February 18, 2019

Crypto Markets Hit Monthly High With $5 Billion Pump

Crypto markets moving on Monday; Ethereum is surging, BCH and Maker going strong, Tron and NEO are weak.

Crypto markets are rallying this Monday morning as $5 billion gets pumped back in over the past 24 hours. The upward momentum began around nine hours ago and market capitalization has now surpassed $125 billion for the first time in a month.

bitcoin climbed to an intraday high of $3,740 a few hours ago before pulling back a little. It has broken through previous resistance levels at $3,650 to hit a new monthly high. At the moment BTC is showing a daily gain of 2.2% as it trades at $3,720.

Ethereum is the clear winner in crypto land at the moment as it pumps 11% on the day to a high of $138. Hard fork fervor seems to be driving ETH prices as there is only ten days to go for the second attempt at Constantinople. XRP conversely is still weak, adding only 2% and falling back to widen the gap to $1.6 billion behind ETH.

The top ten is all green during Asian trading today with Bitcoin Cash making the most after Ether at 6%. EOS gaining 3% has not been enough to retake fourth from Litecoin which hasn’t done much. Binance Coin continues to climb with another 3% on the day, while TRX is weak with no gains.

Looking at the top twenty Maker continues its march with another 8% on the day taking MKR to $555. Cardano has made a rare pump of almost 4% and the rest are 2-3 percent higher on the day aside from NEO which has not moved.

The big fomo in the top one hundred is going to WAX at the moment which has surged 40%. Close behind it is Ark pumping 30% as it gets integrated into Exodus wallets. There are no big dumps going on right now but Aurora is at the bottom of the list dropping 3%. All altcoins are generally performing well today.

Total crypto market capitalization has expanded by $5 billion over the past few hours reaching a monthly high of $125 billion. Daily volume is also strong at $26 billion, its highest level in 2019. Ethereum is leading the rally right now as bitcoin dominance drops to 52%.

Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals

Published at Mon, 18 Feb 2019 07:00:31 +0000

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Hong Kong Is Getting More and More Involved With Blockchain Technology

bitcoin and blockchain technology are getting a lot of attention in the city of Hong Kong.

The Future Of Hong Kong

bitcoin and blockchain technology are getting a lot of attention from different sectors worldwide. From finance to legal matters and even cyber security, Blockchain technology is revolutionizing a lot of different industries. Hong Kong seems to be another country that has caught the “cryptocurrency fever.” Two of the most dominant industries in Hong Kong are finance and shipping. In the last couple of years, both industries have tried to increase their growth. With blockchain technology, many experts in Hong Kong believe that it will help the domestic industry to rapidly grow and scale. It’s worth to note that not only the private sector in Hong Kong is seeing a bright future for blockchain technology. The Hong Kong government is also heavily investing in blockchain technology that benefits different government entities. According to a Bloomberg article, the monetary authority of Hong Kong is developing its very own cryptocurrency and using blockchain technology as a solution for mortgage applications, e-check tracking, and financial trading.

Blockchain Company Boom In Hong Kong

With the recent boom of Initial Coin Offerings, a lot of blockchain-related companies and startups have been established in the city of Hong Kong. Some of these companies include the cryptocurrency exchanges Gatecoin and BitMex. OpenANX has been Hong Kong’s most prominent Initial Coin Offering yet. A whopping $14 million was raised in the first day of the ICO as enthusiastic investors bought OAX tokens at a rate of $750,000 every ten minutes. Regulators in Hong Kong are carefully observing ICOs in order to better understand the current cryptocurrency market. In an interview with Bloomberg, Paul Chan, Hong Kong’s financial secretary, said the following regarding the current situation of ICOs in Hong Kong:

We have to be very careful with this because on the one hand, we encourage innovation and free markets, but on the other hand, we do have to look after our small investors.

Apparently, financial regulators in Hong Kong are taking a softer approach on ICOs than their Chinese counterparts, who recently suspended all Initial Coin Offerings in China.

What are your thoughts on the potential of blockchain technology for the industry of Hong Kong? Do you think that bitcoin and blockchain technology could help countries to grow their infrastructure and industries? Let us know in the comments below!

Images courtesy of Pexels and Pixabay.

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