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Crypto Market Update (31 August 2018)

August 31, 2018

 

General Market Outlook

 

The market now seems to be trending back towards positive today. A small majority of the top 100 coins are in the green and trading volume continues to hover around $13 billion in 24 hours. Dogecoin (DOGE), Nano (NANO) and ReddCoin (RDD are the major stand outs of the top 100 coins by market cap - up over 27%, 14% and 14% respectively in the past 24 hours. Bitcoin (BTC) is right around  $7,000 for +1.5% and a total market dominance of about 53.3%, and Ethereum (ETH) is right at $280 for about no change in the past 24 hours. Market cap for the overall cryptocurrency market gained slightly, rising from $223 billion doin to $225 billion total.

 

 

Major Headlines

 

Yahoo Finance Adds Crypto Trading

 

Yesterday, Cointelegraph reported that Yahoo Finance integrated a trading option for BTC, ETH, LTC and Dogecoin on its platform when buy/sell buttons appeared on their website.  Last year, Yahoo Finance added over 100 cryptocurrency quote pages across all platforms globally. We first launched our integration with Trade It one year ago, allowing people to trade on Yahoo Finance for the first time ever. users that wish to trade crypto on Yahoo Finance will have to link a broker account via integrated third party service TradeIt.  Android, desktop and mobile web are coming soon.

 

 

India Could Cut $90M By Using Digital Currency

 

India's central bank is researching how to introduce a rupee-backed central bank digital currency (CBDC). The primary goal is to reduce the $90 million dollar annual bill for minting physical cash. The organizational study is researching specifically the "desirability and feasibility to introduce a central bank digital currency." They feel that the technology "holds the promise of significant economic benefits in future." However, they remain weary of challenges: “Possibilities of migration of crypto exchange houses to dark pools/cash and to offshore locations, thus raising concerns on anti-money /CFT and taxation issues, require close watch."

 

Ethereum Network Influence By Investor Money

 

The three main issues are still at hand for Ethereum: the difficulty bomb, ETH issuance and ASIC resistance. The difficulty bomb was put in place to trigger the debate and eventual solution to come, and will trigger at a block likely mined in October. It helps maintain the value of ETH through by reducing the amount of ETH given out for mining. This is where big mining firms such as Atlantic Crypto come into play their CTO has come out against lettings this happen for “security,” but in reality, less ETH means less revenue for a mining firm. ASIC resistance would also mitigate the centralized mining from big businesses, but would require more intense work from developers and could trigger another fork in the Ethereum network.

 

 

Top 5 Gainers

 

OxyCoin (OXY) +103.22% at $0.066689

Paypex (PAYX) +93.54% at $0.224013

Timicoin (TMC) +74.43% at $0.107277

BetterBetting (BETR) +51.59% at $0.013499

Soma (SCT) +44.01% at $0.126177

 

 

Top 5 Losers

 

HeartBout (HB) -51.14% at $0.034562

Gold Poker (GPKR) -51.07% at $0.450596

EliteShipperToken (ESHIP) -29.80% at $0.000096

Eternal Token (XET) -26.42% at $0.311975

WABnetwork (WAB) -21.96% at $0.001614

 

 

New Coins Listed

 

DGCoin (DGN) listed to HitBTC

Walton Chain (WTC) listed to Bithumb

Hydro (HYDRO) listed to Bittrex

 

 

 

By: BGN Editorial Staff

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