General Market Outlook

The market has made mild positive movements overall, with many coins consolidating at their previous day’s value. Coins are split between positive and negative growth, and trading volume has remained between $17 billion and $18 billion in 24 hours. XRP (XRP) and Bitcoin Gold (BTG) are the major stand outs of the top 100 coins by market cap - up over 9% and 7% respectively in the past 24 hours. The value of Bitcoin (BTC) is just under $3,500 for +1.0% and a total market dominance of about 52.7%, and the value of Ethereum (ETH) is roughly $110 for +2.5?% change in the past 24 hours. Market cap for the overall cryptocurrency market gained just under $3 billion, rising to almost $116 billion total.

Major Headlines

Italy Defining Blockchain Timestamps

Previously, the government of Italy had mandated that blockchain timestamps or validations of any kind would not count as true validation for legal documentation. However, at a senate hearing last week, a no proposal was published that would add distributed ledger technology and smart contract-related terms to the Senate Act No, 989 which was passed in December 2018. It includes definitions of blockchain and smart contracts in the amendment, and proposes that the recording of an electronic document using technologies based on distributed ledgers “produces the legal effects of the electronic time validation referred to in Article 41 of EU Regulation no. 910/2014.” It was already approved by the senate committees of Constitutional Affairs and Public Works, according to Finance Magnates, and must now only gained approval from the Italian Parliament.

LocalBitcoins Addresses Hack

The controversial Bitcoin website LocalBitcoins.com was recently hacked. The system uses a third party company to actually handle the Bitcoins involved in a transaction, and in this way is not a money handler and is not a cryptocurrency exchange. The recent hack only effected a small number of users, but they are taking them time to address the issue. Via Reddit.com the company posted an update on Saturday hat they detected the security breach at around 10:00 UTC the same day, “which was related to a feature powered by a third party software.” As a result, the hacker was able to access some user accounts and make transactions. They are suggesting that all users use 2-factor authentication systems, and the website remains open for use.

U.S Presidential Candidate Supports Cryptocurrencies

Howard Schultz, a chairman of Starbucks and former CEO recently announced his interest in running for the U.S. presidential position. He has stated in the past that sees cryptocurrencies as a future part of a cashless, digital economy, though he does not believe that Bitcoin as a “legitimate” cryptocurrency: “I’m talking about … the possibility of what could happen — not in the near term, but in a few years from now — with a consumer application in which there’s trust and legitimacy with regard to a digital currency… I’m not bringing this up because Starbucks is announcing that we are forming a digital currency or we’re investing in this … I’m bringing this up … as we think about the future of our company and the future of consumer behavior.”

Top 5 Gainers

MyToken (MT) +270.58% at $0.004259

StarCoin (KST) +141.23% at $0.006475

B2BX (B2B) +51.80% at $0.273435

Moneytoken (IMT) +48.94% at $0.000478

Bitcoiin (B2G) +40.33% at $0.031139

Top 5 Losers

Fire Lotto (FLOT) -30.45% at $0.011995

Dentacoin (DCN) -25.34% at $0.000080

Zap (ZAP) -23.64% at $0.005906

Mobile (MGO) -20.85% at $0.264360

United Bitcoin (UBTC) -20.13% at $1.36

New Coins Listed

Quant Market (QNT) listed to Bittrex International

By: BGN Editorial Staff