Crypto Market Update (30 October 2018)

Bitcoin Global News (BGN)

October 30, 2018 -- ADVFN Crypto NewsWire

General Market Outlook

The market continues is now consolidating after a significant drop overall yesterday. Most coins are still in the negative, though only to small percentages compared to yesterday, and trading volume has moved between $11 billion and $12 billion in 24 hours. Dropil (DROP) and Dentacoin (DCN) are the major stand outs of the top 100 coins by market cap - up over 9% and 8% respectively in the past 24 hours. Bitcoin (BTC) is right around $6,350 for roughly no change and a total market dominance of 54.1%, and Ethereum (ETH) is right at $195 for just about no change in the past 24 hours as well. Market cap for the overall cryptocurrency market made no significant change, still resting around $203 billion total.

Major Headlines

UK Financial Regulators Pursue Tech Advancements

Three major departments of the UK’s government were brought together to form a “Cryptoasset Taskforce earlier this year to assess the uses, implications and potential of distributed ledger technology (DLT), blockchain, virtual currencies and cryptocurrencies. They recently released an extensive report on their research along with their assessment of the current regulatory structure and needed improvements. They fully support the potential of these technologies when the achieve the quality that can reach a global scale. The biggest potential is cited in the financial services sector. They don’t believe that their are barriers created by the UK’s current laws surrounding the related technologies. Tax guidelines have already been established, and they will revisit their performance in six months. The most pressing issue is highlighted as a need for clarification and improvements relating to ICOs.

Bitcoin Protocol And International Internet Standards

Blockstream has been most influential contributor has been Blockstream. The organization raised $76 million in their early funding rounds. They have become well known for the Lightning network, which allows the Bitcoin network to settle transactions almost instantaneously on side chains. It is this system that could become a standard for the internet at a protocol level. One of Blockstream’s employees is involved in the World Wide Web Consortium (W3C). This group dictates the standards for the web. All major browsers such as Google Chrome, Firefox and Microsoft Edge follow their directive. If the Bitcoin network API was integrated, the lightning network could facilitate a new universal standard for internet payments. Bitcoin provides many other benefits through encryption technology for personal information as well.

Bitcoin Expert Provides Incite

Wences Casares founded the early Bitcoin wallet startup Xapo. He was recently interviewed by Bloomberg, where he provides a long term approach to his expectations for Bitcoin, cryptocurrencies and global currency. He considers Bitcoin an“intellectual experiment,” acknowledging the potential hurdles that could prevent adoption. “It may work, it might not work.” But the long term benefits cannot be denied: “We need a nonpolitical standard of value and we don’t have one. So a world in which we [see it] is a world [in which] when you ask for the price of Turkish lira, you get a price in bits, when you ask for the price of a barrel of oil, you get a price in bits, when as for the price of the U.S. dollar you get a price in bits.”

Top 5 Gainers

iEthereum (IETH) +165.66% at $0.024028

FUTURAX (FTXT) +43.36% at $0.000232

Simmitri (SIM) +42.71% at $0.100128

IGToken (IG) +33.44% at $0.000244

StarCoin (KST) +33.21% at $0005124

Top 5 Losers

Oyster (PRL) -56.98% at $0.074282

Oyster Shell (SHL) -37.63% at $0.018425

Welltrado (WTL) -28.39% at $0.057522

XMCT (XMCT) -25.59% at $0.004130

ThingsChain (TIC) -23.69% at $0.000224