Bitcoin (BTC) Briefly Breaches $5,000 as Cryptocurrencies Soar by Double-Digits
Apr 02, 2019
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Crypto Market Recap
- Cryptocurrencies soared across the board overnight with most major coins up by double-digits and the price of Bitcoin (BTC) rallying 14.07% over the last 24 hours to USD$4,734.86 -- at the peak of its rally, the BTC price breached USD$5,000. At the time of this writing, Bitcoin Cash (BTC) led major coins in gains, up a massive 27.18% in the last 24 hours to USD$212.83. In trading this afternoon, Tezos (XTZ) is lagging the broad market as it is the only non-stablecoin crypto in the top 100 coins by market capitalization negative in the last 24 hours of trading, falling 2.10% to USD$1.01.
Crypto Developments in Financial Services
- The SIX Swiss Exchange, Switzerland’s principal stock exchange, has officially listed a Ripple (XRP)-based Exchange-Traded Product (ETP). After the exchange confirmed that it would list the ETP, dubbed Amun Ripple (AXRP), back in March, trading of AXRP has launched. According to Amun CEO Hany Rashwan, the company has already received approval to launch four other ETPs that track major altcoins, including Bitcoin Cash (BCH), Litecoin (LTC), Stellar (XLM), and EOS (EOS).
- San Juan Mercantile Exchange (SJMX), a cryptocurrency trading platform based in Puerto Rico, has officially launched banking operators through its new San Juan Mercantile Bank & Trust subsidiary. San Juan Mercantile Bank & Trust receive its first official deposit on Thursday and the bank will offer services mainly to institutional clients. Nick Varelakis, President and COO of San Juan Mercantile Bank & Trust, said in the press release, “Intuitional market participants in the digital asset space now have access to a licensed, fully regulated and operational banking partner that provides a secure environment for matching and settlement of digital asset trades.”
- PayPal, the global online payments giant, has made its first investment in a blockchain company with a Series A investment in startup Cambridge Blockchain. The investment by PayPal is as part of an extension in Cambridge Blockchain’s initial USD$7mm Series A funding round that closed in May 2018. As per a report by Forbes, filings through the US Securities and Exchange Commission (SEC) reveal that USD$3.5mm of fresh equity has been invested in Cambridge Blockchain in the nine months beginning May 2018.
Crypto Regulatory Environment
- The Malta Financial Services Authority (MFSA), the country’s regulator for the financial services industry, officially approved its first 14 crypto assets agents who previously sought out a license, according to a statement published Tuesday. The news comes 5 months after Malta, also known as Blockchain Island, adopted the Virtual Financial Assets Act (VFA) that resulted in more than 250 applications filed by lawyers, accountants, and auditors. According to a statement from the MFSA on Tuesday, only 28 of the more than 250 initial applications finally succeeded in applying for a license, with only 14 being approved with, “minor details,” to be fixed.
- The State Bank of Pakistan, Pakistan’s central bank is targeting the launch of a digital currency by 2025. According to a new report published by news outlet Dawn on Tuesday, State Bank of Pakistan said that the country is working on researching a conceptual digital currency to, “promote financial inclusion and reduce inefficiency and corruption.” According to the report, the State Bank of Pakistan will target 2030 to make the prospective digital currency’s services, “fully digitized and technology equipped.”
General Crypto News
- China is currently leading the world in the number of blockchain projects going on in the country, that is, according to a new report published by China-based English news outlet China.org.cn. Citing a report from Blockdata, the current 263 ongoing blockchain projects in China represent about 25% of those going on across the globe.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio