George Town, Cayman Islands, 20 November 2018 (GLOBE NEWSWIRE) –
Global Banking System capacity for Crypto: experts estimate $ 1.2 trillion
Over $ 1.2 trillion – this is the potential growth capacity of the cryptographic resources of the global banking system in the coming years. The experts in the Blockchain Research Center (IBRC) of ICOBox have elaborated an estimate based on the recommendations of the international regulatory authorities to the banks interested in trading cryptocurrency assets.
The Swiss Financial Market Supervisory Authority (FINMA) has recently established the maximum ratio of encrypted assets on the total capital of the country's banks: it should not exceed 4%. Considering that Switzerland clearly aims to become one of the world leaders of the crypto-industry to which many governments have paid attention in managing their banking systems, the FINMA approach could become a gold standard for other international financial institutions.
"This number, $ 1.2 trillion, allows us to evaluate the potential volume of cryptographic activity in the global banking system in the next 2-5 years.The today's cryptic market, with its current capitalization of $ 223 billion, will take years to absorb this amount of E if all the banks in the world were suddenly allowed to keep up to 4% in cryptographic activities in their accounts, this could potentially constitute the "second coming" of bitcoin, "says Anar Babaev, co-founder and Managing Partner of ICOBox.
EtherDelta runs into trouble with the SEC
On November 8, the SEC commissioned Zachary Coburn, founder of EtherDelta, to run an unlicensed stock exchange. The charges come after the US Securities and Exchange Commission has declared that EtherDelta has carried out unauthorized transactions of securities over a period of 18 months and engaged in over 3.6 million specific token transactions, which the SEC has claimed as titles.
EtherDelta is a decentralized exchange (DEX), which means that it allows you to buy and sell orders directly on the blockchain without central intermediaries using transactions to serve as the placement of said purchase and sale orders.
Coburn was fined $ 380,000 for alleged "illicit profits". Speaking of the confusion in the cryptocurrency regarding the classification, Daria Generalova, Managing Partner of ICOBox, said: "It is essential that cryptocurrency projects identify and respect the correct legislative and regulatory guidelines in their business development phases, as they can easily categorized: diligent analyzes are needed to allow project owners, exchange operators and daily cryptocurrency users to easily navigate the industry, "said Generalova. "The case of EtherDelta demonstrates the need for increased efforts in the field of prior legal auditing and classification to avoid damaging the integrity of the cryptocurrency industry."
Bitcoin Cash Hardfork: something to watch
November 15 marks the date of the update of the Bitcoin Cash network, which will involve the division of the currency into two forks: Bitcoin ABC and Bitcoin SV. This is the biggest dandruff of the last few months. Although the upcoming event is extremely exciting and profitable for most actors in the industry, it is also able to renew the market, which has been suspended for a while in the "red" area.
Bitcoin Cash is the fourth largest cryptocurrency in terms of capitalization. This is a very large resource and no participant in the market that is worth its salt can neglect the event. As soon as the announcement of the hardfork was announced, the volatility of the BCH rose immediately, with a value that almost jumped to 40%. For today's market, where all the major cryptocurrencies have had a negative trend for a while, this is an impressive number.
"It's a brilliant move, which has huge benefits for big and small BCH owners, who play in the hands of major cryptographic exchanges, and has the potential for roping in ordinary people who might try to profit from a currency by dividing into two: this translates into a significant increase in the activity of market players, a strong increase in the liquidity of the leading cryptocurrencies, an impressive growth in its business and a high volatility of the prices of new digital resources in the 3- 4 weeks So, on the whole, it's a very positive and very necessary shake-up for the market that has been stagnant and is changing gears for a while, "says Dima Zaitsev, ICOBox International PR Manager .
The cryptocurrency market hits the rocks
In the last 24 hours, the cryptography market has suffered a profound collapse, losing $ 26 billion – an impressive figure for every parameter. This was one of the most dramatic daily crashes of 2018. The bitcoin, which remained exceptionally stable in August-November, fell by more than 11% over a 12-hour period. This unexpected decline in the rate of BTC has created a domino effect for other major cryptocurrencies. The market has yet to recover.
Daria Generalova, Managing Partner of ICOBox, commented: "I think there are several reasons for the latest market crash: first, there was a massive selloff of cryptocurrency, partly related to the news of the Bitcoin Cash's current hardfork continues to react to the situation in the securities markets, which are also falling in response to the fall in oil futures and third, from the start of the week, the hashion bitcoin fell by 20% This could have to do with the suspension of operations in the Chinese provinces Xinjiang and Guizhou for the duration of their tax audit All of these combined factors may have caused the recent massacre in the encrypted market.
But knowing that practically every fall is usually followed by an increase, I have no doubt that eventually we will return to a relatively uniform drift. This is a crypt – things are made to be dynamic. So fasten and take a ride! "
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