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Cryptocurrency End of Day Report

Jul 26, 2018

  • The CEO of Mastercard, Ajay Banga, has made several statements about his thoughts on cryptocurrencies. Banga believes that cryptocurrencies are “junk”1 because they need to be mined and their prices fluctuate too wildly.  He supports this with examples of recent negligent use of cryptocurrencies like the hacking of the DNC by 12 Russians using Bitcoin (BTC). However, his thoughts on cryptocurrencies do not correlate to those of blockchain technology as a whole, as Mastercard has filed 25 blockchain-related patents since 2012.
  • Popular cryptocurrency exchange Poloniex announced plans to delist nine tokens from its trading platform. The nine coins in question are FlorinCoin (FLO), FoldingCoin (FLDC), Vcash (XVC), Bitcrystals (BCY), Nexium (NXC), Radium (RADS), Blackcoin (BLK), Pinkcoin (PINK), and Riecoin (RIC). These cryptocurrencies reportedly do not meet Poloniex’s new asset framework. Owners of these coins have until September 2nd to withdraw them from the exchange.
  • The Financial Services Commission (FSC), South Korea’s financial watchdog, is urging lawmakers to speed up their hearing on the country’s first cryptocurrency bill. Without a solid regulatory framework surrounding the cryptocurrency market in South Korea, domestic exchanges are plagued with security and money laundering risks. This is a very important development for South Korean crypto traders as drafts of the bill could have digital currency exchanges strictly regulated as financial institutions, or could be subject to new lenient and progressive regulations.
  • Bitmain, the world’s largest mining conglomerate, has announced that it is submitting an IPO application to the Hong Kong Stock Exchange this upcoming August. Bitmain also reported that it would complete a $1 billion funding round before the end of the month, helping account for an expected valuation of roughly $12 billion.

Movers By 24 Price Change %

Name Ticker Price 1H% CHG 24H%CHG 7D%CHG Market Cap 24H Volume
VeChain VEN $2.52 3.35% 27.99% 40.52%         1,398,802,189            7,681,800
Iota IOT $1.05 1.11% 6.82% 0.57%         2,917,895,300          41,904,700
Ethereum Classic ETC $17.24 0.95% 4.36% -0.59%         1,780,930,105        182,157,000
Stellar XLM $0.33 -0.91% 3.02% 9.69%         6,165,154,580        197,465,000
Tron TRX $0.04 0.30% 2.36% 0.63%         2,503,503,997        183,425,000

Movers By 24 Hour Volume

Name Ticker Price 1H% CHG 24H%CHG 7D%CHG Market Cap 24H Volume
VeChain VEN $2.52 3.35% 27.99% 40.52%         1,398,802,189            7,681,800
Iota IOT $1.05 1.11% 6.82% 0.57%         2,917,895,300          41,904,700
Ethereum Classic ETC $17.24 0.95% 4.36% -0.59%         1,780,930,105        182,157,000
Stellar XLM $0.33 -0.91% 3.02% 9.69%         6,165,154,580        197,465,000
Tron TRX $0.04 0.30% 2.36% 0.63%         2,503,503,997        183,425,000

Price Returns Table


Sources

https://www.coinspeaker.com/2018/07/26/mastercard-ceo-explained-why-cryptocurrency-is-junk/

https://www.cryptoninjas.net/2018/07/26/crypto-exchange-poloniex-delists-9-tokens-not-meeting-new-asset-framework/

https://cointelegraph.com/news/south-korea-s-financial-watchdog-urges-lawmakers-to-move-forward-with-crypto-bill

https://btcmanager.com/launching-ipo-bitmain-raises-another-billion-funding/