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Cryptocurrencies resume rally as US lawmakers introduce new “Digital Taxonomy Act of 2019”

Apr 10, 2019

 

 
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High Machine Learning Accuracy Rates for CryptocurrenciesHigh Machine Learning Accuracy Rates for Cryptocurrencies

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$5416.01 0.27% 3.67% 6.18% USD$95,530,055,681 USD$15,044,152,286
Ethereum ETH USD$181.45 -0.47% 2.35% 6.62% USD$19,162,053,486 USD$7,524,969,938
EOS EOS USD$5.79 -1.22% 3.41% 6.34% USD$5,249,648,237 USD$3,485,630,225
Litecoin LTC USD$89.49 -0.62% 2.32% -0.93% USD$5,483,984,671 USD$2,802,794,867
Bitcoin Cash BCH USD$306.93 -0.85% 2.78% -1.63% USD$5,439,092,732 USD$1,395,706,289

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
Cardano ADA USD$0.09 0.38% 8.18% -3.54% USD$2,383,926,497 USD$126,865,847
Monero XMR USD$71.38 0.26% 4.02% 3.04% USD$1,207,108,352 USD$132,780,567
NEO NEO USD$12.75 0.75% 3.81% -0.38% USD$828,597,681 USD$258,364,694
Bitcoin BTC USD$5416.01 0.27% 3.67% 6.18% USD$95,530,055,681 USD$15,044,152,286
EOS EOS USD$5.79 -1.22% 3.41% 6.34% USD$5,249,648,237 USD$3,485,630,225

 

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Crypto Market Recap

  • Cryptocurrencies resumed their rally today as the price of Bitcoin (BTC) is higher by 3.74% over the last 24 hours of trading to about USD$5,420. Nearly all major coins are positive in trading this afternoon as Cardano (ADA) is leading in gains, appreciating 8.80% over the last 24 hours to USD$0.092458. Among major cryptocurrencies, Binance Coin (BNB) is lagging, trading higher by just 1 basis point over the last 24 hours and currently sitting at USD$18.45/coin.

Crypto Developments in Financial Services

  • The New York Department of Financial Services (NYDFS) has denied cryptocurrency exchange Bittrex a BitLicense, according to a letter sent by the regulator to CEO Bill Shihara. In the letter sent to the Bittrex CEO, the NYDFS explained that the crypto exchange lacks adequate policies and controls regarding its Anti-money Laundering (AML), Know Your Customer (KYC), and Office of Foreign Assets Control (OFAC) standards.  Bittrex initially applied for the BitLicense with the NYDFS in August 2015.

Crypto Regulatory Environment

  • The new, “Digital Taxonomy Act of 2019” introduced by US regulators on Tuesday would allocate USD$25mm to the Federal Trade Commission (FTC) to stop crypto-related crime. Introduced by US House of Representatives member Rep. Darren Soto (D), a known crypto advocate, the bill aims to bolster the FTC’s role in preventing, “unfair or deceptive acts or practices in transactions relating to digital tokens.” The annual USD$25mm funding period would extend from 2020 through 2024.  
  • The Mauritius Financial Services Commission (FSC), the country's financial regulator, officially issued a second guidance note regarding its security token offering (STO) regulation. The document released by the Mauritius FSC states that security tokens are considered to be digitally-represented securities as defined by the Securities Act of 2005. As a result, STOs conducted in or from Mauritius are required to follow local security regulations, which include a required prospectus.

General Crypto News

  • Fewer Initial Coin Offerings (ICOs) raised funds in 1Q2019 compared to 4Q2018, that is, according to a report published by ratings site ICObench. According to the, “ICO Market Quarterly Report,” published by ICObench, there were nearly 350 ICO projects in 1Q2018 compared to 585 ICO projects in the prior quarter. Among the nearly 350 ICO projects to attempt to raise funds in 1Q2019, only 107 raise any funding altogether compared to 207 in 4Q2018.  
  • The South Korea Defense Acquisition Program Administration (DAPA) will improve the reliability and accuracy of data in the arms industry through use of blockchain technology, according to a press release form the agency today. The South Korea DAPA will seek to use a blockchain platform to securely share data of military acquisition projects within governmental organizations. Back in January 2019, the South Korea DAPA launched a pilot to develop blockchain applications for the defense industry.

 

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

Sources:

http://www.dapa.go.kr/dapa/na/ntt/selectNttInfo.do?menuId=678&bbsId=326&nttSn=31690 
https://coin360.io/  
https://coinmarketcap.com/  
https://cointelegraph.com/news/mauritius-financial-regulator-issues-guidelines-on-security-token-offerings 
https://cointelegraph.com/news/new-us-digital-taxonomy-bill-to-allocate-25-million-annually-to-prevent-crypto-crime 
https://cointelegraph.com/news/new-york-denies-bittrex-bitlicense-application-citing-inadequate-compliance 
https://cointelegraph.com/news/report-fewer-icos-raised-funds-in-q1-2019-than-in-q4-201 
https://cointelegraph.com/news/south-korea-state-defense-arm-dapa-to-build-blockchain-platform-for-military-acquisition 
https://cointelegraph.com/news/us-representative-soto-most-cryptos-need-cftcs-light-touch-not-sec-oversight 
https://soto.house.gov/sites/soto.house.gov/files/documents/SOTO_018_xml%20%28003%29.pdf  
https://www.coindesk.com/new-york-rejects-bittrex-exchanges-bitlicense-application  
https://www.dfs.ny.gov/system/files/documents/2019/04/dfs-bittrex-letter-41019.pdf 
https://www.fscmauritius.org/media/70864/guidance-note-on-securities-tokens.pdf

 

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