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Crypto Market Update (26 July 2018)

July 26, 2018

 

General Market Outlook

 

The market continues to rise slowly. Most top 100 coins are in the green, but trading volume has dropped $3 billion to $14.5 billion in 24 hours. Vechain (VEN) is major stand out of the top 100 coins by market cap - up almost 12% in the past 24 hours. Bitcoin (BTC) is right around  $8,200 For +1% and a total market dominance of about 47%, and Ethereum (ETH) is right at $475 for +1% change in the past 24 hours. Market cap for the overall cryptocurrency market has gained over $5 billion and is now just over $300 billion total.

 

 

Major Headlines

 

SEC Postpones Cryptocurrency ETF Decision

 

The US Securities and Exchange Commission released a statement to defer the decision on five cryptocurrency ETFs until September. All five of the noted proposals were filed by Boston-based ETF provider Direxion Investments on January 4th, 2018: Bear 1X Shares, Daily Bitcoin 1.25X Bull Shares, Daily Bitcoin 1.5X Bull Shares, Daily Bitcoin 2X Bull Shares, and Daily Bitcoin 2X Bear Shares. “Bear 1X” is linked to BTC price directly, but the other four are related to its price variation. Law designates that they have 180 days to provide a decision, and may delay that date by not more than 60 days from the original. The regulators have chosen to take the full 60 days, to make the decision by September 21, 2018.

 

Binance Moves Into S. Korea

 

Binance continues efforts for global expansion by establishing three to five local corporations in South Korea within 2018. This move is likely a long time coming. The exchange has been added support for the Korean language on its platform in August 2017. More recently Binance hired Korean Executives to their company. Jeon Ah-rim was appointed local marketing director. He had previously been working at a Korean blockchain startup called Chain Partners. They also hired Christy Hyungwon Choi as director of the new blockchain incubator, Binance Labs. She previously worked for Bain & Company, a global management consulting firm.

 

Venezuela’s New Currency Tied To PetroDollar

 

Venezuela will replace the cuurent bolivar with one that will be tied to the controversial "petro" token (XPD). The new currency will be called “bolívar soberano” (sovereign bolivar), and is already in preparation to launch next month. Venezuelan president Nicolas Maduro claims the the new currency will alter the financial situation of the country "in a radical manner," fighting off as many as five zeroes from inflation of the bolivar. "We have the correct vision of what the economic future in Venezuela should be, above all, we will achieve it."

 

 

Top 5 Gainers

 

Novacoin (NVC) +46.97% at $5.23

SophiaTX (SPHTX) +%45.84 at $0.179557

Acute Angle Cloud (AAC) +45.46% at $0.048159

Refereum (REF) +33.01% at $0.008301

Banyan Network (BBN) +30.01% at $0.035842

 

 

Top 5 Losers

 

Riecoin (RIC) -67.71% at $0.017155

Engagement Token (ENGT) -37.03% at $0.012343

FoldingCoin (FLDC) -34.22% at $0.006299

Nexium (NXC) -33.21% at $0.057032

Scroll (SCRL) -31.94% at $0.225170

 

 

New Coins Listed

 

PIVX (PIVX) listed to ChangeNOW (visa/mastercard payments)

PChain (PAI) listed to Yobit

Propy (PRO) listed to Yobit

QuarkChain (QKC) listed to Yobit

Zcash (ZEC) listed to BitGo

Bancor (BNT) listed to Ethfinex

WePower (WPR) listed to Ethfinex

Zilliqa (ZIL) listed to Ethfinex

 

 

 

By: BGN Editorial Staff

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