Cryptocurrencies are edging slightly higher while the new round of US tariffs may impact Chinese mining hardware manufactures
Oct 18, 2018
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- As the Reserve Bank of India is defending its ban on cryptocurrencies amidst a supreme court case to decide the ban’s legality, cryptocurrency industry members in India have been forced to find creative ways to survive. Unocoin, a cryptocurrency exchange startup in India, has turned to cryptocurrency ATMs in order to receive fiat deposits from customers. Most recently, Unocoin established an ATM at a mall in Bangalore, which allows customers to deposit fiat currency into their account without the use of a bank or credit card. Unocoin is currently investigating how they can scale their cryptocurrency ATM solution.
- Chinese mining hardware manufactures may be affected by the United States’ most recently proposed tariffs on Chinese goods. According to analysts cited by Hong Kong newspaper, the South China Morning Post, cryptocurrency mining hardware may be impacted by the most recent round of US tariffs after the United States Trade Representative reclassified mining hardware technology to fall under a stricter tariff regime. The tariff that may affect cryptocurrency mining hardware calls for a 25% increase and would combine with the previous regime, meaning mining hardware manufacturers could face tariffs of 27.6% when exporting to the United States.
- Huboi is reporting increased trading volume in trades between Tether (USDT) and a newer stablecoin, TrueUSD (TUSD), in its US affiliate cryptocurrency exchange, HBUS. This news comes after USDT lost its peg to the US Dollar earlier in the week when it fell below USD$0.90 on some exchanges. HBUS reported that both deposits and withdrawals of USDT, “have increased by over 10x over the last two days.” Over the same time, TUSD trading volume on HBUS increased 30%.
- Japan’s Tax Commission is searching for ways to simplify the country’s current cryptocurrency tax filing system in order to ensure accurate capital gains reporting by investors. The Japan Tax Commission held a general assembly meeting on Wednesday in order to discuss potential improvements to the tax filing process. According to local news outlet, Sankei, the Japan Tax Commission is planning on a system that would involve a standardized tax filing process to make it easier for tax payers to calculate capital gain profits against both fiat currencies and other cryptocurrencies.
- Japanese electric power company, Kansai Electric Power Co. (Kepco), has announced a partnership with three different companies, Mitsubishi UFJ Bank, IT service management company, Nihon Unisys, and the University of Tokyo, to collaborate on research concerning the use of blockchain technology in a distributed electricity supply. Specifically, the joint research will look at implementing blockchain technology to allow solar power suppliers to sell excess energy to consumers. A joint press release for the research reads, “Due to the widespread use of renewable energy such as solar power generation, the current power supply system has been changing from a conventional large-scale intensive type to a self-sustained distributed type, and in the future, with electric power consumers there is a possibility that electricity will be directly traded through a dedicated platform."
- MoneyMatch, a startup based in Malaysia for international money transfers, has successfully completed its first international payment using RippleNet, which also happens to be the first ever payment made from Malaysia to Spain using RippleNet. Recently, Ripple launched an expansion strategy in Asia and the Middle East that has seen the company partner with the Malaysia startup, MoneyMatch. Currently, MoneyMatch is the only fintech company in Malaysia operating with Know-You-Customer functionality, a process required by many regulators across the globe.
- The TRON foundation confirmed rumors of a partnership between TRON (TRX) and Baidu after it tweeted an official announcement on Wednesday. The partnership between TRX, a decentralized internet project, and Baidu, China’s largest search engine, will see the formation a Baidu-TRON corporation with a focus on cloud computing resources and making blockchain solutions more accessible for individual users and small businesses.
- US Marshals have announced plans to sell nearly USD$4.3 million worth of Bitcoin (BTC) in a public auction next month. The auction will sell off about 660 BTC that were forfeited in previous federal criminal, civil, and administrative cases. The auction is set to take place on November 5th, according to the US Marshals -- it is curious that this auction will take place on the same day as the deadline for the US SEC’s decision on nine Bitcoin ETF applications. In theory, these ~660 BTC are technically more valuable to investors, as they have already been repossessed and cleaned by a federal agency, compared to BTC on the market that has not been seized and cleaned, and therefore, poses a small risk of repossession if the BTC were associated with previous criminal activity.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio