Key Facts Of The Day 14.08.2018

Cryptocurrency Market Capitalization Fell to $191 billion

Ethereum (ETH/USD) became the leader among the top-5 falling cryptocurrencies: its price fell to a nine months minimum. According to experts, this may be due to the massive sale of coins by ICO start-ups. Against the background of the market drop, the bitcoin dominance index is growing: at 17:30 (GMT+1) it is 54.5%. The price of the original cryptocurrency (Bitcoin) in the meantime is trading around $6,047, while earlier in the morning it moved down crossing the psychological line of $6,000

The bitcoin continues to be pressured by the news that the U.S. Securities and Exchange Commission (SEC) has postponed the decision on bitcoin-ETF of VanEck and SolidX for more than a month, until September 30.

In addition, the entire cryptocurrency market went into the red zone, except for two coins that manage to show an insignificant growth under 1.50%.

Venezuela Ties Economy to Petro Cryptocurrency

President of Venezuela Nicolas Maduro announced a new system of salaries and prices, tied to the national cryptocurrency Petro. The novelty will be implemented in the country starting August 20.

According to the country’s leader, the switch will stabilize the income and the situation of workers significantly. Now, in his opinion, scammers will not have opportunities for fraud, since prices will be tightly tied to the national currency. He also explained that, during the first stage of transition to the new system, two monetary units - Bolivar and Petro - will be in the country at once.

WHY IS IT IMPORTANT?

1. Venezuela is experiencing a protracted economic crisis. Inflation, according to the country’s congress, in June 2018 exceeded 46,000%. The IMF predicted that by the end of the year, inflation could reach 1 million %.

2. In March, Nicolas Maduro promised to hold a denomination, in which the bolivar would lose three zeros. The new banknotes were going to be released on June 4, but this did not happen. Last month, the authorities again announced their intention to hold a denomination of the local Bolivar, removing five zeros from its face value and tying it to Petro. The new national currency is given the name Bolívar Soberano ("sovereign bolivar").

3. Petro cryptocurrency has proven to be unpopular since its launch in February 2018 as it’s almost impossible to purchase. The currency is also banned in the U.S.

Ripple Escaped Trial

The Northern District Court of California rejected a class action lawsuit filed by investor Ryan Coffey against Ripple Labs Inc. on behalf of everyone who bought XRP (XRP/USD) tokens after January 1, 2013. The company was accused of illegally manipulating the price of XRP.

WHY IS IT IMPORTANT?

1. Former chairman of the US Commodity Futures Trading Commission (CFTC) Gary Gensler also said in April that the currencies Ethereum and Ripple could be issued in violation of US securities legislation.

2. In July an XRP token holder sued Brad Garlinghouse in the California Supreme Court. David Oconer has stepped out to accuse the firm of manipulating XRP rates. The plaintiff believes that such machinations serve as definitive proof that XRP should be regulated as a security which means the company issuing it has violated U.S. federal laws when it released the tokens onto the open market.

3. In June, Vladik Zakinov addressed the California court complaining that Ripple hasn’t registered XRP before starting its sales, although the token is a company-controlled security by all indications.

Winklevoss Brothers Focus on Retail Investors

Over the past year, Tyler and Cameron Winklevoss have experienced many unpleasant moments. The U.S. Securities and Exchange Commission (SEC) rejected their application for registration of the bitcoin-ETF. In addition, Winkelvosses experienced a decline in trading volume on their cryptoexchange Gemini and a depreciation of their cryptocurrency reserves.

In spite of these events, the founders of Gemini cryptoexchange declare that they continue to develop business. The twin brothers focus their attention on expanding their product, aimed at retail investors.

WHY IS IT IMPORTANT?

1. Experts believe that the refusal of the SEC seriously affected the business of the twin brothers. The approval, on the other hand, would bring enormous profits to the Winklevosses and their exchange.

2. Many players in the crypto industry, familiar with the Winklevoss project, noted that this was not the best bitcoin-ETF of those that claimed official approval.

UniFox Opens Doors to Asia

Achain (ACT) and UniFox (FOX) have announced a partnership. As part of the agreement, the blockchain projects plan to stimulate a massive adoption of the cryptocurrency.

The startup UniFox has large-scale plans. The project intends to install more than 6,000 ATMs and more than 50,000 POS terminals over the next 2 years. The Asian partner should help Unifox to achieve this goal.

WHY IS IT IMPORTANT?

1. This partnership will help UniFox to declare its presence in the Asian market. Such partnerships allow creating a comfortable ecosystem and developing the crypto industry.

2. Achain will also receive its benefits from the new agreement. The project builds a blockchain-network for the exchange of information and transactions with securities. The ACT token will integrate with all UniFox products, including ATMs, POS terminals and local exchanges.

3. Partners have also discussed the possibility of adding ACT as a payment method for the forthcoming sale of UniFox tokens.

At 18:30 (GMT+1) total cryptocurrency market capitalization stands at $192,1 billion

Bitcoin (EXANTE: Bitcoin) $6074 (-3,29%)

Ethereum (ETH/USD) $259 (-11,99%)

XRP (XRP/USD) $0,26 (-9,82%)

Bitcoin Cash (EXANTE: Bitcoin.Cash) $487 (-10,80%)

Stellar (XLM/USD) $0,21 (-7,10%)

TenX (+10,39%) showed the best growth in the top-100

Market Dynamics

The trading volume of cryptocurrencies for 24 hours reached $15,26 (+2,96 billion per day)

Mining Profitability

BTC $2,2 for 10 TH/s

ETH $0,19 for 10 MH/s

BCH $0,20 for 1 TH/s

LTC $2,8 for 1 GH/s

DASH $0,07 for 1 GH/s

Ongoing ICOs:

Expected ICOs:

Click here for the full list of ongoing ICOs.