of the startup called Blocksteam, is the author of this proposal.

He made the announcement about his routing proposal being merged into the Lightening network at the Consensus 2019 conference held on May 13. He stated that this alteration was going to pave the way for many new and highly anticipated features on the network.

Tax Exemption for Crypto Transactions under $600

According to Jerry Brito, the executive director of Coin Center, the recently re-introduced TTA (Token Taxonomy Act) was going to create a tax exemption (termed de minimis) for all cryptocurrency transactions that were below $600. He made this statement during the Consensus 2019 conference held yesterday.

According to the de minimis tax exemption, if a cryptocurrency owner has a capital gain of up to $600 worth of cryptos, then he or she is not required to report that gain to the IRS (Internal Revenue Service). Brito compared this development to how small gains on FOREX (foreign exchange) were treated before a de minimis provision was introduced by Congress in the 1990s. Prior to the introduction of this proviso, all capital gains on FOREX – not matter how small – had to be reported.

Total Market Cap: May 14

The global crypto market’s capitalization at this point stands at $239.27 billion. Volumes of trade now are $96.75 billion.

Bitcoin Price Analysis: May 14

After a slight market correction yesterday, the price of Bitcoin has skyrocketed by 13.40% and the crypto is now trading at $8008.77. Volumes of trade are up to $30.94 billion and the digital asset’s market cap has reached $141.75 billion.

Ethereum Price Analysis: May 14

ETH is up 10.69% to a trading price of $209.52. The altcoin’s capitalization is now $22.22 billion. At the moment, trading volumes are at $11.97 billion.

State of the Top 10 Cryptocurrencies: May 14

Trading in the cryptocurrency market has exploded today, with all the top ten most valuable cryptos by market capitalization showing massive gains. The biggest gains have been experienced by Ripple whose token price has gone up by a massive 22.26%. EOS follows with a 13.88% token price gain, and Bitcoin is the third jumper with a 13.40% increase in its token price.

Bitcoin’s trading at $8008.77, rising 13.40%. The market valuation of this token is $141.75 billion.
Ethereum’s trading at $209.52, rising 10.69%. The market valuation of this token is $22.22 billion.
Ripple’s trading at $0.390345, rising 22.26%. The market valuation of this token is $16.44 billion.
Bitcoin Cash’s trading at $399.56, rising 12.44%. The market valuation of this token is $7.10 billion.
Litecoin’s trading at $91.89, rising 6.84%. The market valuation of this token is $5.67 billion.
EOS’s trading at $6.13, rising 13.88%. The market valuation of this token is $5.58 billion.
Binance Coin’s trading at $24.35, rising 7.11%. The market valuation of this token is $3.43 billion.
Tether’s trading at $1.01, rising 1.05%. The market valuation of this token is $2.81 billion.
Stellar’s trading at $0.110827, rising 10.58%. The market valuation of this token is $2.12 billion.
Cardano’s trading at $0.079812, rising 10.47%. The market valuation of this token is $2.06 billion.