Daily Berminal Brief (09/11/18): KuCoin Invests In Australian Exchange And The EU Recognizes Cryptocurrencies
The State Of The Market: After the recent fall, the market has been somewhat stable today. The top 10 cryptocurrencies have changed by less than 5% in the last 24 hours. Bitcoin (BTC) is currently priced at $6,319.92, losing 0.21% in the last 24 hours. The 24-hour trade volume is also stable at $3.8 Billion. Ethereum went down by a bit today and is currently priced at $191.79, losing 2.22% in the last 24 hours. With Bitcoin’s stability, Bitcoin Dominance has gone up to 56.3%, a new high in 2018.
1) According to a report published by the Australian Financial Review, the Singapore based cryptocurrency exchange KuCoin has invested $3 Million in Bitcoin Australia. Bitcoin Australia currently operates in 3 markets, and with the investment, the exchange will expand to 50 markets over the next two years. The exchange has already made efforts to launch in Canada and the Netherlands (read more).
2) Adam Ludwin, the CEO of Chain Inc has revealed that the company has been acquired by Lightyear Corp., a company focused on the Stellar blockchain. After the acquisition, Lightyear’s Interstellar will move Chain’s customer base and products to Stellar’s public blockchain. Based out of San Francisco, Chain was a big player in the blockchain industry, with customers in the financial services industry. The new company, Interstellar, will also have its headquarters in San Fransisco, along with an office in New York and will employ 60 people (read more).
3) Valdis Dombrovski, the Vice President of EU Commission declared that cryptocurrencies are here to stay, and they will come up with conclusive regulations as early as this year. The EU Commission is the executive body that proposes legislation for the EU. He was very positive on cryptocurrencies and added that ICOs have the potential to become a viable form of alternative financing. The first step is to determine if the EU should use existing laws to regulate cryptocurrencies or create new ones (read more).