Market Update 8.09.18 – Yale Experts Suggest System to Predict Crypto Price Trends
Market News
Yale Experts Suggest System to Predict Crypto Price Trends
Financial experts at Yale University believe there is a system of factors that could possibly predict trading in prices of major cryptocurrencies. This study was carried out by the team of Aleh Tsyvinski, a Yale economist, and Yukun Liu, a Ph.D. student of the Department of Economics at Yale.
According to the university’s official statement, this is the first ever comprehensive economic analysis of Blockchain technology as well as the cryptocurrency market. This research paper provides a risk-return trade-off of some of the top cryptocurrencies in the world, such as BTC, ETH and XRP.
Find out more about this story here.
SEC To Decide On 9 BTC ETFs over Next 2 Months
The US SEC (Securities and Exchange Commission) has to make decisions on 9 pending Bitcoin ETFs (exchange traded funds) proposals over the next two months. The SEC already delayed a decision for a proposal submitted by Cboe BZX Exchange to change a particular rule so that an ETF could be listed on Cboe’s exchange which could be backed by SolidX, a blockchain based startup, and VanEck, a crypto investment firm.
According to public data, the SolidX-VanEck proposal is only one of 10 proposals that are up for consideration, but it is the only one that is a physical ETF.
Read about this story here.
Microsoft’s Azure Introduces PoA Algorithm
Azure, Microsoft’s cloud platform, has now introduced a new Proof-of-Authority algorithm for its Ethereum based Blockchain product. According to the company’s blog post, this new algorithm will allow consortium or private networks to build DApps (decentralized applications) more efficiently.
The existing protocol on Azure’s platform is the Proof-of-Work algorithm, which requires competition in finishing transactions. However, the new Proof-of-Authority protocol is based on a system wherein validators or identities on a blockchain are already approved.
The new protocol is equipped with various features that ensure it works correctly and that the network is secure. These features include an identity leasing system, Azure Monitor, Parity’s web-assembly support as well as Governance DApp.
Read more here.
Total Market Cap: August 09
While the cryptocurrency market’s trading volume is just slightly lower than yesterday’s at $14.85 billion, the market’s valuation has dropped even further to $233.09 billion.
Bitcoin Price Analysis: August 09
Bitcoin’s price fell by another 3.49% since yesterday to its current token price of $6341.16. BTC’s trading volume is at $4.77 billion and its market capitalization continues to spiral downwards to its current $109.05 billion.
Ethereum Price Analysis: August 09
Ethereum also continued to decline, down by 3.73% to trade at $362.10. ETH’s trade volume is $1.95 billion and its market capitalization is now $36.64 billion.
State of the Top 10 Cryptocurrencies: August 09
The downward spiral for the cryptocurrency market continues, with all of the top ten cryptocurrencies in the red for another day. The top cryptos like BTC, ETH and XRP lost less than 4% of their token price in the last 24 hours. However, the smaller altcoins saw much greater losses, with IOTA plunging by 10.45%, EOS nosediving 9.45% and Bitcoin Cash dropped 7.94%. Tether, true to its name, stayed more or less stable, with a minute 0.04% drop in price.
- Bitcoin declined 3.49% to $6341.16. The digital token’s value is $109.05 billion.
- Ethereum declined 3.73% to $362.10. The digital token’s value is $36.64 billion.
- Ripple declined 3.69% to $0.344714. The digital token’s value is $13.54 billion.
- Bitcoin Cash declined 7.94% to $584.93. The digital token’s value is $10.10 billion.
- EOS declined 9.45% to $5.65. The digital token’s value is $5.11 billion.
- Stellar declined 11% to $0.204230. The digital token’s value is $3.83 billion.
- Litecoin declined 6.02% to $62.84. The digital token’s value is $3.62 billion.
- Cardano declined 1.14% to $0.118444. The digital token’s value is $3.07 billion.
- Tether declined 0.04% to $1. The digital token’s value is $2.41 billion.
- IOTA declined 10.45% to $0.630202. The digital token’s value is $1.75 billion.