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Cryptocurrencies fall into red overnight as Binance Coin (BNB) appreciates

Dec 05, 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$3876.29 -0.84% -3.67% -6.77% USD$67,479,085,237 USD$5,119,940,313
Ethereum ETH USD$107.81 -0.8% -3.78% -8.47% USD$11,170,362,630 USD$1,953,661,957
EOS EOS USD$2.29 -3.91% -10.51% -28.27% USD$2,079,291,224 USD$775,306,402
XRP XRP USD$0.35 -0.77% -3.14% -9.58% USD$13,968,046,437 USD$407,265,988
Litecoin LTC USD$30.4 -1.43% -4.88% -10.27% USD$1,806,881,408 USD$394,855,953

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
NEM XEM USD$0.08 -0.25% -2.77% -4.24% USD$695,957,893 USD$12,469,253
TRON TRX USD$0.01 -1.76% -2.85% 3.99% USD$951,880,459 USD$76,026,373
XRP XRP USD$0.35 -0.77% -3.14% -9.58% USD$13,968,046,437 USD$407,265,988
Bitcoin BTC USD$3876.29 -0.84% -3.67% -6.77% USD$67,479,085,237 USD$5,119,940,313
Ethereum ETH USD$107.81 -0.8% -3.78% -8.47% USD$11,170,362,630 USD$1,953,661,957

 

Crypto Market Recap

  • Cryptocurrencies turned lower overnight and are largely red as the price of Bitcoin (BTC) is down 3.51% in the last 24 hours to USD$3,880.80. Binance Coin (BNB) is the only positive coin among the top 30 cryptocurrencies by market capitalization, up 10.77% in the last 24 hours to USD$6.14 driven by Binance’s release of a video pertaining to its decentralized exchange venture, discussed below. Among major cryptocurrencies, EOS (EOS) and Bitcoin Cash (BCH) are the worst performers, down 9.29% and 9.16% in the last 24 hours to USD$2.32 and USD$140.89, respectively.

Crypto Developments in Financial Services

  • After Binance CEO Changpeng Zhao announced the development of Binance Chain on Tuesday, the world’s largest cryptocurrency exchange released a second preview of the soon-to-come decentralized cryptocurrency exchange. The preview includes segments revealing a sleek user interface, a wallet and block exploration tool, and confirmation of a testnet version that will be available “soon”. Binance Chain will reportedly be capable of supporting “millions” of separate digital assets.  

Crypto Regulatory Environmental

  • Sigal Mandelker, Under Secretary for Terrorism and Financial Intelligence for the US Department of the Treasury, is calling on cryptocurrency industry members and regulators to work to prevent the malicious and illegal use of cryptocurrencies. While speaking at the Financial Crimes Enforcement Conference on Monday, Mandelker declared, “The digital currency industry must harden its networks and undertake the steps necessary to prevent illicit actors from exploiting its services.” Mandelker also went on to call upon global financial regulators to enhance anti-money laundering (AML) and Combating the Financing of Terrorism (CFT) regulatory frameworks that apply to cryptocurrencies.  
  • The New York Department of Financial Services (NYDFS) is granting regulatory approval to Signet, a blockchain-based digital platform being offered by New York-based Signature Bank. Signet is built to facilitate the real-time transfer of payments with zero transaction fees, at any time and on any day. The system uses ‘Signets’ to facilitate the transfer and was subject to a, “comprehensive and rigorous review,” by regulators.  
  • US Representative Warren Davidson (R) announced his intention to introduce legislation in the US House of Representatives that would establish regulatory framework to clearly define cryptocurrencies and Initial Coin Offerings (ICOs), as per a report by news outlet Cleveland.com.  The regulatory framework would effectively create an asset class for cryptocurrencies and digital assets. While the Securities and Exchange Commission (SEC) considers most cryptocurrencies to be securities, the regulatory framework, “would prevent them from being classified as securities but also allow the federal government to regulate initial coin offerings more effectively.    

General Crypto News

  • Medici Ventures, Overstock.com’s blockchain venture arm, is purchasing a USD$2.5mm equity stake (10%) in GrainChain, a blockchain-based agricultural project. GainChain has already developed a system that leverages blockchain technology to enable companies to track their supply chain related to agricultural products. The platform aims to aid primarily small and medium-sized farmers additionally by leveraging smart contracts to secure funds through the grain transaction process. 

 

 

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

Sources:

https://cointelegraph.com/news/binance-releases-2nd-decentralized-exchange-preview-after-binance-chain-news 
https://www.youtube.com/watch?v=wN1Uvor4Hd8 
https://twitter.com/cz_binance/status/1070241854514327552 
https://www.coindesk.com/binance-releases-new-video-demo-of-its-decentralized-crypto-exchange 
https://www.ccn.com/binance-coin-bnb-grows-8-5-after-decentralized-exchange-demo-video-release/ 
https://bitcoinist.com/binancechain-binance-changepeng-zhao/ 
https://cointelegraph.com/news/overstocks-medici-ventures-acquires-stake-in-agricultural-blockchain-firm 
https://www.coindesk.com/overstocks-medici-invests-2-5-million-in-grain-tech-firms-blockchain-pivot 
https://cointelegraph.com/news/us-treasury-official-calls-on-crypto-industry-players-to-combat-illicit-use-of-crypto 
https://home.treasury.gov/index.php/news/press-releases/sm563 
https://www.coindesk.com/treasury-official-global-regulators-must-follow-us-lead-in-crypto-enforcement 
https://www.ccn.com/international-cooperation-critical-to-bringing-illegal-icos-to-justice-sec/ 
https://cointelegraph.com/news/new-york-financial-regulators-approve-blockchain-payments-system 
https://www.dfs.ny.gov/about/press/pr1812041.htm 
https://cointelegraph.com/news/report-us-congressman-announces-plans-for-federal-cryptocurrency-and-ico-regulation 
https://www.cleveland.com/news/2018/12/us-rep-warren-davidson-announces-legislation-to-regulate-initial-coin-offerings-at-blockchain-solutions-conference.html