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Market Watch

New Rules Require Mexican Banks and Crypto Exchanges to Obtain Permit

New Rules Require Mexican Banks and Crypto Exchanges to Obtain Permit

Market Watch
According to a circular published in the official newspaper of the Mexican government on 10th September, banks delivering crypto-related services and crypto exchanges are now required to obtain permits from the Bank of Mexico (Banxico). The letter explains that the new rules were in line with Mexican laws pertaining to the regulation of financial technology institutions. The goal is to allow growth and innovation in the sector while preventing the associated risks. In order to continue promoting the proper functioning of payment systems and the sound development of the financial system, as well as the protection of public interests, it is convenient to establish a regulatory framework that, on the one hand, allow the development of innovation in the payment services of the country,
Iran Recognizes Cryptocurrency Mining As Industry

Iran Recognizes Cryptocurrency Mining As Industry

Market Watch
Iran agreed to officially recognize cryptocurrency mining as an industry, as reported by IBENA, a news agency affiliated to the Central Bank of Iran. The apex bank is expected to draft a policy framework for the industry in the next 18 days. The news pushed the price of Bitcoin on a local exchange by nearly four-times the worldwide market average, to over $26,000. It was trading at $6,493.95 in US. According to Abolhassan Firouzabadi, the Secretary of Iran's Supreme Council of Cyberspace, the government and all related organizations have accepted crypto mining as an industry. They include government's Ministry of Communications and Information Technology, Central Bank, Ministry of Industry, Mining and Trade, Ministry of Energy, as well and Ministry of Economic Affairs and Finance. ...
XEM Rises 12% And Is Among Top Performing Cryptos

XEM Rises 12% And Is Among Top Performing Cryptos

Market Watch
NEM [Crypto: XEM] was a winner for opportunistic traders in early Tuesday trading (U.S. time). XEM’s price increased 12% against the U.S. dollar, rising from $0.111 to $0.123. The continuing rebound was influenced by optimistic trading in South Korea. It has risen nearly 25% since Aug. 30 according to TradingView (which excludes Korean exchanges in pricing calculations). On Aug. 23 XEM began trading on European exchange Bitpanda, providing liquidity to EU-based investors. We’re happy to announce @NEMofficial is now available on Bitpanda! Start buying and selling $XEM by heading to https://t.co/5Z6N4AsOPK #bitpanda #nempic.twitter.com/14AMCOrM8o — Bitpanda (@bitpanda) August 23, 2018 Will XEM Rebound Continue? Korea-based exchange Bithumb garners between 35% to 40% of global
Circle’s Crypto Exchange Poloniex Adds USDT Trading Pairs for 0x (ZRX), Lisk (LSK), Dogecoin (DOGE), Golem (GNT), and Siacoin (SC)

Circle’s Crypto Exchange Poloniex Adds USDT Trading Pairs for 0x (ZRX), Lisk (LSK), Dogecoin (DOGE), Golem (GNT), and Siacoin (SC)

Market Watch
On Friday (31 August 2018), cryptocurrency exchange Poloniex, which is owned by Goldman-backed Circle, announced several new USDT pairs. The announcement came in the form of a post on Circle's blog: "While we continue to focus on improving the performance of Poloniex and bringing a curated set of assets to the exchange, we also attempt to implement the top requests of our customers and project developers where possible. In this spirit, we are enabling a new set of USDT trading pairs for some of our currently-listed assets, beginning with 0x (ZRX), Lisk (LSK), Dogecoin (DOGE), Golem (GNT), and Siacoin (SIA)." In the past few weeks, the Poloniex team has been quite busy with adding support for several cryptocurrencies: On 21 August 2018, Poloniex said that it was opening
“No Sign Of The Petro Here”: Mystery And Confusion Besets Venezuela’s Crypto “Revolution”

“No Sign Of The Petro Here”: Mystery And Confusion Besets Venezuela’s Crypto “Revolution”

Market Watch
Reuters has published an investigative report into Venezuela’s national oil-backed cryptocurrency, the Petro (PTR),attempting to square government claims with facts on the ground and evidence of the Petro’s transaction history to date. Reuters dispatched reporters to the central Venezuelan hamlet of Atapirire, which sits at the heart of the 380-square-kilometer territory that the president has said can provide the 5 billion barrels of petroleum needed to back the new cryptocurrency. Amid rampant hyperinflation in the Venezuelan economy, President Maduro last week introduced  a rebranded fiat currency – the sovereign bolívar, which will have five fewer zeros than its ailing predecessor, the Bolívar Fuerte (VEF). The new currency has in turn been tethered to the fledgling Petro, valued
Korea’s 2nd-Biggest Crypto Exchange Resumes User Registrations as Market Improves

