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Crypto prices fall through the day, Venezuela artificially inflates Petro

Dec 03, 2018

 

 

Top 5 Cryptocurrencies sorted by 24 hour Volume

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Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
Bitcoin BTC USD$3901.04 0.39% -6.93% 3.67% USD$67,898,911,621 USD$5,089,598,913
Ethereum ETH USD$109.01 0.79% -7.2% 1.36% USD$11,291,414,416 USD$1,708,303,323
EOS EOS USD$2.61 1.11% -11.0% -17.3% USD$2,369,456,569 USD$824,203,939
Litecoin LTC USD$31.27 0.53% -8.38% 5.91% USD$1,858,134,581 USD$437,231,879
XRP XRP USD$0.35 0.55% -5.18% -0.84% USD$14,145,966,165 USD$395,572,107

Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change

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Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
XRP XRP USD$0.35 0.55% -5.18% -0.84% USD$14,145,966,165 USD$395,572,107
NEM XEM USD$0.07 0.27% -6.64% 8.72% USD$662,240,983 USD$10,013,609
Bitcoin BTC USD$3901.04 0.39% -6.93% 3.67% USD$67,898,911,621 USD$5,089,598,913
Ethereum ETH USD$109.01 0.79% -7.2% 1.36% USD$11,291,414,416 USD$1,708,303,323
Stellar XLM USD$0.15 0.3% -7.27% 5.03% USD$2,873,582,759 USD$76,116,695

 

Crypto Market Recap

  • Cryptocurrency prices continued to fall through the afternoon as the price of Bitcoin (BTC) is down 6.61% in the last 24 hours to USD$3,914.53, below the USD$4,000 support level. Among major cryptocurrencies, Bitcoin Cash (BCH) and Ethereum Classic (ETC) are the worst performers, down 11.16% and 11.57% in the last 24 hours to USD$155.21 and USD$4.63, respectively. Ripple (XRP) is the best performer among major cryptocurrencies, down just 4.95% in the last 24 hours to USD$0.351658.  

Crypto Developments in Financial Services

  • Japanese cryptocurrency exchange GMO Coin will resume Bitcoin Cash (BCH) trading, choosing the Bitcoin Cash ABC network for its BCH ticker, as per a report by Finance Magnates. The exchange announced that it will resume BCH trading on December 4th after suspending the coin in an attempt, “to avoid the disruption caused,” by the November 15th network hard fork. Cointelegraph reports that after more than two weeks since forking, the Bitcoin Cash ABC network appears to be the winning faction due to it being a more conservative network that did not introduce any radical changes.  
  • Switzerland’s Financial Market Supervisory Authority (FINMA) released guidelines today for the regulator’s new FinTech license, which will be required of Swiss firms with blockchain-related or cryptocurrency-related operations. As per a press release on the FINMA website, the license has, “relaxed requirements,” that allow fintech companies to receive up to 100mm Swiss francs -- fintech companies will now be allowed to invest public deposits or pay interest on them. Companies applying for a Swiss FinTech license will be required to submit information such as a business description, financial plan, and asset storage method in addition to risk management and anti-money laundering (AML) policies.

Crypto Regulatory Enviornment 

  • South Korea’s Finance Ministry is deliberating taxing cryptocurrencies and Initial Coin Offerings (ICOs), news outlet The Korea Times reports. Hong Nam-ki, the new Minister of Economy and Finance in South Korea, discussed that South Korea’s approach to cryptocurrency taxation will be determined by global taxation trends in the industry. Additionally, South Korea will work to form a new stance on the cryptocurrency industry after the country instituted an ICO ban -- the new stance will be based on, “market conditions, international trends, and investor protection issues.” Nam-ki will sit through a confirmation hearing tomorrow, December 4th, 2018.
  • Thailand’s Revenue Department will test a blockchain system in order to track value-added tax payments, according to a report by news outlet Bangkok Post. The report by the Bangkok Post cites Director General of the Thai Revenue Department Ekniti Nitithanprapa, who said that the department, “wants to use blockchain technology to prevent value-added tax refund fraud.” Specifically, Nitithanprapa believes that blockchain will, “help verify value-added tax invoices,” and, “root out fake invoices for value-added tax claims.”
  • Venezuelan President Nicolas Maduro has artificially raised the value of the country’s state-backed cryptocurrency, the Petro, amid the country’s ongoing hyperinflation. According to a release by President maduro’s office, the value of the Petro is now 9,000 sovereign bolivars, up 150% from its previous value of 3,600 sovereign bolivars. Leonardo Buniak, an economist for major Venezuelan newspaper El Universal, called the move by President Maduro, “very bad news for Venezuelans,” adding, “to anchor the bolivar to Petro is equal to anchoring it to nothing.”

 

 

*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

Sources:

https://coinmarketcap.com/ 
https://cointelegraph.com/news/japanese-exchange-gmo-coin-set-to-resume-bitcoin-cash-trading-on-abcs-chain 
https://www.financemagnates.com/cryptocurrency/news/exclusive-gmo-coin-to-resume-bch-trading-with-abc-version/ 
https://www.bangkokpost.com/business/news/1586614/blockchain-undergoes-tests-for-tracking-vat-payments 
https://cointelegraph.com/news/thailands-revenue-departments-tests-blockchain-for-tracking-value-added-tax-payments 
https://www.coindesk.com/thailand-government-trials-blockchain-in-fight-against-tax-fraud 
https://cointelegraph.com/news/swiss-fintech-license-allows-blockchain-crypto-firms-to-accept-100-mln-in-public-funds 
https://www.finma.ch/en/news/2018/12/20181203-aktuell-fintech-bewilligung/ 
https://cointelegraph.com/news/south-koreas-finance-ministry-considers-taxing-crypto-and-icos-new-minister-reveals 
https://www.koreatimes.co.kr/www/biz/2018/12/367_259753.html 
https://cointelegraph.com/news/venezuela-maduro-raises-petros-value-by-150-percent-amid-ongoing-inflation 
https://twitter.com/PresidencialVen/status/1068671019554983936