Crypto Market Update (05 September 2018)

Bitcoin Global News (BGN)

September 05, 2018 -- ADVFN Crypto NewsWire

General Market Outlook

The market continues to a severe hit recently after several days of steadily growing. Nearly all coins are in the red and trading volume has now jumped by $3 billion to over $15 billion in 24 hours. Bitcoin Diamond is the major standout, due to Binance re-opening deposits and withdrawals of the coin - BCD is +120%. Of other top 100 coins, Dropil (DROP) and MOAC (MOAC) are the only coins in the green - up over 17% and 4% respectively in the past 24 hours. Bitcoin (BTC) is right around $7,000 for -5% and a total market dominance of about 54.3%, and Ethereum (ETH) is right at $260 for -11% change in the past 24 hours. Market cap for the overall cryptocurrency market was holding consistently right at $239 billion, but lost about $17 billion, and has now climbed back to $223 billion total.

Major Headlines

IBM Launches Blockchain World Wire

IBM has been working on a system for near-instant international bank transfers based on blockchain technology called Blockchain World Wire. They designed the network in partnership with Stellar Lumens. IBM claims the system "can simultaneously clear and settle cross-border payments in near real-time." The system emulates the goals of other companies such as Ripple, taking away banking intermediaries that add complexity and cost. In contrast to Ripple, the associated cryptocurrency is a stablecoin. "Two financial institutions transacting together agree to use a stable coin, central bank digital currency or other digital asset as the bridge asset between any two fiat currencies. The digital asset facilitates the trade and supplies important settlement instructions."

Cryptocurrency ATM Market Growth

The, according a report published Sept. 4 on ResearchandMarkets.com published a report estimating that the crypto ATMs market will grow to $114.5 million by 2023. The market is currently at $16.3 million in 2018, where a compound annual growth rate 54.7% is the basis of their predictions. They say that ATM machines’ functionality is the key driver of the products. They expect the North American crypto ATM market to hold the largest share of the crypto market by 2023.

EU Parliament Inches Closer To ICO Regulation

Members of the European Parliament held a meeting with he All-Party Innovation Group of the EU Parliament to examine the potential benefits or problems with rules for ICOs under the same framework used for crowdfunding. Ashley Fox, a Member of the European Parliament, wrote a draft calling for a cap of 8 million euro on token sale proceeds and strict KYC/AML requirements. No clear consensus was reached during the meeting, and members can submit amendments to the proposal through September 11th. The Financial Conduct Authority (FCA) estimates that anywhere from 25 to 81 percent of ICOs may result in fraud. But the with proper regulation, the benefits can breakdown the negatives. "Be assured, that as legislators we're trying to make ICOs more possible and more successful, that certainly is our objective," Ashley Fox, author of proposal.

Top 5 Gainers

Karatgold Coin (KBC) +127.04% at $0.016987

Bitcoin Diamond (BCD) +121.96% at $2.96

Bionic (BNC0) +84.64% at $0.000875

HollyWoodCoin (HWC) +78.00% at $0.419553

Namecoin (NMC) +41.81% at $2.09

Top 5 Losers

KingXChain (KXC) -47.16% at $0.000101

Bitcoin Plus (XBC) -39.76% at $23.29

Twinkle (TKT) -38.06% at $0.003025

Peerplays (PPY) -28.01% at $1.47

4NEW (KWATT) -27.71% at $0.052015