The State of the Market: On Friday Stellar launched a decentralized exchange (DEX) which will offer digital assets from multiple blockchains. The company joins a growing list of crypto-startups and exchanges opening DEXs, but StellarX is unique in the fact that it offers BCH, BTC, USD, ETH, and a range of other tokens which are paired with XLM. Customers will retain 100% custody of their funds and is the exchange is entirely fee free. Meanwhile, bitcoin continues to fluctuate from $6,500 to $6,750 and analysts are suggesting that $6,550 is a consolidation point that bitcoin will retest until a bullish breakout occurs. Currently the cryptocurrency market capitalization stands at $220 billion.
1) Wirex, a hybrid banking solution based out of Europe has seen a lot of traction for its low fee and support for cryptocurrencies. The bank allows users to deposit cryptocurrencies and convert them to be used as cash with its debit card. Wirex currently supports multiple currencies like Bitcoin, Ethereum, and Ripple. However, one of the biggest feature stopping it from being a complete bank is the lack of IBAN, which they now have for Spain and France. An IBAN allows users to make cross-country payments. Also, Wirex has increased the account limits in the European region to a range between $18,560 and $20,000 dollars. (Read More.)
2) Ethereum, EOS, Cardano and Iota were absolutely pummeled during September, while on the other hand, XRP, Stellar, Tezos and Dogecoin led the market with consistently impressive gains. In August cryptocurrencies reached new lows and the onslaught continued into September as the total market capitalization fell to a 2017 low of $186 billion. Bitcoin dominance has risen to 58% and currently the cryptocurrency market is 77% down from it’s all time high. Meanwhile, XRP managed to gain 70% and XLM gained 15% for the month. Many analysts are suggesting that the cryptocurrency market reached a bottom over the past two months and October is predicted to mark the beginning of a market reversal. (Read More.)
3) As another instance of a corrupt banking scandal comes to light, the entire cryptocurrency industry looks tiny when compared to it. Danish lender Danske Bank shocked the world when it was revealed that it helped launder $235 billion through just one of its banks in Estonia over eight year period. Right now, the entire cryptocurrency market cap is valued at $219 Billion, which is slightly less than the money laundered by Danske Bank. While legitimate cryptocurrency companies are given a hard time by regulators worldwide, regulated institutions like banks continue to perpetrate bigger crimes. Unsurprisingly, Danske spoke out against cryptocurrencies before the scandal broke out. They said they cannot support cryptocurrencies as they assist those participating in financial crimes and money laundering. (Read More.)