The State of The Market — October 24, 2018BTC: $6,502.91 (+0.54%)ETH: $204.43 (+0.89%)XRP: $0.4600 (+4.13%)
Bitcoin remains stable and is holding above $6,500. Ethereum is also holding on to slight gains (0.89%) and is range bound between $200 and $206. Most cryptocurrencies are posting 1 to 6 percent gains and the total market cap is currently at $209.8 billion.
In other news, a cryptocurrency eSports platform backed by Mark Cuban obtained a crypto betting license. Once the platform launches, users will be able to use the platforms’ native UnikoinGold (UKG) token to place bets on eSports events, teams, and players. Also, Coinbase received a regulatory license to operate as a qualified custodian. The new license gives the company the ability to “store more assets and add new features like staking.”
1) SEC Commissioner Kara Stein recently sat down with Bloomberg to chat about cryptocurrency, Bitcoin ETFs and the regulatory situation of digital assets. Stein was asked if Bitcoin should be categorized as a non-correlated asset, legitimate currency, commodity, or a security. She responded by saying the SEC only determines “whether it is a security or not and leaves whether it’s a currency or not to others.” While discussing what the SEC expects to see before approving a Bitcoin ETF, Stein advised that all applicants will “have to show us how they can get accurate valuations, how they make sure that there is physical custody, and how to make sure there is adequate liquidity.” (Read More)
2) On Tuesday Coinbase announced that customers can now buy, sell, send and receive USD Coin (USDC). USDC is a dollar-pegged stablecoin created by Goldman Sachs-backed cryptocurrency exchange Circle. As of today, USDC can be purchased on Coinbase.com and Coinbase also mentioned that the stablecoin will be listed on Coinbase Pro “in the coming weeks.” Coinbase decided to add the stablecoin as they are of the opinion that fiat-based blockchain currencies might aid in the construction of “a more open financial system” and also encourage further adoption of decentralized applications (dApps). Coinbase also mentioned that USDC is better suited for business and e-commerce applications as merchants and consumers can use the digital currency without worrying about token price volatility. (Read More)
3) Today Japan’s Financial Services Agency (FSA) approved self-regulation for the crypto industry. The Japan Virtual Currency Exchange Association (JVCEA) will now be in charge of developing regulations for cryptocurrency exchanges. These regulations will cover investor protection security standards. Also, it will include measures for curbing insider trading and money laundering. The JVCEA is comprised of 16 licensed crypto trading platforms. The FSA approval comes as Japanese authorities focus on examining their cryptocurrency regulatory framework following the hacks of two exchanges. (Read More)
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