Key Facts Of The Day 26.07.2018

CFTC Asks For Legal Framework to Develop Blockchain

Wednesday’s U.S. Congressional hearing involving the Chairman of U.S. Commodity Futures Trading Commission (CFTC) has yielded interesting results for the blockchain community as Christopher Giancarlo said his agency is interested in the technology. The Chairman also stressed that CFTC needs to examine blockchain as a technology in order to evaluate its potential uses.

WHY IS IT IMPORTANT?

1. CFTC is tasked with collaborating and acting as a regulator for fintech firms using blockchains. However, the agency says it’s unable to act in that capacity.

2. The Chairman of CFTC believes U.S. is four years behind UK and its recent introduction of a blockchain compliant bank-to-bank payment system.

CME Bitcoin Futures to Expire Amid Trading Record

On July 25, the daily trading volume of bitcoin futures at the Chicago Mercantile Exchange (CME) has reached an all-time high as 12,878 contracts were recorded based on 64 thousand BTC at the sum of around $530 million. However, on Friday, July 27, bitcoin futures contracts offered by CME is set to expire which accordance with the past years would usually mean a significant drop in the price of the top cryptocurrency. Futures contract allows institutions and traders to bet on the future performance of assets (long or short assets). According to statistics, five days prior to the closure of each monthly contract, bitcoins price drops by nearly 8%.

WHY IS IT IMPORTANT?

1. Trading in bitcoin futures in U.S. was allowed in late December 2017. Bitcoin futures market is regarded to be less volatile in comparison to the ordinary crypto market.

2. In May, U.S. Federal Reserve System has stated that the decrease in bitcoin (Bitcoin) price from nearly $20,000 has derived from the launch of bitcoin futures.

South Korea Urged to Introduce Crypto Laws

A top Korean official from the Financial Services Commission (FSC) is urging country's lawmakers to adopt a cryptocurrency bill immediately as crypto thefts are on a rise amid rapid market expansion. One particular law has been proposed in March by several parliamentarians but its still waiting to be voted on.

Hong Seong-ki, head of digital currencies team within FSC said that the proposed law will finally allow the authority to regulate and govern cryptocurrency exchanges. The need for investor protection is becoming more apparent after recent attacks on Bithumb and Coinrail exchanges, as the result of which more than $70 million in cryptocurrencies was stolen from wallets of the clients.

India Might Accept Cryptocurrency for Gambling Transactions

While the ban on cryptocurrency set by an Indian Central Bank is still in power and the entire local crypto community is waiting for September 11 to hear the verdict of the country’s Supreme Court, Indians might receive another chance for the future positive result. Another long-term project of lawmakers on the legal status of sports betting in India, mentions cryptocurrencies as a legal method of payment for gamblers.

WHY IS IT IMPORTANT?

1. While very popular among the local population, both the sports betting and cryptocurrencies are currently banned in India, which leads to a greater space for illegal activities, therefore, harming the country’s economy.

2. With the rise of cryptocurrency usage, online gambling has also become easier due to difficulties of tracing transactions. Thus it is important to keep track of funds as a way of regulating.

3. It didn’t happen before that a government-appointed body allows cryptocurrencies to be used as a payment method, having a certain value.

Coinbase eCard Allows Crypto High Street Spending

Coinbase, one of the biggest crypto exchanges has announced the introduction of multi-task, gift eCard through a partnership with a UK-based startup WeGift . According to the CEO of the company, clients from all around the world would now be able to spend cryptocurrencies on these new e-gift cards were launched on July 25.

WHY IS IT IMPORTANT?

1. Coinbase is the biggest cryptocurrency exchange in the U.S, and claims to service over 13 million customers worldwide.

2. Around 120 stores will accept the gift cards for payment for the goods and services.

At 20:00 (GMT+1) total cryptocurrency market capitalization stands at $301,1 billion

Bitcoin (EXANTE: Bitcoin) $8231 (+1,33%)

Ethereum (ETH/USD) $477 (+1,29%)

XRP (XRP/USD) $0,45 (-0,78%)

Bitcoin Cash (EXANTE: Bitcoin.Cash) $833 (+0,25%)

EOS (EOS/USD) $8,63 (+1,27%)

MIOTA (6,18%) showed the best growth in the top-10

Bibox Token (23,25%) showed the best growth in the top-100

Market Dynamics

The trading volume of cryptocurrencies for 24 hours reached $13,8 billion (-2,1 billion per day)

Mining Profitability

BTC $3,7 for 10 TH/s

ETH $0,34 for 10 MH/s

BCH $0,40 for 1 TH/s

LTC $4,6 for 1 GH/s

DASH $0,14 for 1 GH/s

Ongoing ICOs:

Expected ICOs:

Click here for the full list of ongoing ICOs.