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Crypto Market Update (10 December 2018)

December 10, 2018

 

General Market Outlook

 

The market is continuing a steady downward trend that began last week. The downward movement is apparent in the majority of coins, but some are still making nearly double digit gains. Trading volume has moved between $13 billion and $15 billion in 24 hours. DEX (DEX) and Centrality (CENZ) are the major stand outs of the top 100 coins by market cap - up over 39% and 8% respectively in the past 24 hours. The value of Bitcoin (BTC) is just over $3,500 for -3.5% and a total market dominance of about 55.1%, and the value of Ethereum (ETH) is just over $90 for -6.0?% change in the past 24 hours. Market cap for the overall cryptocurrency market declined by another $6 billion, falling to $111 billion total.

 

 

Major Headlines

 

Russia’s Blockchain Banking

 

In partnership with the Region Brokerage Company of Russia and the country’s National Settlement Depository (NSD), the first three way, OTC repository settlement has been concluded in Russia using blockchain technology. In this type of transaction, securities are sold to a financial establishment or individual where the seller agrees to the purchase at a pre established future date and price. It is similar to a short-term loan. In this case, the deal included a Russian rouble-denominated OTC repo secured by government loan bonds. The result is a more effective transaction for all three parties involved, because various parts of the process become completely automated, such as margin executions, settlement and repository reporting. The settlement also involved binding the financial contract with an electronic signature, over traditional methods. “The combination of smart contracts and distributed register technology makes financial contracts more transparent and increases security for both clients and the bank.” - Andrey Shemetov, Sberbank’s vice president and head of the global markets department

 

Coinbase Continues Listings

 

Now that Coinbase has established various levels for the exchange platform, it plays into which coins can be listed and how quickly. For the Coinbase Pro platform, they have just announced support for Civic, District0x, Loom Network and Decentraland’s tokens will be coming soon. These are just another few in the wake of a major uptick in the number of tokens available through Coinbase, who for many years had only Bitcoin, Litecoin and Ethereum. Yet they are still planning support for up to 30 more coins. “Over time, we intend to offer our customers access to greater than 90 percent of all compliant digital assets by market cap.”

 

Digital Identity Research By EU

 

The European Union Blockchain Observatory and Forum (EUBOF) has been researching blockchain technology and the various applications outside of the financial industry for years. They have now affirmed that they believe a blockchain-based digital identity system and digital versions of national currencies would be beneficial. Their most recent report on the topic suggests that governments would be wise to develop “user-controlled, ‘self-sovereign’ identity capabilities” for implementing create secure, private, unique and verifiable identities. This capability is vastly more secure and easy to use than current methods.

 

 

Top 5 Gainers

 

Moving Cloud Coin (MCC) +85.08% at $0.006338

StarCoin (KST) +52.75% at $0.006786

MicroBitcoin (MBC) +51.90% at $0.000203

WITChain (WIT) +50.69% at $0.000059

DEX (DEX) +39.10% at $0.231803

 

 

Top 5 Losers

 

Name (TICK) -30.89% at $0.010840

Name (TICK) -29.61% at $0.020325

Name (TICK) -29.39% at $0.004598

Name (TICK) -25.35% at $0.000008

Name (TICK) -21.21% at $0.039733

 

 

New Coins Listed

 

HeartBout (TICK) listed to EXMO

ONG (ONG) listed to BitMax

Neural Protocol (NRL) listed to Purcow

Transcondium (TNS) listed to BitMart

 

 

By: BGN Editorial Staff

 

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