Cryptocurrencies trade mostly lower, Binance Coin (BNB) up 80% since December low
Feb 05, 2019
Top 5 Cryptocurrencies sorted by 24 hour Volume
On Mobile/Tablet scroll to the right
Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change
On Mobile/Tablet scroll to the right
Crypto Market Recap
- Cryptocurrency prices fell through midday trading as most major coins are lower although the price of Bitcoin (BTC) is flat in the last 24 hours at USD$3,465.28. Stellar (XLM) continues to lag major coins in trading, down 3.56% in the last 24 hours to USD$0.077758. IOTA (MIOTA) is down slightly less, falling 3.55% in the last 24 hours to USD$0.250144. Binance Coin (BNB) is the best performing major cryptocurrency in today’s trading, up 6.34% in the last 24 hours to USD$7.59 -- since its low of USD$4.20 on December 7th, 2018, BNB has steadily rallied 80.1%.
Crypto Developments in Financial Services
- Six commercial banks based in Saudi Arabia and the United Arab Emirates (UAE) are set to join Aber, a digital currency project pertaining to cross border transactions between the two countries, according to a report by news outlet Argaam. The six banks remain unnamed in the article. The article discusses details about the joint digital currency project between the two countries, saying, “The currency’s official issuance is conditional on the outcomes of the “proof-of-concept" stage. The Saudi Arabian Monetary Authority (SAME) and the UAE central bank will decide on the feasibility of the currency’s practical applications.”
- Huobi.com, the US-based subsidiary of the Singapore-based cryptocurrency exchange giant Huobi, is set to launch fiat-to-crypto trading services with support for three crypto trading pairs against the US dollar. According to an official press release, Huobi.com also launched US dollar deposits and withdrawal services with a required minimum of USD$100. In order to offer fiat services in the US, Huobi.com is partnering with Prime Trust, a Nevada-based registered chartered trust company that specializes in escrow and custodian services for fiat and crypto transactions.
General Crypto News
- Facebook, the US-based social media giant, took another step towards the development of its own cryptocurrency after hiring small blockchain firm Chainspace, as per a report by Cheddar. As per the company website, Chainspace develops systems that use sharding, a process that breaks a database into smaller units, to enable scaling of blockchain networks. Last May, Facebook announced a new dedicate blockchain business unit. Last December, Bloomberg cited an anonymous source in reporting that Facebook is in the process of developing a cryptocurrency for money transfer on its WhatsApp messaging application.
- Gerald Cotton, the former CEO of Canadian-based cryptocurrency exchange QuadrigaCX, passed away in early December and potentially left customers without access to USD$190mm in funds. Following turmoil caused by Cotton’s death, QuadrigaCX officially closed last week without a way to access USD$190mm in funds because Cotton was the sole holder of the required information. Now, QuadrigaCX is seeking creditor protection in a Novia Scotia court in order to avoid bankruptcy. Lawyers are also reportedly considering the sale of QuadrigaCX in order to pay off debts owed to users.
- Deloitte, a big four audit and consulting firm based in the US, announced in an official press release that is successfully completed a joint pilot for digitizing a supply chain across multiple blockchain networks. Deloitte collaborated with publicly traded blockchain firm Kerry Logistics and Hong Kong-based supply chain management company CargoSmart on the pilot. According to the press release, the blockchain supply chain system is designed to boost efficiency and make exchange more transparent.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio