General Market Outlook
The market has made another turn downward, but not as strongly as last week. Nearly all coins are in the red and trading volume has moved between $13 billion and $14 billion in 24 hours. Decentraland (MANA) and Golem (GNT) are the major stand outs of the top 100 coins by market cap - up over 6% and 3% respectively in the past 24 hours. The value of Bitcoin (BTC) short of at $4,000 for -6.5% and a total market dominance of 53.7%, and the value of Ethereum (ETH) is roughly $110 for -7.5?% change in the past 24 hours. Market cap for the overall cryptocurrency market declined strongly again by just about $12 billion, falling to almost $125 billion total.
Further ETF Proposals In U.S.
There were several rejections by major financial organizations earlier this year to register Bitcoin and other cryptocurrency based exchange traded products, but the effort has not subdued. Behind a majority of the proposals were the companies, VanEck and SolidX, who planned to launch the products first on the Cboe BZX Exchange. Members of all three of these organizations recently met with U.S. Securities and Exchange Commission (SEC) to present a new case for the viability of their new cryptocurrency based products. With this attempt, the organizations made a stronger focus on the regulatory issues at hand in the U.S. and globally. The major assimilation used was that of other major commodities with ETF’s - crude oil, silver and gold. “The linkage between the bitcoin markets and the presence of arbitrageurs in those markets means that the manipulation of the price of bitcoin on any single venue would require manipulation of the global bitcoin price in order to be effective … Bitcoin therefore is no more susceptible to manipulation than other commodities, especially as compared to other approved ETP reference assets.” The outcome is yet to be seen.
Canadian Company Integrates BTC payments
Glance Technologies of Canada is now bringing an integrated payment method for Bitcoin to all of their devices. The system will work seamlessly within their current mobile wallet system of Glance Pay Account. The “Pay With Bitcoin feature” is facilitated by a transition to “Glance Dollars with Bitcoin.” This in-house currency at present will only be able to be spent at merchants that accept the Glance payment system. The company claims that their network will support near-instant payments.
SEC Sets Example With Celebrities
The U.S. Securities and Exchange Commission (SEC) pressed charges against to household names earlier this year because of their association to ICOs. ICOs have become a sort of thorn in the side of cryptocurrency adoption because of their fluid and unregulated nature. The lack of regulation isn’t because of effort. Cryptocurrencies simply allow for systems that can’t be accounted for within the traditional system that guide fiat currencies. The two did not have to be brought to court, as settlements have no been reached . Floyd Mayweather Jr. and music producer Khaled Khaled (DJ Khaled) were both charged for not reporting any earnings from endorsing ICOs. Mayweather will pay $300,000 in disgorgement, $300,000 in penalties along with $14,775 in prejudgment interest. DJ Khaled was paid $50,000 to promote Centra Tech, according to the agency and must pay $50,000 in disgorgement, $100,000 in penalties along with $2,725 in prejudgment interest.
Top 5 Gainers
Welltrado (WTL) +42.58% at $0.064779
Italian Lira (ITL) +25.56% at $0.000030
BankEx (BKX) +21.46% at $0.045069
Cube (AUTO) +20.16% at $0.001962
SingularityNET (AGI) +19.16% at $0.047656
Top 5 Losers
nOS (NOS) -41.50% at $0.051270
KWHCoin (KWH) -32.79% at $0.000509
Ink (INK) -31.92% at $0.006931
ATBCoin (ATB) -30.60% at $0.006597
Rentberry (BERRY) -27.33% at $0.001396
New Coins Listed
PIVX (PIVX) listed to IDAX11
Paxos (PAX) listed to HitBTC
Solve Care (SOLVE) listed to Bittrex
Vertcoin (VERT) listed to VertPig
Nucleus Vision (NCASH) listed to Bittrex
The Abyss (ABYSS) listed to Behind
By: BGN Editorial Staff