General Market Outlook
The market continues is now consolidating after a significant drop
overall yesterday. Most coins are still in the negative, though
only to small percentages compared to yesterday, and trading volume
has moved between $11 billion and $12 billion in 24 hours. Dropil
(DROP) and Dentacoin (DCN) are the major stand outs of the top 100
coins by market cap - up over 9% and 8% respectively in the past 24
hours. Bitcoin (BTC) is right around $6,350 for roughly no
change and a total market dominance of 54.1%, and Ethereum (ETH) is
right at $195 for just about no change in the past 24 hours as
well. Market cap for the overall cryptocurrency market made no
significant change, still resting around $203 billion
total.
Major Headlines
UK Financial Regulators Pursue Tech
Advancements
Three major departments of the UK’s government were brought
together to form a “Cryptoasset Taskforce earlier this year to
assess the uses, implications and potential of distributed ledger
technology (DLT), blockchain, virtual currencies and
cryptocurrencies. They recently released an extensive report on
their research along with their assessment of the current
regulatory structure and needed improvements. They fully support
the potential of these technologies when the achieve the quality
that can reach a global scale. The biggest potential is cited in
the financial services sector. They don’t believe that their are
barriers created by the UK’s current laws surrounding the related
technologies. Tax guidelines have already been established, and
they will revisit their performance in six months. The most
pressing issue is highlighted as a need for clarification and
improvements relating to ICOs.
Bitcoin Protocol And International Internet
Standards
Blockstream has been most influential contributor has been
Blockstream. The organization raised $76 million in their early
funding rounds. They have become well known for the Lightning
network, which allows the Bitcoin network to settle transactions
almost instantaneously on side chains. It is this system that could
become a standard for the internet at a protocol level. One of
Blockstream’s employees is involved in the World Wide Web
Consortium (W3C). This group dictates the standards for the web.
All major browsers such as Google Chrome, Firefox and Microsoft
Edge follow their directive. If the Bitcoin network API was
integrated, the lightning network could facilitate a new universal
standard for internet payments. Bitcoin provides many other
benefits through encryption technology for personal information as
well.
Bitcoin Expert Provides Incite
Wences Casares founded the early Bitcoin wallet startup Xapo. He
was recently interviewed by Bloomberg, where he provides a long
term approach to his expectations for Bitcoin, cryptocurrencies and
global currency. He considers Bitcoin an“intellectual experiment,”
acknowledging the potential hurdles that could prevent adoption.
“It may work, it might not work.” But the long term benefits cannot
be denied: “We need a nonpolitical standard of value and we don’t
have one. So a world in which we [see it] is a world [in which]
when you ask for the price of Turkish lira, you get a price in
bits, when you ask for the price of a barrel of oil, you get a
price in bits, when as for the price of the U.S. dollar you get a
price in bits.”
Top 5 Gainers
iEthereum (IETH) +165.66% at $0.024028
FUTURAX (FTXT) +43.36% at $0.000232
Simmitri (SIM) +42.71% at $0.100128
IGToken (IG) +33.44% at $0.000244
StarCoin (KST) +33.21% at $0005124
Top 5 Losers
Oyster (PRL) -56.98% at $0.074282
Oyster Shell (SHL) -37.63% at $0.018425
Welltrado (WTL) -28.39% at $0.057522
XMCT (XMCT) -25.59% at $0.004130
ThingsChain (TIC) -23.69% at $0.000224
New Coins Listed
Cycleancoin (CCL) listed to HitBTC
CPOLLO (CPLO) listed to IDAX
Tron (TRX) listed to AltCoinTrader
SLT (SL) listed to Mercatox
By: BGN Editorial Staff