Crypto Market Update (18 October 2018)

Bitcoin Global News (BGN)

October 18, 2018 -- ADVFN Crypto NewsWire

General Market Outlook

The market continues to consolidate similarly to the two previous days. Coins are split between positive and negative growth or loss again, still with a handful making strong double digit percentage gains. Trading volume continues to fluctuate between $11 billion and $13 billion in 24 hours. Ravencoin (RVN) and Polymath (POLY) are the major stand outs of the top 100 coins by market cap - up over 19% and 14% respectively in the past 24 hours. Bitcoin (BTC) is right around $6,650 for no significant change and a total market dominance of about 53.9%, and Ethereum (ETH) is right at $205 for -1.0% change in the past 24 hours. Market cap for the overall cryptocurrency market has made no significant change, still at just under $211 billion total.

Major Headlines

Huge Bitcoin Futures Trading Growth

The Chicago Mercantile Exchange (CME) has forged the path Bitcoin futures. Their exchange has continually been the initial launching exchange for BTC futures products in the United States. Experts that work for the exchange have done in depth research in the cryptocurrency industry, and used their knowledge to help influence financial regulatory bodies to be more receptive to the new industry. Their newest data on trading data shows an increased of 41% percent in Q3 over Q2, with a 19% increase in the number of open contracts on Bitcoin futures.

U.S. Government To Auction 660 BTC

The U.S. Department of Justice will host a bid auction for roughly 660 confiscated Bitcoins (BTC). The event will take place on November 5th with registrations open until October 31st. Those interested are required to make a $200,000 deposit. The total BTC will be auctioned in seven chunks, one is a set of six 100 BTC, and a final grouping of 60 BTC. The Bitcoins involved have been seized in various federal criminal, civil, and administrative proceedings. One of the most recent cases resulting in BTC involved Theresa Tetley and Tomas Costanzo. Tetley ran unregistered multimillion dollar Bitcoin to fiat exchange out of California, earning roughly $300,000 annually. Costanzo was prosecuted last year for similar charges.

Decentralized Wholesale Shopping

A new e-commerce platform is using blockchain technology to give individual consumers the purchasing power of major companies. The platform uses smart contracts and live data streams to emulate the same purchase volumes wholesalers would see from big chain stores. It then provides a system of microdistribution for access to the products. Buying.com will even facilitate a new kind of physical storefront, where by sourcing the power of popular opinion, products will be sourced only when the store knows that the customer base for the order is already in place.

It will function with a native cryptocurrency (BUY), and will enable a rewards system.

Top 5 Gainers

Simmitri (SIM) +700.84% at $0.089983

YoloCash (YLC) +135.10% at $0.006579

Patron (PAT) +98.87% at $0.024217

SiaCashCoin (SCC) +87.05% at $0.000242

HollyWoodCoin (HWC) +69.22% at $0.140474

Top 5 Losers

Project Coin (PRJ) -48.21% at $0.833652

SpreadCoin (SPR) -44.53% at $0.015449

Auroracoin (AUR) -29.36% at $0.097113

ZelCash (ZEL) -27.16% at $0.057359