Crypto Market Update (06 August 2018)

Bitcoin Global News (BGN)

August 06, 2018 -- ADVFN Crypto NewsWire

General Market Outlook

The weekend brought a continued downtrend to the cryptocurrency market overall. Today most coins are leveling out with trading volume holding around $12 million in 24 hours. Holo (HOT) is the clear stand out of top 100 coins, rising to +45% in the past 24 hours. However, MOAC (MOAC) and Bitcoin Gold (BTG) are also performing well - up over 13% and 11% respectively in the past 24 hours. Bitcoin (BTC) is right around $7,000 no significant change and a total market dominance of about 47.4%, and Ethereum (ETH) is around $410 for +1% change in the past 24 hours. Market cap for the overall cryptocurrency market dropped about $2 billion doin to $253 billion total.

Major Headlines

First Cryptocurrency Related Business On London Stock Exchange

Argo Blockchain recently completed an IPO, and doubled their total funding with a new valuation of $61 million, and has been listed on the London Stock Exchange. It is the first cryptocurrency-related business to do so. The project’s goal is an international data center management system that basically creates ‘mining as a service.’ Their current platform simplifies the mining process for individuals who want to mine, but don’t have the hardware necessary. Users can chose to mine Bitcoin Gold (BTG), Ethereum (ETH), Ethereum Classic (ETC), or Zcash (ZEC). The company’s $61 million valuation isn’t much compared to many other IPOs and ICOs, but the visibility of the LSE listing is promising.

Bank of Thailand Easing Into Blockchain

Earlier this year the Bank of Thailand put an official ban on all cryptocurrency activity by financial institutions. But now they have made an amendment that gives hope for legally providing cryptocurrency products and services. Banks in Thailand can now creating subsidiaries to handle the all customer needs related to digital assets and digital tokens. All these subsidiaries can do is provide investment resources. Actual financial services are still prohibited. This could be related to the Bank of Thailand developing blockchain and an in-house cryptocurrency.

Turkey Blockchain Research Center

The Istanbul Blockchain and Innovation Center (BlockchainIST) has just been established in Turkey. The primary goal is to facilitate “scientific studies and publications” related to blockchain technology, distributed ledgers and digital currencies. Director of the program Bora Erdamar highlights the growing integration of blockchain between business, government and education. “We are trying to lead this business with such a center. We will strive to train Turkey's human resources in blockchain and enable the country to lead the world in this area… it is crucial to cooperate with other universities, the business world and government institutions.”

Top 5 Gainers

Saifu (SFU) +168.28% at $0.140166

Bitcoin File (BIFI) +141.74% at $0.020821

VikkyToken (VIKKY) +101.98% at $0.000330

Tourist Token (TOTO) +87.84% at $0.000145

Engine (EGCC) +56.25% at $0.001699

Top 5 Losers

Webcoin (WEB) -34.44% at $0.007018

Stakenet (XSN) -34.42% at $0.204820

COSMA [XEM] (CMS) -23.60% at $0.115807

COSMA [XEM] (CMS) -22.48% at $0.117978

DACSEE (DACS) -19.59% at $0.013675