Cryptocurrencies trade directionless as Bitcoin (BTC) finds support at $3,940 after falling below $4,000
Mar 26, 2019
Top 5 Cryptocurrencies sorted by 24 hour Volume
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Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change
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Crypto Market Recap
- Cryptocurrencies are trading broadly mixed this afternoon with the price of Bitcoin (BTC) higher by 0.47% over the last 24 hours to USD$3,972.47 -- after falling below the $4,000 level yesterday afternoon, the benchmark crypto found support around the USD$3,940 level. Cardano (ADA), the 10th largest coin by market capitalization, is leading major coins this afternoon, up 5.55% over the last 24 hours to USD$0.061284. Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), and Binance Coin (BNB) are the only top 10 cryptos by market capitalization trading in the red today, although all are lower by less than 1%.
Crypto Developments in Financial Services
- Binance, the world’s largest cryptocurrency exchange by daily trading volume, is partnering with IdentityMind, a risk management and compliance firm, to improve the exchange’s internal compliance. According to an official blog post published by Binance, the partnership will specifically address compliance improvements through use of IdentityMind’s tools for Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. Binance hopes that its new partnership will encourage greater trust in the exchange among global financial institutions.
Crypto Regulatory Environment
- The Central Bank of Korea, South Korea’s central bank, included a summary of central bank digital currencies (CBDC) research in its recently published 2018 Payments Settlement Report. The report published by the Central Bank of Korea includes tests of blockchain-based solutions and finds that crypto assets can be used on a large-scale if stability and efficiencies are improved further. The report also highlights that one of the major risks posed by CBDC is that they can be used for micropayments, which could have an unpredictable material impact on a society and economy.
- The National Development Council of Taiwan, a policy-related agency of Taiwan’s executive branch, will launch a blockchain alliance in three months' time, according to a report by Taiwan News. The report cites Minister Chen Mei-ling, who explained at the Smart City Summit & Expo in Taipei that the National Development Council has already consulted government departments, industry experts, and academics on the subject.
General Crypto News
- In Weiss Crypto Ratings’ most recent report cryptocurrency industry report, Ripple (XRP) and EOS (EOS) joined Bitcoin (BTC) as the only cryptocurrencies to receive “A” rankings. The report, “Dark Shadows with a Bright Future,” analyzes 120 of the most notable cryptocurrencies and assigns letter grades based on adoptions and technology characteristics. According to the report, XRP received an “A” ranking as it is the best positioned to compete with the SWIFT network, EOS received an “A” ranking as the leading challenger of the Ethereum (ETH) network, and BTC received an “A” ranking because of its Lightning Network upgrade and ability to serve as a store of value.
- Blockchain spending by US-based companies will increase more than 13x from USD$3.12bn to USD$41bn by 2025, according to a report published by ResearchandMarkets.com. In its most recent report, “United States Blockchain Business Opportunities and Outlook Databook Series (2016-2025),” ResearchandMarkets.com highlights 75 specific areas that span across 11 different industries where blockchain technology has significant application. After the US, Western Europe and China are expected to spend the most on blockchain technology.
- Moet Hennessy Louis Vuitton SE (LVMH), a French luxury good brand, is partnering with ConsenSys and Microsoft Azure to develop a blockchain-based system to track luxury goods products, according to a report by CoinDesk. The platform, AURA, will launch in May or June 2019 and be used by two of the largest LVMH subsidiaries, Louis Vuitton and Parfums Christian Dior. As per the report by CoinDesk, AURA is based on JPMorgan’s Quorum blockchain platform, which is based on the Ethereum (ETH) network.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio