The State of The Market — November 21, 2018BTC: $4,595.57 (+2.69%)XRP: $0.446765 (-0.33%)ETH: $137.93 (+3.25%)
The market took a breather today, after yesterday’s bloodbath. However, the rebound is not convincing enough yet. Bitcoin’s free-fall finally ended at $4,300, indicating a support at that point. The reversal was met with a new resistance at $4,800. Meanwhile, XRP has managed to hold its price, making it one of the best performing coins in recent times. Ethereum, on the other hand, has been slow to recover and Bitcoin Cash went up by 20% to $250.
In other news, cryptocurrency exchange Coinbase has announced that BCH ABC will be listed under its BCH ticker. Coinbase has made this decision based on a number of factors including the fact that ABC has a higher hash-rate and a longer proof-of-work chain. Trading in BCH will resume on Coinbase Pro and Prime first followed by Coinbase.com and the mobile apps most likely in the next week. Also, Russia-based initial coin offering (ICO), Union Bank Payment Coin (UBPC) has been hit with cease-and-desist by North Dakota’s securities watchdog. It has been accused of impersonating Union Bank, including copying elements from its website, wording, leadership information, and images. UBPC claims to be the world’s first security token backed by a fully licensed bank and offers a stablecoin backed by the Swiss franc.
1) Tron has announced NiTRON Summit, its platform-specific conference, and former American basketball player Kobe Bryant will appear as a guest speaker. Bryant has become a familiar face in the startup industry as his venture fund Bryant Stibel has invested in 15 initiatives mostly in tech, data, and the media. Justin Sun, the founder of Tron said “Kobe Bryant is a basketball genius. I have been a huge fan of Kobe and deeply inspired by his journey. It’s my great honor to have Kobe as our special guest for the niTRON Summit.” NiTRON Summit will be held in San Francisco in mid-January 2019. (Read More)
2) Singapore’s central bank, the Monetary Authority of Singapore (MAS) has decided to regulate crypto payments under the new Payment Services Bill (PSB). It is set to replace two existing pieces of legislation, the Payment Systems (Oversight) Act (PS(O)A) and the Money-Changing and Remittance Businesses Act (MCRBA). The new bill was written to prevent terrorism financing and protect consumer funds. Crypto payment service providers will have to apply for one of three licenses based on the nature and scope of their activities within six months after the PSB comes into force. (Read More)
3) The venture wing of the Binance has invested $3 million in the US-based over-the-counter (OTC) crypto trading desk Koi Trading. Koi Trading has its headquarters located in San Francisco, CA, and they are seeking to become a compliant global option for private cryptocurrency liquidity while also offering services related to data science, quantitative research, and compliance consulting work. As the OTC market continues to grow on a global scale, compliant exchanges such as Koi Trading are a key to the continued growth of the space. (Read More)
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