The total crypto market cap increased slightly to USD 328 billion, after trading in a tight range of USD 324-334 billion in the last 24h, with an advance to decline ratio of 63/37. However, the 24h trading volume witnessed a significant improvement from USD 15.7 billion to USD 18.4 billion. Bitcoin is marginally down -0.9% to USD 7, 936, Ether showed an uptick of +0.1% to USD 507, while Ripple gained +1.1% to USD 0.67 in the last 24h. The top 100 names are led by Smart Cash with 37.7% jump, followed by Pundi X with a +19.8% as well as Monero with a strong rise of 19.3% in the last 24h, as of time of writing.
Cambridge Analytica, which is much in the news due to the Facebook data scandal, was reportedly planning to raise money through an Initial Coin Offering (ICO) and had even consulted with a firm that advises companies on their ICO structuring. However, it is unknown if the data analytics consultancy is still pursuing plans after the scandal. Amazon has filed a patent for a streaming data marketplace that could allow subscribers to receive real-time cryptocurrency transaction data. The patent describes a system, in which individuals and organizations can put streaming data feeds up for sale, customers can subscribe. In Philippines an opposition senator, urged her colleagues in the legislative house to allow “swift passage” of bills she previously introduced that proposes to raise the penalties for crypto crimes to one degree higher than currently. New York Attorney General Eric T. Schneiderman has launched the “Virtual Markets Integrity Initiative”, an “inquiry into the policies and practices” of digital currency trading platforms. As part of the initiative, letters were sent to 13 major cryptocurrency exchanges, requesting information on their operations, internal controls, and other key issues. Kraken, one of the world’s longest-operating cryptocurrency exchanges, announced an end of its trading services for Japanese residents. It tentatively plans to cease all its services, which began in October 2014, by the end of June. The San Francisco-based company cited the rising costs of doing business in Japan. In what could be the testimony to the rising dominance of the blockchain technology, Credit rating major Moody’s Investor Service said in a recent report that Blockchain technology for cross-border transactions could potentially hurt banks in Switzerland more than in any other country as half of the Swiss banking sector revenue is from fees and commissions, Switzerland is more at risk of losing money as Blockchain tech makes cross-border transactions cheaper and faster. Moreover, leading global payments provider Discover Financial Services has joined the Chamber of Digital Commerce to assist the group’s mission of blockchain education and advocacy, will “join the Chamber’s efforts to educate, promote and accelerate the adoption of blockchain technologies worldwide,”. In India, IT service company Cognizant has teamed up with 14 Indian insurance firms for the development of a Blockchain solution for cross-company data sharing. The platform is designed to allow firms to securely share data with lower risk of data breaches and fraud. In South Korea, despite the ban on ICO’s, the startups have not shut the door on this fundraising method and are instead domiciling their initial coin offerings abroad and then listing their digital coins on South Korean exchanges. According to a recent study of the Brookings Institutions, regulators around the world haven’t taken a unified approach regulating and tolerating cryptocurrencies so far.
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