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Crypto Market Update (28 November 2018)

November 28, 2018

 

General Market Outlook

 

The market has made a strong reversal from the extended period of the lowest market caps seen in 2018. Nearly all coins are in the green with many seeing over 20% positive gains. Trading volume has risen steadily with the market from $16 billion to over $19 billion in 24 hours. Verge (XVG) and Bitcoin Private (BTCP) are the major stand outs of the top 100 coins by market cap - up over 44% and 38% respectively in the past 24 hours. The value of Bitcoin (BTC) is just about at $4,250 for +13.5% and a total market dominance of about 53.5%, and the value of Ethereum (ETH) is right at $120 for +12.5% change in the past 24 hours. Market cap for the overall cryptocurrency market gained over $15 billion, rising to $137 billion total.

 

 

Major Headlines

 

CLSNet Connects Six Major Global Banks

 

A new financial platform using blockchain technology is now live after two years in the making.

It is a bank-owned currency trading utility, focused on a payment netting service - ”The first post-trade production deployment of blockchain technology in a global market utility.” - Marie Wieck, general manager at IBM Blockchain. Those using the new system include Goldman Sachs and Morgan Stanley but there are six more participants from North America, Europe and Asia, including Bank of China (Hong Kong) that plan to join soon. This is the third platform developed and launched by IBM used as a global network for transactions. The IBM Food tracking system was released last month, IBM Foot Trust, and another financial related system called we.trade was launched in June.

 

VanEck Bringing Crypto Futures 2.0

 

Nasdaq is working with VanEck to develop a suite of new cryptocurrency financial products for international markets. They will employ Nasdaq’s stock markets surveillance system, called SMARTS, along with their pricing benchmarks provided by MVIS. These systems utilize  hundreds of detection algorithms that automatically pick-up suspicious market activity, like spoofing and wash trading. Current futures contracts are cash-settled, which means that no “physical” BTC need to be moved in order to settle. However, these new settlement systems will be physically-settled. This means that regulation will need to be in place for institutional investors to legally hold BTC. “We believe that 2018 was the year of regulation and 2019 will be the year of implementation.” - Gabor Gurbacs, VanEck’s director of digital asset strategy

 

Canadian Jeweler Accepting BTC

 

The Briks Group is one of the oldest jewelry retailers in Canada. They have now brought on the BitPay cryptocurrency payment system so that they can legal accept some cryptocurrencies in exchange for their products. They believe it will be “faster, easier and more secure” for customers. These payments will initially be available at 8 of the group’s stores in Vancouver West Hastings, Brinkhaus Calgary, Fairview Mall, Bloor, Yorkdale, Montreal and Calgary, out of a total of 26.

 

 

Top 5 Gainers

 

TrueChain (TRUE) +113.15% at $0.351247

Crowd Machine (CMCT) +109.92% at $0.003694

Blue Protocol (BLUE) +103.18% at $0.023341

Atlantis Blue Digital (ABDT) +94.01% at $0.022666

DMarket (DMT) +92.66% at $0.310980

 

 

Top 5 Losers

 

Octoin (OCC) -68.87% at $0.203593

CHEX (CHEX) -46.49% at $0.005351

Provoco Token (VOCO) -26.19% at $0.003593

Ti-Value (TV) -20.72% at $0.033257

4NEW (TICK) -17.44% at $0.018150

 

 

New Coins Listed

 

Libra Credit (LBA) listed to BGoGo

Decentralized Asset Trading System (DATP) listed to Purcow

IAGON (IGN) listed to Panxora

QTUM (QTUM) listed to EXMO

Swarm (SWM) listed to Cryptopia

Lisk Machine (LML) listed to Cryptopia

Lisk (LSK) listed to KuCoin

 

 

By: BGN Editorial Staff

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