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October 16, 2018

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Crypto Market Update (1 May 2019)


General Market Outlook


The market has made steady positive growth in the past day. Much of the market is in consolidation or low percentage gains. Trading volume has continued to trend between $41 billion and $44 billion in 24 hours. Cosmos (ATOM) and Horizen (ZEN) are the major stand outs of the top 100 coins by market cap - up over 15% and 8% respectively in the past 24 hours. The value of Bitcoin (BTC) is nearing $5,400 for +0.5% and a total market dominance of 54.3%, and the value of Ethereum (ETH) is just over $160 for +1.0% change in the past 24 hours. Market cap for the overall cryptocurrency market declined/gained/made no significant change over $2 billion, rising to $174 billion total.



Major Headlines


Marsh Insurance Blockchain Platform


The Canada-based global insurance broker Marsh is nearing launch of a blockchain based insurance platform. Their proof of insurance (POI) blockchain network will be available for clients in the United States only at the onset. The proof of concept (PoC) began one year ago, and has proven successful. The platform provides more certainty of insurance coverage, and has the ability to speed up the paperwork processes as well. Potential clients will have access to a new app that enable clients to search, view, issue, and re-issue their certificates. The platform is based on open source Hyperledger Fabric technology, as a result of the company’s partnership with IBM. Together they worked with insurance firm ACORD and audit company ISN to finalize the workings of the product.


Austria’s Potential Fintech Overhaul


Many countries in Europe have use a “regulatory sandbox” concept to test out and refine their potential regulatory changes regarding blockchain technology and cryptocurrencies. The Ministry of Finance in Austria formed the FinTech Advisory Council last year with the goal of facilitating safe growth of related technologies and ICOs. their growth. Businesses will be able to model their operations under the supervision of the FMA without risking fines using the sandbox concept. “For some companies in the fintech industry, it is particularly difficult to keep track of all regulatory requirements and developments right from the start. Many of them give up and discard their business models. We want to take countermeasures against this.” - State Secretary Hubert Fuchs


Potential Malaysian Blockchain City


The Malaysian Malacca Strait is a vital economic bottleneck for Malaysia and for China. Back by the Chinese government, Construction and engineering company China Wuyi and investment network SWT International Sdn Bhd are looking to raise as much as 500  Malaysian Ringgits ($120 million) to fund the project. The entire infrastructure of the city will be based on blockchain technology, and will even have a native cryptocurrency. Using the DMI platform, the DMI coin will facilitate all operations of the city, and allow Melaka Straits City tourists to exchange their fiat currencies for DMI coins. "...our company is using cutting-edge blockchain technologies and integrating those into the traditional industry to make Malaysia a world-class tourist destination. We have the government approval to remediate this land and came up with some great plans for the area." - CEO Lim Keng Kai



Top 5 Gainers


Bitcoinus (BITS) +176.27% at $0.008083

Commercium (CMM) +53.97% at $0.011759

Soma (SCT) +35.72% at $0.059067

Diruna (DRA) +32.93% at $0.002368

Dignity (DIG) +31.29% at $0.004400



Top 5 Losers


ChangeNOW (NOW) -40.74% at $0.029775

Ormeus Coin (ORME) -29.77% at $0.145991

BOLT (BOLT) -26.58% at $0.001987

Minex (MINEX) -19.06% at $0.240494

PlatonCoin (PLTC) -18.96% at $0.000498



New Coins Listed


FREE Coin (FREE) listed to Exchange

CrypticCoin (CRYP) listed to ReflexTrader

MAD Network Token (MAD) listed to LiveCoin




By: BGN Editorial Staff

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