General Market Outlook
The market had made a strong reversal from the nealy week long downturn. Nearly all coins are in the green with many coins in the top 100 by market cap with double digit percentage gains in the past 24 hours. Trading volume has fluctuated between $12 billion and $13 billion in 24 hours Nano (NANO) and Aurora (AOA) are the major stand outs of the top 100 coins by market cap - both up over 39% in the past 24 hours. Bitcoin (BTC) is right around $6,500 for +3% and a total market dominance of about 56.1%, and Ethereum (ETH) is right at $204 for +17.5% change in the past 24 hours. Market cap for the overall cryptocurrency market has steadily risen over $10 billion in the past 24 hours, now totaling $199 billion.
World Economic Forum Expects Blockchain Growth
Blockchain technology applications creates more opportunity for financing for small and medium sized enterprises in emerging markets. The Asian Development Bank released data citing that the global trade finance gap is currently around $1.5 trillion. The World Economic Forum (WEF) conducted a research study with Bain & Company to examine how new technologies like blockchain and cryptocurrencies could affect this area. The problem that cause this gap are cause primarily from limited access to credit and loans businesses in the emerging markets. Their research expects that these new technologies in combination with emerging markets will be able to fill in much of the $1.5 trillion supply vs. demand gap. They estimate the technology will facilitate business totalling as much as $2.4 trillion by 2025. The research noted this will be especially beneficial to Asian economies, as they are at the forefront of the new technology with 75% of the global document-based transactions across supply chains.
Binance and Malta Stock Exchange Building Digital Asset Platform
The Malta Stock Exchange (MSX) is colloborating with Binance to create a platform and structure the regulatory needs that would enable security token trading. The island nation allows for trading of digital currencies, but has structured their national laws to differentiate other coins or tokens as digital assets. Malta's finance minister, Edward Scicluna is a major supporter of the the crypto industry. He admits they have risks, but he believes "this is not an excuse to let it go by and be taken up by others.” They will be working off a newly created MSX platform for the digital asset purpose caled “MSX PLC.”.
Repurposing Government Data Center For Mining
Wuhan General Group plans to purchase and repurpose a data facility previously operated by the U.S. Defense Department. The organization is an investment company concerned primarily with cryptocurrency mining operations and infrastructure. They recently split the Canadian division of their company that manufactures all needed hardware for data centers and cryptocurrency mining - Strategic Development of Technology (SDT), Inc. They are planning to launch the new facility during the most optimaal market conditions, rather than as soon as possible. Estimates for monthly revenue are estimated by the company to be in excess of $3.5M based on current cryptocurrency market prices and 1300 mining machines.
Top 5 Gainers
QYNO (QNO) +144.10% at $0.106594
The ChampCoin (TCC) +108.81% at $0.008791
BaaSid (BAAS) +94.28% at $0.002531
Hdac (HDAC) +82.04% at $0.061363
Webcoin (WEB) +74.79% at $0.052468
Top 5 Losers
Project Coin (PRJ) -50.21% at $4.03
Arbidex (ABX) -26.92% at $0.046924
EBCoin (EBC) -26.60% at $0.002884
LocalCoinSwap (LCS) -16.83% at $0.127280
1World (1WO) -14.49% at $0.068309
New Coins Listed
Electra (ECA) listed to Coinebene
Soniq (SONIQ) listed to Cryptopia
D-Zone Coin (DZC) listed to Cryptopia
By: BGN Editorial Staff
The ChampCoin (TCC)
Project Coin (PRJ)