General Market Outlook
The market continues to consolidate, showing some of the most consistent price movements since earlier last year. Coins are split between positive and negative growth with trading volume right between $10 billion and $9 billion in 24 hours. Electroneum (ETN) and Revain (R) are the major stand outs of the top 100 coins by market cap - up over 27% and 27% respectively in the past 24 hours. Bitcoin (BTC) is right around $6,450 for roughly no change and a total market dominance of 53.7%, and Ethereum (ETH) is right at $200 for roughly change in the past 24 hours as well. Market cap for the overall cryptocurrency market has made slight movements up and down, but now rests right where it was 24 hours ago at about $209 billion total.
Industrial Grain Production Partnership for Blockchain
Four of the largest grain production corporations are coming together for an organized approach to integrate blockchain technology and AI. Archer Daniels Midland Company, Bunge, Cargill, and Louis Dreyfus held a press conference to announce their plans for a new system of agricultural shipping transactions on Thursday. The first steps will focus on automating grain and oilseed post-trade processes from the current manual system in place. As with other industries like real estate and banking, the aim is to bring the manual, paper-based processes of contracts, invoices and payments, etc., to a digital and more automated format. As an example, they cited that there are roughly 275 million emails being sent every year to process just 11,000 shipments of grain. "We expect an industry-wide initiative of this nature to be able to accelerate improvements in data management and business processes, and bring much-needed automation to the industry." - Soren Schroder, CEO of Bunge
IBM Research Shows Central Bank Support
A recent poll of 21 central banks established by IBM and Official Monetary and the Financial Institutions Forum (OMFIF) asked opinions on wholesale central bank digital currency (CBDC), and other distributed ledger technologies. 38% were already testing a whole CBDC for inter-bank transactions. 61% say blockchain may not be necessary as they they observed few efficiency gains during trials, though the technology is still in early stages of development. The overarching sentiment is that the technology needs to be improved before it can be fully integrated and beneficial to the established systems.
Canada Joins TradeLens
IBM and Maerks have been at work developing a blockchain based system to overall the international shipping industry. Maerks is the leading shipping company by far, and has helped IBM bring together a huge group of companies on board to test the technology. The Canadian Border Services Agency (CBSA) and the Port of Montreal recently announced they too will take part in the process, bringing the group to over 90 participants. The group estimates as high as a 40% reduction in transit time for a shipment in the United States.
Top 5 Gainers
Atmos (ATMOS) +95.19% at $0.035524
Nimiq Exchange Tokken (TICK) +70.82% at $0.266266
Cpollo (CPLO) +60.85% at $0.000258
Pal Network (PAL) +59.94% at $0.011744
IGToken (IG) +53.18% at $0.000179
Top 5 Losers
Smart Application Chain (SAC) -38.62% at $2.36
Heartbout (HB) -27.61% at $0.024293
RChain (RHOC) -22.42% at $0.086717
Read (READ) -22.04% at $0.003353
Oyster Shell (SHL) -20.21% at $0.032359
New Coins Listed
Blockpass (Pass) listed to HitBTC
BetterBetting (BETR) listed to LAToken
By: BGN Editorial Staff