Crypto FX Report Monday 24th September 2018
Cryptocurrency Market Analysis Report 24 September 2018
Bitcoin Market Update
Monday 24th September Bitcoin price Markets began with a little drop to 6,612.94 representing a loss of -2.09% in the last 24 hours. More than $195 M worth of BTC were exchanged in the BTC/USD market representing a 15.6% share of the global daily volume. The BTC/JPY pair represents an 8.08% share.
Ethereum Market Update
As for FX Rates for Ethereum, the charts are also running down on red with price has dropped to $234.00 which represent 4.84% Drop over the past 24 hours and so far, $135 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 14.72% market share of the daily trading volume.
Ripple Market Update
XRP (XRP) As for FX Rates for Ripple, the charts are also running down on red with price has dropped to $0.53 which represent –9.17% Drop over the past 24 hours
Other Crypto FX Report Monday 24th September 2018
Brazil’s Biggest Brokerage is Entering the Crypto Market
At a recent event in Sao Paulo, Grupo XP’s CEO Guilherme Benchimol announced that the firm is going to launch a Bitcoin and Ethereum trading exchange in the next few months, called XDEX. According to Benchimol, the reason that took the largest independent brokerage in Brazil to enter the crypto space was the fact that about 3 million citizens were exposed to Bitcoin, while only 600,000 invested in stocks. Benchimol stated:
“I must confess, this is a theme I’d rather didn’t exist, but it does…We felt obligated to start advancing in this market”
Bitmain CEO Announces New 7nm Bitcoin Mining Chip
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Last Friday, Bitmain’s CEO Jihan Wu, announced at the World Digital Mining Summit in Georgia a new mining chip that allegedly offers better hashing power and energy efficiency over old models, called BM1391. In accordance with an official blog post the mining chip was designed to mine cryptocurrencies using the SHA256 algorithm and uses an advanced semiconductor manufacturing technology called 7nm FinFET. Furthermore, Jihan Wu also revealed that Bitmain will soon launch a new generation of mining machines equipped with the BM1391 chip. Mr. Wu stated:
“The ASIC chip integrates more than a billion transistors and is optimized for maximum efficiency. Thanks to its unique circuit structure and low power technology, it is stable and more efficient. Tests have shown that the chip can achieve a ratio of energy consumption to the mining capacity that is as low as 42J/TH. Crypto FX Report Monday 24th September 2018
UNICEF France Now Accepts Donations in Bitcoin (BTC) and Other Major Cryptos
Last Tuesday, the United Nations Children’s Fund (UNICEF) has reportedly started accepting donations in nine major digital currencies. Currently, only UNICEF’s office in France is accepting crypto donations in Bitcoin, Bitcoin Cash, Ethereum, Ripple, Stellar, Monero, Litecoin, Dash, and EOS. Sébastien Lyon, the executive director at UNICEF France, stated:
“Cryptocurrency and blockchain technology used for charitable purposes offers a new opportunity to appeal to the generosity of the public and continue to develop our operations with children in the countries of intervention.”
iCoinbay Rolls Out Trading Premium Gain Plan
On August 31, 2018, iCoinbay released a new trading campaign entitled “Trading Premium Gain”; iCoinbay is a tokenized, community-based digital asset exchange. This new campaign allows traders who use the platform to increase their earnings through normal trading activities. According to publicly released information, the plan can be summarized as follows:
Issuance of TPG tokens worth 100% the value of transaction fees
According to their released “TPG White Paper”, iCoinbay thinks that users’ normal usage of the platform should count as a contribution to the community. With each transaction, a corresponding amount of the platform’s token, TPG, will be issued to the trader(s). Crypto FX Report Monday 24th September 2018
70% of exchange income distributed to TPG holders
As described in their white paper, holders of the platform’s TPG tokens have the right to income distribution. Each week, iCoinbay will distribute 70% of previous week’s income to community members, based on the proportion of TPG held.
Pioneer insurance system designed specifically to protect TPG value
The interesting part is that iCoinbay has also rolled out an insurance system. In order to better protect TPG holders from price fluctuations on the secondary market, iCoinbay’s campaign includes an insurance policy specifically made for TPG tokens. No matter how the market moves, after 100 days, holders of TPG will be able to exchange them for stablecoins at their originally issued price.
iCoinbay uses the theory of a token economy as the basis for their platform and develops each aspect of their business with three values in mind: joint development, joint success, and joint responsibility. Crypto FX Report Monday 24th September 2018
Although tokens and blockchain are two different things, the driving force behind blockchain’s recent explosion in popularity has actually been the token economies that developed around Bitcoin, Ethereum, etc. Another way to put it is that blockchain is the stage for a new world, and tokens are the main actors on this stage. Based on this, iCoinbay is concentrating on building an exchange that allows community members to trade safely while using traditional financial measures (such as insurance) to protect the value of traded assets.
Crypto FX Report Monday 24th September 2018