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October 16, 2018

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Crypto Market Update (03 July 2018)

 

General Market Outlook

 

After a steep rise over the weekend and through Monday, the market is mostly consolidating with some coins still making big gains. Most of the coins in the top 100 are up and trading volume is holding steady. Syscoin (SYS) is the major standout of the top 100 coins, up over 29%. Veritaseum (VERI) and WAX (WAX) have shown major up trend as well, up over 24% in the past 24 hours. Bitcoin is right around $6,600 for about no change and Ethereum is right at $470 for -1% change in the past 24 hours. Market cap for the overall cryptocurrency market rose briefly to $275 billion, but dropped back down to about $271 billion, right where it was yesterday.

 

 

Major Headlines

 

ING Releases Cryptocurrency Survey Results

 

Major international financial services firm ING conducted a European-focused study on cryptocurrency ownership. The Dutch-based organization found that on average 1 in 10 Europeans own cryptocurrencies. CNBC found recently that less than 8% of Americans own cryptocurrencies. The European study also showed that 25% believe they would at some point in the future hold cryptocurrencies. And on average, over half of the 15,000 survey participants were open to change the way they pay for goods and services. Not many of these participants expect a major Bitcoin price rise this year.

 

Malta Passes New Blockchain Legislation

 

A member of the parliament in Malta tweeted the announcement last week. The country has beaten out Gibraltar to the first to pass Blockchain related legislation. The bills in Malta were unanimously passed. They aim to produce significant growth of the island nation’s blockchain industry with the ultimate goal of gaining the number one spot for blockchain businesses. The European country has already gain some major wins with Binance moving its operations to the country. They have Berlin-based Neufund assisting in the framework for tokenized equity offerings.

 

Q2 2018 Bitcoin Trading Volume Down Huge

 

BTC trading volumes on U.S. exchanges continued a decline that has lasted three months with June closing out 2Q18 with an enormous 87% drop from December 2017 high. For the first two quarters of 2018. Bitcoin trading volume dropped 71% from 2Q18 to 1Q18. Ethereum has not fared much better. ETh has seen a drop of 60%. Total U.S. Exchange volume for Bitcoin has now dropped to a low of 7% of global trading versus 25% in March. Other major coins show even greater declines. The total volume traded on Bittrex has dropped 95% from the highs December-17 when BTC was nearly $20,000. It looks like the market is left to those who are “hodling.”

 

 

Top 5 Gainers

 

Hydrogen (HYDRO) +54.55% at $0.004615

Memetic (MEME) +52.22% at $0.134438

Dragon Coins (DRG) +33.85% at $0.294841

Constellation (DAG) +27.05% at $0.029177

EDUCare (EKT) +26.89% at $0.117265

 

 

Top 5 Losers

 

Tezos (XTZ) -% at $1.98

Pure (PURE) -% at $0.053582

MIRQ (MRQ) -% at $0.032180

Zippie (ZIPT) -% at $0.014986

SPINDLE (SPD) -% at $0.012261

 

 

New Coins Listed

 

Betrium (BTRM) listed to Yobit

 

 

 

By: BGN Editorial Staff

 

 

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