The past 24h have been highly volatile and went up to USD 436 billion until it plumped to USD 403 billion and than up again to USD 417 billion. Driven is the volatility by large volumes as the 24h trading volume went up above USD 38 billion, compared to USD 26.0 billion 24h before. Big money seems to be rolling in, as volumes increases constantly. Bitcoin gained +2.5% to USD 9,479, Ether is down -1.8% to USD 667, while Ripple retreated -5.4% to USD 0.87 in the last 24h, as of the time of writing.
A highly interesting move has been announced in the US, as the The Rules Committee of the Arizona House of Representatives has passed SB 1091, a bill that would allow state residents to pay their taxes with cryptocurrencies. The bill has been subject to revision, notably expanding the number of altcoins that could be used for tax payments to include “Litecoin or any other recognized cryptocurrency.” Tim Draper, Billionaire Silicon Valley venture capitalist, is doubling down on his bullish bitcoin hand. When asked during a panel discussion at the Intelligence Squared/Manhattan Institute about how his investment in the leading tech plays compares to digital currencies, he responded that cryptos would be “bigger than all of those combined.” The MIT Technology Review has published an article called “Let’s Destroy Bitcoin,” detailing three ways that the cryptocurrency could be “brought down.” The first option, according to the article, is a government takeover of Bitcoin with the creation of a Federal Reserve-backed coin (Fedcoin), Option two is a Facebook stealth takeover of Bitcoin, which involves the social media site creating a BTC wallet for all of its users. The third way of making Bitcoin “irrelevant” is the creation of multiple new cryptocurrencies for every situation. In continuation of Blockchain adoption in Asian markets, South Korea’s SK Telecom is reportedly launching a Blockchain-based platform for authenticating customers’ identities within the year. Walmart, which started running tests with IBM’s Blockchain platform in 2016, is ready to use the technology on its live food business, according to Frank Yiannas, vice president of food safety and health. Leading global cryptocurrency exchange Binance has recently partnered with Ugandan Blockchain organization Crypto Savannah in order to support the economic development of the East African country. Continuing with its bullish stance on Blockchain technology, the National Audit Office of the People’s Republic of China discussed using Blockchain to alleviate the bottleneck caused by its current data storage infrastructure. At present, the office is responsible for a massive amount of data, which it believes can be stored more efficiently on a decentralized ledger. As reported earlier that Japan is getting the first self-regulatory body for its cryptocurrency exchange industry. The country’s sixteen licensed exchange operators have taken steps to finally launch what will become known as the Japanese Cryptocurrency Exchange Association (JCEA). According to a survey by Thomson Reuters, approximately 20% of financial institutions could get off the fence and begin cryptocurrency trading in 2018 over different time durations. Most of the firms that expect to launch cryptocurrency trading this year, or 70%, are keen to do so in the next three-to-six months, according to the survey. Meanwhile, 22% provided a longer-term time horizon of the next six-to-12 months. Thomson Reuters polled more than 400 clients across its trading solutions Eikon, REDI, and FX platforms. If those assets are pouring in, the market will definitely feel an upside, as this also would be another sign that we are moving ahead to become a serious new “asst class” it already should be.
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