Market Update 8.22.18 – WeChat Blocks Multiple Crypto Accounts

| Publish date: 08/22/2018
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WeChat Blocks Multiple Crypto Accounts

WeChat, the Chinese social media platform developed by Tencent that boast 1 billion users, has reportedly blocked several Blockchain as well as cryptocurrency related accounts.

According to local news sources, a WeChat executive stated that some of the accounts that were public had been blocked due to suspicions of them having published ICOs (Initial Coin Offerings) as well as hyping cryptocurrency trading. Both these activities are in violation of the messaging service’s terms and conditions. Therefore, official orders had been given to permanently block these accounts as well as their content.

Find out the details of this story here.

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US Senate Ask About Blockchain and Cryptos

US Senate Committee members from the Energy and Natural Resources department raised questions about the cost of crypto mining as well as Blockchain opportunities in the public sector during a hearing. This hearing, like others related to the nascent technology, featured speakers from the public as well as private sectors and served as an educational session for members of the senate who were not very familiar with Blockchain and cryptocurrencies.

What made this hearing different from previous ones was the lack of acrimony during the session. This time, the senators of the Energy Committee focused on how Blockchain could be used for various public sector projects.

Find out more about the story here.

DST Global Denies Investing in Bitmain’s Pre-IPO

In an official email statement, DST Global confirmed that it had not invested in Bitmain’s pre-IPO (Initial Public Offering). There had been reports earlier that the investment firm had put money into the $400 million pre-IPO funding conducted by the crypto mining hardware maker. A managing partner at DST Global, John Lindfors, confirmed officially that they had never invested in Bitmain.

This news follows another industry major, Uber’s biggest investor Softbank’s announcement that it had also never investment in Bitmain. A company spokesperson had made an official statement on August 18 that neither SoftBank Group Corp. nor SoftBank Vision Fund had invested in the crypto hardware manufacturing giant’s IPO.

Read more about the story here.

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Total Market Cap: August 22

The volume of trade in the cryptocurrency market is at $11.87 billion and has a market capitalization of $219.67 billion in trading so far today.

Bitcoin Price Analysis: August 22

Bitcoin’s token price is up by 5.98% to currently trade at $6713.07. The market cap of the digital coin is $115.75 and its trading volume is $4.06 billion.

Ethereum Price Analysis: August 22

Ethereum’s price went up by 5.78% to its current trade price of $292.74. The digital coin’s trading volume is $1.35 billion and its market value is $29.76 billion.

State of the Top 10 Cryptocurrencies: August 22

Of the top ten cryptocurrencies, nine have gained in price, the only exception being Tether, which dropped by 0.37%. The biggest gainer are EOS, up by 8.75%, Bitcoin Cash, which has gained 7.34% and Stellar, which gained 7.21%. Bitcoin’s price also gained by 5.98%, closing in on the $7k mark.

  • Bitcoin jumped 5.98% to trade at $6713.07. The digital coin’s market valuation is $115.75 billion.
  • Ethereum jumped 5.78% to trade at $292.74. The digital coin’s market valuation is $29.76 billion.
  • Ripple jumped 6.96% to trade at $0.344678. The digital coin’s market valuation is $13.57 billion.
  • Bitcoin Cash jumped 7.34% to trade at $558.91. The digital coin’s market valuation is $9.67 billion.
  • EOS jumped 8.75% to trade at $5.20. The digital coin’s market valuation is $4.70 billion.
  • Stellar jumped 7.21% to trade at $0.233254. The digital coin’s market valuation is $4.37 billion.
  • Litecoin jumped 6.98% to trade at $58.14. The digital coin’s market valuation is $3.36 billion.
  • Tether dropped 0.37% to trade at $0.999586. The digital coin’s market valuation is $2.82 billion.
  • Cardano jumped 5.32% to trade at $0.098243. The digital coin’s market valuation is $2.54 billion.
  • Monero jumped 3.83% to trade at $96.92. The digital coin’s market valuation is $1.58 billion.
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