It was a strong and very positive week for the crypto market, as it continued the race by +4.0% from USD 346 billion to USD 360 billion in the last 24h, with an advance to decline ratio of 74/26. This is a total jump of 11.8% from USD 322 billion on Monday. The top 100 names are led by a +38.8% bump in the Bitcoin Diamond. Also the 24h trading volume increasing from USD 20.3 billion to USD 22.4 billion in the last 24h. Bitcoin is trading marginally up +1.2% to USD 8,289, Ether ascended +5.2% to USD 564.85, while Ripple vaulted +12.3% to USD 0.82 in the last 24h, as of the time of writing.
As reported yesterday about the strange event of a potential exit scam of Savedroid, it finally turned-out as PR stunt, as already expected in several online communities. On Thursday, Savedroid’s website came back online, and Hankir published a video titled “And it’s NOT gone” in which he explained that the incident, which he said was not a prank, was meant to teach the cryptocurrency community a lesson about how easy it would have been for them to scam their investors. But it might also become a lesson for them, as German medias also reported that this might will follow a legal investigation. Venezuelans are embracing cryptocurrency amidst the upward rally in the market. The equivalent of about $1 million was exchanged from bolivars to the digital token on April 17. The trade helps Venezuelans access dollars, since the government enforced strict foreign exchange controls in 2003 and the dollar-starved nation increasingly seeks the digital token in exchange for its nearly worthless currency. It turns out The Blockchain adoption continues, as newly published patent filings from retail major Walmart plans to store payments data using blockchain tech. The two applications – published on Thursday by the U.S. Patent and Trademark Office (USPTO) – both reference using a blockchain-powered platform to secure the payment data, ensuring that private information can’t be accessed by unauthorized parties. Separately, Batavia, a Blockchain-based trade finance platform, founded by banking major UBS in partnership with IBM, has conducted its first live cross-border transactions involving corporate clients. Also the German insurance giant Allianz is testing an internal token to move money around its global affiliates, without having to deal with currency conversions and other costs and inefficiencies. The development of the so-called “Allianz token” is being helped along by Blockchain startup Adjoint. On the hardware side, Asian chip making company Taiwan Semiconductor Manufacturing Company (TSMC), has reported strong financial results in 1Q18, driven by a growth in orders for cryptocurrency mining chips. Amidst the pull between regulations and crypto community, Thailand’s Securities and Exchange Commission and Thai Fintech Association technology consultant Bhume Bhumiratana, along with members of the local crypto community, have urged financial authorities to reconsider the country’s cryptocurrency tax framework. Regulations are also back on the G20 agenda in Washington, continuing their talks about a joint regulation of the cryptocurrency market. Along with adoptions, criticism and bans Danish banking major SAXO Bank continued its optimism regarding cryptocurrency growth in 2018 in its latest Quarterly Outlook. According to the report “Historically, many of the blue-chip cryptocurrencies have seen price increases in the face of global uncertainty and risk-off events such as Brexit, the election of President Trump, and the North Korean missile tests,” and “The inflow of institutional capital to the cryptocurrency market, due to the increase in regulation and investor protection could lead cryptocurrencies to a positive quarter.”
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