The crypto markets traded in a tight range of USD 139-140 billion, over the last 24h with a robust 24h trading volume in a range of USD 30 billion. However, according to a recent report conducted by crypto trading information portal The Tie, a huge percentage of cryptocurrency trading volume seen in the last few days is suspicious. Estimates were arrived at using average website visits versus reported trading volume and comparing this figure those found at the digital asset industry’s most reputable exchanges. Using this methodology, The Tie have argued that as much as 87% of the reported trading volume at crypto exchanges could be fraudulent and that real trading volume might be as low as USD 2.1 billion. In the top 100, the advance to decline ratio was weak at 32/64. Kin, which maintained its momentum with a +41.2% surge was the best performer in top the 100, followed by Enjin Coin (+14.0%), and Ravencoin (+13.7%). Bitcoin, Ether and XRP are all marginally down to USD 4,028, USD 139, and USD 0.3161 respectively in the last 24h, at the time of writing
Just when IBM senior executive revealed that at least two major US banks are considering whether to follow JP Morgan Chase to issue a digital currency, there comes news that Citi will not tow the path of fellow American bank JP Morgan to launch a bank-controlled cryptocurrency even though it began working towards it long ago. Nonetheless, on a positive note, AcomeA SGR, a leading Italian asset management company, has successfully completed an investment fund shares transaction test and related payment through Fundsquare’s blockchain-based infrastructure FundsDLT and the Italian API platform Fabrick. However, in a news item from the far east, Japan approved draft amendments to Japan’s financial instruments and payment services laws, which would cap leverage in virtual currency margin trading at two to four times initial deposits. In blockchain applications, IBM continues to extend its lead in the blockchain space as it announced that Six international banks have reportedly signed letters of intent to issue their own stablecoins backed by their national fiat currencies on IBM’s now-live blockchain-powered payments network, “World Wire.”
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Your Blocksmatter Team