Blocksmatter Daily Crypto Morning April 24, 2018

Blocksmatter Daily Crypto Morning April 24, 2018

The last 24h have a been a strong race above the USD 400 billion mark as the total market cap climbed up by +6.9% from USD 393 billion to USD 420 billion. With an advance to decline ratio of 94/6, the majority of the top 100 showed impressive gains with as many as 23 names posting double-digit returns, led by Mixin, with a +81.0% jump, followed by Bitcoin Gold with +29.0% price rise in the last 24h. The 24h trading volume also increased to USD 27.5 billion, compared to USD 22.0 billion 24h before. Bitcoin gained +4.4% to USD 9,244, Ether jumped +7.4% to USD 679, while Ripple added +6.0% to USD 0.92 in the last 24h, as of the time of writing.

Malta remains ahead as one of the most crypto friendliest nations as the island nation’s Prime Minister, Joseph Muscat, has claimed that cryptocurrencies are “the inevitable future of money” and will form the future global economy’s foundation. In the US, Senator Bob Hertzberg, a Democrat representing the San Fernando Valley, has introduced a bill that would allow blockchain technology into formal documentation known as a corporation’s articles of incorporation throughout the state of California. He presented the bill to the Senate Banking and Financial Institutions Committee in recent days, which he says is a “first step” to unveil the decentralized technology to the state. The Eleventh Circuit Court of Appeals ruled today that the class action against Coinbase, brought by Silver Miller and co-counsel the Wites Law Firm, will be held in open court. The case in question alleges that Coinbase assisted in laundering around $8.2 mln of stolen Bitcoin (BTC) valued at over $100 million today. The Chinese government  reiterated its negative views on Initial Coins Offerings (ICOs) and cryptocurrency exchanges. The financial authorities expressed they will continue to monitor private lenders’ interest rates, securities companies, and futures firms to combat illegal fundraising. However, the country continues to promote Blockchain adoption despite its negative stance over ICO’s and fundraising. The launch of a 500 mln yuan (about $79 ml) blockchain venture capital fund for Chinese city Shenzhen has been announced. The China Electronic Commerce Association-hosted Expo stated that the Shenzhen Angel Investment Guidance Fund, an almost $8 bln fund launched in late March, will contribute 40 %.  After shipping, telecom and fraud detection system “Line”, the Japan-based messaging app provider is planning to build a custom Blockchain aimed to boost development of decentralized apps for its platform. In an effort to reduce carbon emissions, a group of Japanese technology and energy firms are launching a pilot project  allowing consumers in rural areas to trade renewable energy over a blockchain-based platform. Therefore, Softbank will lend its capacity in authenticating critical information about renewable energy trading. In the Middle East the adoption of Blockchain is moving at a robust pace as ConsenSys, the world’s largest Ethereum Blockchain design studio, is partnering with the Saudi Telecom Company (STC), to help make this happen. In a perennial debate on whether cryptos are securities or not, the former chairman of the Commodity Futures Trading Commission Gary Gensler said that the cryptocurrencies Ether and Ripple could probably be classified as securities, subjecting them to greater regulatory scrutiny. According to a recent study of the Federal Reserve Bank of St Louis, there is a strong case for central bank money in electronic form as central bank electronic money satisfies the population’s need for virtual money without facing counterparty risk.

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