Market Update 5.18.18 – WSJ Research Shows 18.6% of ICOs are Scams
Market News
WSJ Research Shows 18.6% of ICOs are Scams
The Wall Street Journal released the results of its research into about 1,500 Initial Coin Offerings (ICOs) and reported that about 18.6% were red flagged as possible scams.
The report stated that of the 1450 companies analyzed, 271 had used fraudulent or deceptive tactics to attract users. These tactics included providing fake information or even hiding the issuing company’s location and address, not revealing the company’s leadership details, keeping financials secret and even putting up plagiarized White Papers.
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Bitmain Turning to AI
The Chinese ASIC chip maker, Bitmain is turning to Artificial Intelligence as an alternate revenue source as the Chinese authorities crack down on cryptocurrency mining.
Late last year, Chinese authorities began their crack-down on the cryptocurrency market by banning ICOs. Then this January, the regulators banned “exchange-like services”. Finally, this February, the Chinese government banned all foreign cryptocurrency exchanges too. And since regulator also went after crypto-miners, Bitmain now has to look for alternate sources of income.
According to the chip-maker’s Co-CEO, Jihan Wu, AI was the logical next step since it required a lot of computing power, just like cryptocurrency mining did.
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Genesis Global Trading Granted BitLicense
The subsidiary of Digital Currency Group, Genesis Global Trading became the first New York based trading company to be granted a BitLicense by the New York Department of Financial Services (DFS). Genesis is also the fifth company ever to have been grated this license. This license allows the company to trade in Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Ethereum Classic and Zcash.
After the New York made it mandatory for cryptocurrency exchanges to have a BitLicense to be able to trade there, many companies moved away from New York and set up shop elsewhere as they were either unable to or unwilling to comply with the new, more stringent crypto-regulations.
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Total Market Cap: May 18
The cryptocurrency market saw another drop in its trading volume, which went down to $19.22 billion in the last 24 hours. Market capitalization of the industry was at $370.06 billion.
Bitcoin Price Analysis: May 18
BTC’s price slipped once again to $8124.43, marking a 2.83% drop from the same time yesterday. Trading volume in BTC is $6 billion, its market valuation is currently at $138.37 billion.
Ethereum Price Analysis: May 18
Ethereum’s token price dropped by 3.77% in the last one day to trade at $680.70. The altcoin’s trading volume is $2.44 billion and its market value is $67.82 billion.
State of the Top 10 Cryptocurrencies: May 18
Volatility in the cryptocurrency market continues as all the top ten cryptos’ prices slump again after being up for one day. The biggest price drop was experienced by IOTA, whose price fell by 9.89%. Bitcoin had the smallest percentage drop at 2.83%.
- Bitcoin’s price dropped by 2.83% to $8124.43 and its value in the market is now $138.37 billion at this time.
- Ethereum’s price dropped by 3.77% to $680.70 and its value in the market is now $67.82 billion.
- Ripple’s price dropped by 3.34% to $0.675095 and its value in the market is now $26.45 billion.
- Bitcoin Cash’s price dropped by 6.78% to $1210.81 and its value in the market is now $20.74 billion.
- EOS’s price dropped by 3.17% to $12.81 and its value in the market is now $11.05 billion.
- Litecoin’s price dropped by 4.51% to $132.55 and its value in the market is now $7.5 billion.
- Cardano’s price dropped by 4.86% to $0.241523 and its value in the market is now $6.26 billion.
- Stellar’s price dropped by 5.9% to $0.314922 and its value in the market is now $5.85 billion.
- IOTA’s price dropped by 9.89% to $1.73 and its value in the market is now $4.82 billion.
- TRON’s price dropped by 3.82% to $0.067698 and its value in the market is now $4.51 billion.