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Crypto Market Update (17 August 2018)

August 17, 2018

 

General Market Outlook

 

The market continues to climb following yesterday’s strong reversal. Nearly all coins are in the green and trading volume is holding around $14 billion in 24 hours. There are several coins of the top 100 by market cap up +30% or more, and many up +20% or more. However, Cortex (CTXC) and Nano (NANO) are the major stand outs of the top 100 - up over +55% and +50% respectively in the past 24 hours. Bitcoin (BTC) is right around  $6,500 for +1.5% and a total market dominance of about 52.3%, and Ethereum (ETH) is right at $300 for +2% change in the past 24 hours. Market cap for the overall cryptocurrency market gain $6 billion, rising to 214 billion total.

 

 

Major Headlines

 

Cryptocurrency Campaign Funding

 

California has made tentative regulation for cryptocurrency donations and cryptocurrency expenditures by campaigns. Donations of any kind are limited to $100 USD value according to “fair market value” at the time of donation. This is an amendment to previous legislation that allowed for cryptocurrency donations only as in-kind donations. Donations can be categorized normally, in which case they must be converted to USD and deposited to the campaign bank account within two days. But they can still be considered “in-kind” donations (such as stocks, bonds or collectables), where the campaign can hold the coin, and even use it for expenditures without ever touching the bank account.

 

Ripple’s xRapid Network

 

Ripple is now pooling the exchanges around the world that most often use XRP. They will be endorsing the exchanges which have largest holdings in countries. The first three "preferred digital asset exchanges" announced by Ripple are Bittrex in the U.S., Bitso in Mexico and Coins.ph in the Philippines. The acknowledgement helps users ensure that Ripple’s xRapid customers have convenient access to adequate liquidity. Ripple does not claim any partnership between these exchanges. Users of Bittrex still need to create a unique and separate account on any other endorse exchange in order to make transactions.

 

NVIDIA Misses Profit Goals Due To Cryptocurrency

 

NVIDIA’s stock dropped somewhat after their earnings report showed a gap where $100 million in mining profits should have been. Realistically, this is a minor industry for NVIDIA, whose stock dropped less than 6%. Their overall revenue totaled $3.32 billion, instead of the predicted $3.34 billion. The company is deeply rooted in the growing AI, data center and gaming industries to maintain their profits. However, the change in mining highlights user population. If there were more cryptocurrency transactions, regardless of any market cap value, there would likely be more miners to earn money from the transactions. NVIDIA does not expect further mining profits at this time.

 

 

Top 5 Gainers

 

OptiToken (OPTI) +179.97% at $0.044321

Soma (SCT) +147.73% at $0.073340

PKG Token (PKG) +105.46% at $0.000070

TaTaTu (TTU) +79.24% at $0.513801

Penta (PNT) +57.15% at $0.002416

 

 

Top 5 Losers

 

Wild Crypto (WILD) -67.50% at $0.003082

United Bitcoin (UBTC) -22.54% at $3.00

Leadcoin (LDC) -20.68% at $0.001535

Cashcoin (CASH) -19.39% at $0.007733

eosDAC (TICK) -16.30% at $0.021864

 

 

New Coins Listed

 

Patron (PAT) listed to Yobit

Work (WORK) listed to Yobit

ElyCoin (ELY) listed to Yobit

Hubii Network Coin (HBT) listed to CoinX

Ethere Classic (ETC) listed to Bittrex (USD/ETC fiat pair)

 

 

 

By: BGN Editorial Staff

 

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