Bitcoin and Ether Market Update: March 15, 2019
The total crypto market cap increased by $1.4 billion since March 13 and now stands at $135.5. The top ten currencies are all in red as only Stellar XLM and Ripple’s XRP are on the losing side for the 24-hour period. At the time of writing bitcoin (BTC) is trading at $3,961 while ether (ETH) hangs around $136 and Ripple’s XRP holds above $0.317.
Bitcoin registered a small loss of less than $10 on March 13 and closed the trading day at $3,945 on the Bitfinex daily chart. Market players were not able to push price in either direction as the most popular cryptocurrency remained in the zone between $3,940 and $4,020 for 8 consecutive sessions.
One of the biggest and most used cryptocurrency exchanges, Coinbase, announced the listing of Stellar’s XLM token. The US-based platform will be offering XLM/USD, XLM/EUR, and XLM/BTC pairs on its Coinbase Pro platform in the supported jurisdictions, with the exception of New York State.
The XLM price is up 38 percent for the last 30 days and the token is currently ranked at number 8 as per CoinMarketCap.
The Thailand Security and Exchange Commission (SEC) approved the first-ever Initial Coin Offering (ICO) platform in the country. As reported by local media Bangkok Post on March 13, the new portal will launch as soon as it receives the green light from the relevant government agencies and will be operated by an unnamed foreign company. According to Archari Suppiroj, director of the fintech department at the SEC, “the ICO market has started to graduate from project-based and intangible ideas to ICOs backed by physical assets such as real estate” which requires an additional level of regulation and government monitoring.
The SEC will be looking to set up a procedure for security tokens issuance in the near future as they currently fall under the Securities and Exchange Act and require additional license to operate.
The value of the Ethereum Project token is range-bound in between $130-$140 since February 25. Some traders point to a Falling Wedge formation on the daily chart that may indicate a breakout in one of the two directions in the coming days.
The ETH/USD pair closed the trading session on March 13 at $134.2 and remained mostly flat on March 14 as neither bulls or bears were able to take advantage of the rapid price fluctuations.
Speaking at the Token 2049 crypto summit in Hong Kong, Ethereum co-founder Vitalik Buterin shared his thoughts on current blockchain state, future development, and potential use cases for the technology. According to him, the financial industry will be the one that will benefit the most since decentralization will help speed-up transaction time and cost and eliminate middlemen. Small players will be able to use blockchain as a leverage to compete with IT giants in multiple sectors including digital identity, certificates issuance, the gaming industry, and entertainment.