Crypto Recap March 13: Bitcoin Confined in Range, Calm Before Next Storm?
Market Summary
Trading in cryptos was awfully quiet on Tuesday, with Bitcoin still to unravel its range conditions, currently trading between $8.8k and $9.4k. Looking at the top crypto assets, Binance, NEM and Vechain were the clear outperformers, up 20% and 10% respectively, while the rest of Alts traded water. The total market cap stands largely unchanged around the $370-475 billion range, with Bitcoin dominance steady above 40%.
In the industry front, we learned that Japan will urge member countries to come together on the battle against laundering money via cryptocurrenciees, Reuters reported citing a government official familiar with the matter. “Discussions will focus on anti-money laundering steps and consumer protection, rather than how cryptocurrency trading could affect the banking system. The general feeling among the G20 members is that applying too stringent regulations won’t be good,” the official said.
On the G20 summit next week, Christine Lagarde, the head of the International Monetary Fund (IMF), also had a say, in an article titled 'Addressing the Dark Side of the Crypto World' on the IMF's official blog in which she argued that the framework to regulate crypto-assets had to be global due to the fact that those assets did not recognize any borders.
What's more, in what appears to be a never-ending story, Mt. Gox lawyer and trustee, Nobuki Kobayashi, was believed not allowed to sell off the remaining of the Bitcoin due to a court hearing that's scheduled to take place in September 2018. However, a Twitter user who goes by "@busujiujitsu provided evidence and clarified that Kobayashi indeed has the right to sell the remaining bitcoins whenever he wants without the court's permission through a series of tweets.
Binance also made headlines. Firstly, by denying any possible wrong-doing when it comes to misrepresenting trading volumes, as initially suggested in a research report that went viral, titled 'Chasing fake volume: a crypto-plague,' by crypto-trader Sylvain Ribes. Popular crypto trader Bambou Club recently updated an article about how to calculate the fair price of Binance Coin that was published back in February, which debunks the theory.
Secondly, Binance has recently published an official statement announcing the launch of the development of Binance Chain. "We stand here today because we believe that Blockchain technology will change the world. In the face of adversity, we have always elected to tackle issues head-on, instead of retreating. As such, we have decided to officially launch the development of the Binance Chain," the statement read.
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* Headlines below are listed in chronological order, as seen in CoinLive News Terminal
Top Headlines Industry / Regulations
- Cost of Listing in Exchanges: Capitalism & Greed - Business Insider brings to light the magnitude of overly excessive costs a project must incur to list its crypto asset.
- US: Overview of Regulations on Blockchain and Digital Currency in All 50 States - Bitcoincenternyc.com has released a report summarizing regulations by every state in the U.S.
- Thailand: SEC to Be Given The Power to Regulate Cryptocurrency - Pending a Royal Decree, the new law will allow the Thailand SEC to regulate cryptocurrency.
- Former Nymex President Enters the Crypto Exchange Space - The former president of New York Mercantile Exchange (Nymex) is planning to launch his own exchange - San Juan Mercantile Exchange.
- Japan to Recruit G20 Members to Battle Against Money Laundering Using Cryptos - Japan is going to urge G20 members to join their forces to fight against the use of cryptos for money laundering.
- Bambou Club Defends Binance with Regards to Fake Trading Volume - Popular crypto trader Bambou Club wrote an article addressing claims of fake volumes on exchanges.
- Binance Announces Development of Binance Chain - Binance has published an official statement announcing the launch of the development of Binance Chain.
- ECB: Bitcoin Not the Answer to a Cashless Society - The ECB has recently published an opinion piece authored by Benoît Cœuré, Member of the Executive Board of the ECB.
- Japanese Utility Company to Test Blockchain-Powered Platform to Charge Cars - The Chubu Electric Power Company teamed up with Nayuta Inc and Infoteria to test a blockchain-powered car charging system.
- China to Implement Standards for Blockchain Development - China’s ministry of industry and information technology are working together to standardize the development of blockchain technology.
- IMF's Lagarde: Framework to Regulate Crypto-Assets Must Be Global - Ahead of the G20 meeting, Christine Lagarde, the head of the (IMF), has posted an article titled on the IMF's official blog.
Top Headlines Crypto-Asset Fundamentals
- Dash Pays Rory MacDonald More Than Entire Payout for UFC Austin Fight Night - In his championship bout at Bellator 192, Rory MacDonald was represented by Dash.
- Bitcoin Forks: Analysis and Profitability - Researcher conducts an in-depth analysis of Bitcoin forks, shedding light on why so many forks are happening and how they perform.
- Interview with IOT Chain CEO - Peter Lyu Xinhao, the CEO of IoT Chain, discussed the latest developments revolving around ITC and future collaborations.
- Substratum Announces SubstratumNode V0.2.0 Ready for Beta Testing - On Mar 12, the Substratum team launched a video where they discussed the latest version of Substratum Node V0.2.0.
- Microsoft Accepts Instant 0-confirmation BCH Payments - Microsoft has started using BitPay's integration to accept Instant 0-confirmation payments in the form of BCH to credit user accounts.
- Updates on Decred: Polishing of Code, Efficient Downloads, API Release - Work has been started on refactoring dcrd in order to properly support efficient multi-peer parallel downloads.
- Vertcoin: Work Continues in New Wallets, More Exchanges - Vertcoin's Lead Developer - James shares the latest updates in Eric Meltzer's PoW #13.
- Highlights from IOST Weekly Update - The Internet of Services Foundation (IOST) highlights development updates, marketing efforts, and progress on the community outreach.
- VeChain Partners up with LogSafer - VeChain announced their partnership with LogSafer, a platform that manages the risks of shipments out of or into China.
- Zeppelin Solutions Audits Augur Core Project - Thirteen critical and ten high severity issues were found, along with recommendations on how to fix them.
- CoinLive's Interview with PascalCoin Founder Albert Molina - CoinLive founder Ivan Delgado sat down with Albert Molina, the PascalCoin founder, for an exclusive interview.
- Wax Founder's Discusses Latest Crypto News in CoinDMZ (Including Mt Gox) - William Quigley CEO of WAX sat down with Ken Rutkowski on CoinDMZ to discuss the latest in the crypto world.
- KuCoin Lists Electroneum - Cryptocurrency exchange KuCoin has recently announced that they have added Electroneum (ETN) to their list.
- Ripple's Dispute with R3 Holdco to Be Resolved in New York - Ripple Labs Inc's dispute with R3 Holdco over the ownership of more than 5 million XRP tokens will be resolved in New York, Bloomberg reports.
Key Events on Top Cryptos for Mar 14 (Wed)
- Aion (AION) - TRS Monthly Release
- Arcblock (ABT) - Huobi Talk
- BitBay (BAY) - New Client GUI Release
- ChainLink (LINK) - SXSW Conference in Austin
- Cryptocurrencies (CRYPTO) - US Subcommittee Hearing
- Decred (DCR) - AMA on Reddit
- High Performance Blockchain (HPB) - TokenSky Blockchain Conference in Seoul
- indaHash (IDH) - AMA on Reddit
- IOTA (MIOTA) - SXSW Conference & Festivals in Austin
- NEM (XEM) - Meetup in India
- NEO (NEO) - Meetup in Toronto
- SONM (SNM) - Meetup in Rust
- Zilliqa (ZIL) - Meetup in Beijing
source: www.coinmarketcal.com
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For future viewers: price of bitcoin at the moment of posting is 9103.50USD