The crypto market continued its bull ride and is getting closer to the USD 400 billion mark. The total market cap increased by +3.1% from USD 382 billion to USD 394 billion in the last 24h. which is a 9.4% jump from the USD 360 billion on Friday. With an advance to decline ratio of 89/11 the majority of the top 100 gained ground, led by Dentacoin, with a +33. 0% jump, followed by Golem with +27.7% price rise in the last 24h. The 24h trading volume was at USD 22 billion, compared to USD 23.0 billion 24 h before. Daily volumes are now constantly above the USD 20 billion daily trading volume, which is nearly the doubled than is was in the past 2 months. Bitcoin is almost at the same level at USD 8,844, Ether jumped +4.0% to USD 631, while Ripple is up marginally +0.5% to USD 0.87 in the last 24h, as of the time of writing.
Despite the positive market developments, a lot of news about bans, regulation attempts and Blockchain adoptions are around. Regarding ICO related ads ban, LinkedIn co-founder Eric Ly said that the ban on token advertising is temporary. The ban is a protective measure and these companies want to avoid potentially uncertain interactions with the U.S. Securities and Exchange Commission (SEC), he said. According to him, the ICO market is still in lack of trust and that is why he is developing Hub, with the aim to put a reputation system on the Blockchain. The Supreme Court of Russia has directed a court in the city of St. Petersburg to consider an appeal against a blocked cryptocurrency information website. According to Russian legal information site RAPSI, the Vyborgsky District Court of St. Petersburg blocked Bitcoininfo.ru in 2016, claiming that cryptocurrencies are “a means of virtual payment and accumulation,” and therefore, the provision of related information is illegal because it undermines the country’s sole legal currency – the ruble. In India, the High Court of Delhi has reportedly issued a notice to the Reserve Bank of India (RBI), the Ministry of Finance, and the Goods and Services Tax (GST) Council alleging that RBI’s decision to end dealings with crypto businesses violates the constitution. Iran’s central bank has banned the country’s banks from dealing in cryptocurrencies, including Bitcoin, over money-laundering concerns as the country tries to halt a currency crisis. The financial industry keeps on a fast pace adopting the Blockchain technology, as JPMorgan Chase has partnered with National Bank of Canada and other major firms to develop a Blockchain platform aiming to improve the debt issuance process. The trial also saw participation from Goldman Sachs Asset Management, Pfizer, Legg Mason Inc’s Western Asset and others. In the MENA region, the Emirate’s largest Bank- Emirates NBD, announced the roll-out of Cheque Chain, a Blockchain-based technology intended to strengthen the security standards across the banking sector in the UAE, for the benefits of its customers. On the regulatory front, the parliament’s members voted by a large majority to support a December 2017 agreement with the European Council for measures aimed, in part, to prevent the use of cryptocurrencies in money laundering and terrorist financing. In Asia, Taiwanese Minister of Justice, Chiu Tai-san, said that the country will roll out new regulations for virtual currencies later this year. The Monetary Authority of Macau has issued a warning to the public regarding the possibility “fraud and criminal activities” in cryptocurrencies after revelations that Macau Dragon Group, a firm associated with Chinese gangster Wan Kuokoi, employed Cambridge Analytica to promote Dragon Coin for gamblers. In a further crackdown, the SEC has announced charges against a third partner in an investigation of Centra Tech Inc.’s $32 million ICO. In an amended complaint, the commission charged Raymond Trapani, a Centra co-founder, in the scheme, naming him the mastermind. The SEC previously charged Sohrab Sharma and Robert Farkas, two other co-founders, for their roles in the fraudulent scheme.
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