Crypto Currency Market Update (15 August 2017)
BTC Reaches Another All Time High
Bitcoin has reached another all time high of $4,300 on the cryptocompare index. The recent rally has spawned from a series of good news in the Bitcoin space. The August first hardfork went smoothly. Since the hardfork, Segwit successfully locked in on Friday 11th leading to the price breaking the $3,300 resistance and is climbing into uncharted territory.
The recent climb has been lead by the Japanese markets with daily volumes of over 130,000 Bitcoin on the largest exchange - Bitflyer.
Given the growind deman in the country, Bitcoin is trading with a premium of up to 5-6% against the USD markets. After legalising bitcoin as a form of currency in early April. Japanese investors have shown a significant interest in the currency as a method of hedging poor returns on FX and Japanese markets.
According to Yahoo Finance, Bitcoin is $400 million more valuable than PayPal, whose market cap is $70.2 billion versus the $70.6 billion of Bitcoin.
See live charts here
OneCoin Promoters Fined €2.6 Million By Italian Consumer Watchdog
A consumer rights watchdog in Italy is fining a group of companies that have promoted OneCoin, the digital currency investment scheme widely believed to be fraudulent. The 2.59 million euro fine was passed down by the Italian Antitrust Authority (IAA). It comes months after the group moved to suspend the operations of several OneCoin-affiliated companies in Italy. The companies were sanctioned for utilizing pyramid scheme tactics and misleading investors through promotional materials and events. The IAA said in a statement:
"OneCoin's dissemination took place through a pyramid sales system as recruitment of new consumers was the sole purpose of sales activity and was strongly encouraged by the recognition of various bonuses, the only real and effective remuneration of the program. The purchase of the training kit in fact concealed the entry fee required to enter the system and convince other consumers of the goodness of the product."
Read more here
Twitter CEO Jack Dorsey Claims That Bitcoin And Blockchain Technology Are The ‘Next Big Unlock’
Jack Dorsey, CEO of both Square and Twitter, has claimed that Blockchain technology and Bitcoin are the “next big unlock.” He added that the term is usually applied to accounting but has the capability to “be applied to so much more.”
Dorsey claimed that Blockchain’s ability to decentralize financial transactions makes it a game-changer, although he also cautioned against using Blockchain in a one-size-fits-all approach:
“I think there are going to be a bunch of people who say, ‘Blockchain, let’s go apply it everywhere’ and ‘Let’s try to solve every single problem with it. In the same way that we try to solve every problem with machine learning and data science and deep learning and artificial intelligence. And I think we need to be more thoughtful. What are people struggling with? How does the technology help them progress or does it distract them?”
Read more here
National Bank of Ukraine Considers Regulating Digital Currencies
Despite its previous plans to go cashless, Ukraine’s Central Bank has hinted that it may begin regulating the use of cryptocurrencies in the country. According to the central bank, legal issues will be tackled at the scheduled Financial Stability Board of Ukraine meeting in late August 2017. It claimed that the topic is an important one due to the different approaches taken by other countries in defining the digital currencies.
Read more here
State of the Crypto
Bitcoin is up 4.99% at $4,276.740 with a volume of $154.8k - $661.7M on the USD pairs.
Litecoin is down 5.84% against the dollar for the day at $43.38 and down 10.04% to Ƀ0.01 on volumes of Ƀ10.4k.
Ether is down 8.14% against Bitcoin at Ƀ0.068 per Ether and down 3.72% against the dollar to $291.35 with average volume Ƀ54.0k on the ETH/BTC pair.
Dash is down 6.05% at Ƀ0.046 with Ƀ5.5k volume and down 1.83% against the dollar at $195.87.
Ripple is down 10.13% to Ƀ0 with volumes of Ƀ6.4k and down 5.51% against the dollar at $0.163.
Zcash is down 9.84% for the day to Ƀ0.048 per ZEC and down 5.88% against the dollar to $202.71 with an average volume of Ƀ2.6k for the 24 hour period.
Monero is down 1.44% against the dollar at $47.9 and down 6.11% against Bitcoin at Ƀ0.011 on volumes of Ƀ2.3k.
Ether Classic is down 10.77% to Ƀ0.003 with volumes of Ƀ2.1k and down 6.12% against the dollar at $13.51.
Waves is down 12.12% to Ƀ0.001 on Ƀ3.2k volume.
Stratis is down 11.56% to Ƀ0.001 on Ƀ6.0k volume.
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