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Lull after the storm

Apr 10, 2019

The beginning of the current week is quite calm; most cryptocurrency traded in narrow sideways. The total market capitalisation, according to CoinMarketCap, fell by less than $3 billion, or to 1.5% in the first two trading days of the week. However, IOTA’s capitalisation has decreased to $ 0.977 billion.

Bitfinex has removed the minimum deposit limit

Bitfinex, Hong Kong Cryptocurrency Exchange, has removed the minimum capital requirement for its users. Previously, the entry threshold was $10 000, but this restriction was eliminated due to an increase in the number of orders from traders. This information appeared on Medium. Jean-Louis van der Velde, the general director of the exchange, states:

“We simply could not ignore the increasing level of requests for access to trade on Bitfinex from a wider cohort than our traditional customer base. For the last six months, we have been working hard to ready our platform for a new wave of customer accounts and are now in a position to open Bitfinex to a wider audience.”

The report says that the support center has been upgraded, as well as the new portal Know Your Client (KYC) has been created.  It is an updated infrastructure that allows the implementation of third-party tools.

Thus, there is a risk of temporary technical failures of the exchange associated with an increase in the customer base and, accordingly, increased server load.

Rumors

Facebook expects to attract $1 billion investment for its cryptocurrency project.  Nathaniel Popper, a technology reporter for The New York Times, mentioned it on Twitter. He cites a source who claims that Facebook is targeting “large sums of up to $ 1 billion” from venture capitalists to support efforts for the stable coin creation.

These funds can be used as collateral to support the token. Attracting third-party investors to a stable currency project can help Facebook present a cryptocurrency project as “more decentralised and less controlled”.

Facebook has developed its stable coin for money transfers through WhatsApp, as was shown in December last year. A stable coin can be tied to a “basket of foreign currencies stored in bank accounts.”

Banks and cryptocurrencies

Opinions on the feasibility of issuing their cryptocurrency banks significantly diverсe. But more and more of the world’s largest banks are preparing or have already released their digital currencies.

The Japanese company of banking holding and financial services, Mitsubishi UFJ Financial Group (MUFG), plans to introduce its digital currency MUFG Coin at the end of this year. MUFG is the largest financial company in Japan, and, according to forecasts, it will become the first Japanese bank to issue virtual currency, a stable blockchain-based currency tied to the Japanese yen 1: 1.

About 1,500 employees have been testing this currency since 2017. In May 2018, MUFG announced its intention to test MUFG Coin with 100,000 account holders in 2019. But the newly appointed president of the company Kanetsugu Mike does not mention the exact release date.

At the end of the brief fundamental review we will focus on three main areas:

– adaptation of the largest cryptocurrency exchanges for mass users;

– active investment in blockchain technology and cryptocurrency in general;

– introduction of blockchain technologies in all sectors of the economy and the creation of their tokens by the largest banks in the world.

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