In the latest digital currency news, we are reporting about the total value of the crypto market capitalization which recently rose to $185.89 which was its highest level since November 18th, 2018. Despite the correction which led the market to $182.29 at press time, the five-month high marks the 10th consecutive week with a bullish open above the prior candle close.
In other words, this means that there has been a steady increase in value for crypto since the new year began. The majority of the markets experienced positive growth towards the end of the previous close for the week April 1-7, mainly due to Bitcoin and its breakout last week.
Over the past day, both Bitcoin (BTC) and Ethereum (ETH) have experienced large increases which resulted in their crypto market capitalization rising to $3 billion and $1.7 billion respectively. Amid the overall market increase, Bitcoin’s dominance rate also dropped to 50.6% at press time going from the 52% seen early last week following Bitcoin’s price jump.
Ripple (XRP), on the other hand, has only had a minimal share of the pie among the top three cryptocurrencies, adding only $200 million to its total value over the past 24 hours. More importantly, there has been a greater flow towards the altcoin markets over the week.
It all started on April 1 with Tron (TRX) and its total value which rose to more than $350 million, while Stellar (XLM) and Verge (XVG) rose by $400 million and $50 million respectively.
The recent rise to $185 billion and the record breaking was attributed mainly to Ethereum, the cryptocurrency which is way out ahead at the moment and the most dominant force that drove the market to this five month high. In a long-awaited upswing, ETH managed to rise over 10% – going from $165 to $185 before slightly pulling back to $180 which is its current price at press time.
Since January 1st, the total crypto market capitalization has expanded by 48% or $60 billion and the bears are still keeping quiet for the moment.
Binance Removes US Resident Ban: Launching In “A Month Or Two”
“3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
China’s Digital Fiat Currency Is Not A Real Cryptocurrency
“Since last year, the staff at the Digital Currency Research Lab have been working 996 to develop the system. We can say the CBDC is now ready to launch at one’s call," was his speech, later shared by many best cryptocurrency news sites.The CBDC with this aims to replace MO, meaning cash in circulation through a two-tier system. The central bank will issue the digital yuan only to commercial banks, who will further issue it to the public. Meanwhile the PBoC and its Digital Currency Research Lab are the ones standing behind China's digital fiat currency - along with more than 50 patent applications which are all either invented or co-invented by Yao Qian. One patent application reads:
“The emergence of digital currency is an inevitable trend. So far, privately issued digital currency bears the features of anonymity and volatility. Central banks must take their impacts on the payments, monetary systems and financial stability seriously. As such, it’s inevitable for central banks to push for digitized fiat currencies to optimize their circulation.”However, physical cash is still arguably the only form of fiat money inside China that can remain anonymous. We can see that China's digital fiat currency is not close to cryptocurrency - and the only third-party methods which are compared to bank wire can be offered by companies like Alibaba or WeChat - both requiring real-name verification authenticated by users' IDs as well as additional banking information.
“Existing M0 (banknotes and coins) are subject to counterfeit and money laundering risks. … The [CBDC] system should follow the existing rules about anti-money laundering and anti-terrorism financing imposed on cash, and should report to the PBoC on large amounts and suspicious transactions,” Mu emphasized in a speech.
Market With Mixed Signals As Ether And Bitcoin Record Minor Gains
XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis
"Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market."
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