Korea’s 2nd-Biggest Crypto Exchange Resumes User Registrations as Market Improves

Market Watch
Bithumb, South Korea’s second-biggest crypto exchange by daily trading volume behind UPbit, will officially resume registrations for new investors as early as this week. NH Bank, one of the largest financial institutions in the country, is set to sign an agreement with Bithumb on August 30 to provide virtual bank accounts to Bithumb users, which will allow new users to trade on the trading platform. In South Korea, cryptocurrency exchanges are required to operate virtual bank accounts so that users can withdraw and deposit Korean won without having to directly deal with their respective banks for efficiency and security. What Bithumb’s Registration Resumption Means Since early 2018, as its partnership with NH Bank was dematerialized and it experienced a $40 million security bre
Crypto Market Forecast: The week ahead

Crypto Market Forecast: The week ahead

Market Watch
It was a mixed week for cryptocurrencies as major tokens such as Bitcoin and XRP were able to recover from sharp drops at the start of the week to end the week trading green. Conversely,  others such as Ethereumand Cardano did not recover well and ended the week deeply red. An emerging story in the current bear market is the sustained, increasing rate of Bitcoin dominance. BTC’s value share of total crypto markets stood at ~36% on May 7th, it currently sits at ~51%, having grown significantly in the last three months. Bitcoin’s popularity in the bear market compared to other crypto is likely tied to factors such as its liquidity — BTC gives numerous options to onramp onto fiats swiftly during sharp price drops or access alt coins during trend reversals. The bitcoin network is also by mo
Bitcoin Price Shows Stability as Crypto Market Sees Minor $6 Billion Drop

Bitcoin Price Shows Stability as Crypto Market Sees Minor $6 Billion Drop

Market Watch
Over the past 24 hours, the crypto market has lost $6 billion from its valuation, experiencing a slight drop after a solid corrective rally by Bitcoin. While Bitcoin recorded a small gain of 0.5 percent, other major cryptocurrencies including Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, and Cardano fell by 1 to 4 percent, affecting the token market. Volatility of Tokens On August 17, as the price of BTC showed a rapid recovery from $5,850 to $6,400, tokens recorded massive gains in the range of 30 to 80 percent, with VeChain increasing by over 80 percent against the US dollar. However, as BTC stabilized in the mid-$6,000 region and other major cryptocurrencies struggled to sustain their momentum on the upside, tokens suffered. In the past 24 hours, Aion, DigixDAO, OmiseG...
Crypto Markets See Slight Slump, Ethereum Fails to Hold $300 Support

Crypto Markets See Slight Slump, Ethereum Fails to Hold $300 Support

Market Watch
Saturday, August 18: crypto markets have seen another slump today, with some coins wavering following weekly gains, according to data from Coinmarketcap. The total market cap has dipped as low as $210 billion at press time. Bitcoin (BTC) is down 1.79 percent over the past 24 hours, trading at $6,396 at press time. With that, the top cryptocurrency has seen an intraday high of $6,562. The coin has lost around 13 percent over the past 30 days, while holding its weekly gains, according to Coinmarketcap. Ethereum (ETH) has failed to hold $300 support, trading at $291 at press time. The major altcoin has suffered a 3.74 percent loss over a 24 hour period, also has failed to keep momentum over the week with an 11 percent loss in the past 7 days. The total market cap has taken a somewhat dow
Cryptocurrency Price Indexes, Explained

Cryptocurrency Price Indexes, Explained

Market Watch
What is a cryptocurrency price index? It’s a website or platform that lists the price and capitalization info of various cryptocurrencies. Popular examples are CoinMarketCap, WorldCoinIndex and CryptoCompare. These sites are mainly used for the instant price information they provide on multiple cryptocurrencies but are also a good source of information for benchmarking, monitoring and comparing the growth of the various cryptocurrency assets. Depending on the listing criteria of individual price indexes, they might provide details on all coins and tokens available on the market or just certain ones which comply with the criteria, such as being available on public exchanges with a sufficient level of trading volume. Most reputable crypto price indexes will, however, list the majority