Crypto Market Update (15 August 2018)
At the time of writing, the Bitcoin price is sitting at $6,564.78 representing a gain of 6.65% in the last 24 hours. More than $650 M worth of BTC were exchanged in the BTC/USD market representing a 29% share of the global daily volume. The BTC/JPY pair represents a 12% share.
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The Ethereum price has risen 7.71% over the past 24 hours and is currently sitting at $300.13, with over $250 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 22% market share of the daily trading volume.
Venezuela To Use Petro As Unit for Salaries, Goods and Services
Yesterday, Venezuelan President, Nicolás Maduro, announced in a televised speech that the national oil-backed cryptocurrency, el Petro, will be used as a unit of account within the country, according to ABC International. Additionally, the government will introduce a new salary system and a pricing system for goods and services that are anchored to the Petro. ABC quotes Maduro:
“As of next Monday, Venezuela will have a second accounting unit based on the price, the value of the Petro. It will be a second accounting unit of the Republic and will begin operations as a mandatory accounting unit of our PDVSA oil industry.”
Jamaica Stock Exchange To Launch Cryptocurrency Trading By The End of 2018
Yesterday, the Jamaica Stock Exchange announced that it will be offering cryptocurrency trading by the end of the year. The company announced that it has signed a memorandum of understanding with Blockstation, a Toronto-based company that calls itself as “The Institution’s Choice for Trading Digital Assets,” to build a cryptocurrency trading platform by the end of 2018. Street Forrest, managing director of the stock exchange, explained where the company sees the deal taking them:
“So the end game at the end of the day is to trade tokens, the end game is smart contracts, the end game is to provide that area of the market that would like this product, to start to do so in a secure manner.”
Venezuela Looking to Launch a Central Bank for Cryptocurrencies
Venezuela is reportedly looking to lunch a central bank for cryptocurrencies, as the country’s National Constituent Assembly is preparing to reform the Venezuelan Constitution to include it. According to Reuters, information on the development was provided by Hermann Escarrá, which the outlet describes as “one of the most influential members of the assembly that prepares the changes to the 1999 Constitution.” He was quoted as saying:
“There will be the Central Bank with its functions in exchange, monetary and financial policy and the Central Bank will be incorporated.”