Market Update 5.09.19 – US SEC & CFTC Targeting Literacy in Cryptos & Blockchain Analysis

| Publish date: 05/09/2019
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US SEC & CFTC Targeting Literacy in Cryptos & Blockchain Analysis

On May 8, the Chairmen of the two major financial regulators in the United States, the SEC (Securities and Exchange Commission) and the CFTC (Commodities Futures Trading Commission) testified before Congress. The hearing took place before the Senate Committee on Appropriations and its purpose was to inform the government about the agencies’ budgetary needs and also outline their various initiatives and objectives.

The SEC names digital assets, including coins, tokens and cryptos, as high-risk investments. The SEC also asked to add 4 new positions in its Division of Trading and Markets, the unit whose responsibility it is to regulate securities markets participants.

Read more about this story here.

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JPMorgan Reboots JPM Coin’s Blockchain Tech

JPMorgan has been quietly replacing and updating the foundation of its blockchain technology. For the last 6 months, the financial giant’s technology team spread across London, the US and Singapore have been rebooting Quorum, its blockchain based platform. The information was revealed by the head of Quorum & Crypto Assets Strategy, Oli Harris.

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According to Harris, the bank’s technology team replaced the platform’s privacy layer called Constellation, one that was written in the computer language Haskell. This layer has been replaced with Tessera, which is similar in design, but is coded in Java, thereby making it more user friendly.

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Data Gumbo Corp. Raises $6 Million from Major Energy Companies

Data Gumbo Corp., the US-based Blockchain startup has raised $6 million from big energy companies. One of the investors include the venture capital division of Saudi Aramco, the Saudi Arabian petroleum and natural gas giant. This news was released by Worldoil, the energy-focused news agency, on May 8.

This was the company’s Series A funding round, and Data Gumbo also roped in investors like Equinor Technology Ventures (Equinor’s venture capital subsidiary, a multinational Norway based energy operator). With this new funding round, the startup’s total funding has gone up to $9.3 million. The company stated that these funds will be used to further develop Data Gumbo’s commercial Blockchain-powered network.

Read more about this story  here.

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Total Market Cap: May 09

The cryptocurrency market’s capitalization is once again back on the rise and is now at $188.48 billion. Trading volumes are at $47.55 billion.

Bitcoin Price Analysis: May 09

The price of BTC has reached a 6-month high at $6083.84, after gaining 3.38% in the last 24 hours. Its capitalization is $107.62 billion and the crypto is seeing trading volumes of $15.97 billion.

Ethereum Price Analysis: May 09

In the last 24 hours, ETH’s price has gone up 0.88% to its current $171.49. Capitalization stands at $18.17 billion and volumes of trade are at $6.55 billion.

State of the Top 10 Cryptocurrencies: May 09

While the other cryptocurrencies in the top ten most valuable by market cap list are seeing gains or losses or around 1%, the price of Bitcoin has surged by 3.38% to reach a 6-month high, making it the strongest performer in the market at the moment.

  • Bitcoin’s trading at $6083.84, rising 3.38%. In the cryptocurrency market, this token is now worth $107.62 billion.
  • Ethereum’s trading at $171.49, rising 0.88%. In the cryptocurrency market, this token is now worth $18.17 billion.
  • Ripple’s trading at $0.300200, rising 0.20%. In the cryptocurrency market, this token is now worth $12.64 billion.
  • Bitcoin Cash’s trading at $287.30, rising 0.88%. In the cryptocurrency market, this token is now worth $5.10 billion.
  • Litecoin’s trading at $74.53, rising 0.66%. In the cryptocurrency market, this token is now worth $4.59 billion.
  • EOS’s trading at $4.90, rising 0.29%. In the cryptocurrency market, this token is now worth $4.46 billion.
  • Binance Coin’s trading at $20.54, falling 0.62%. In the cryptocurrency market, this token is now worth $2.89 billion.
  • Tether’s trading at $1.00, rising 0.59%. In the cryptocurrency market, this token is now worth $2.78 billion.
  • Stellar’s trading at $0.093125, falling 1.05%. In the cryptocurrency market, this token is now worth $1.78 billion.
  • Cardano’s trading at $0.063490, falling 1.26%. In the cryptocurrency market, this token is now worth $1.64 billion.
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