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Stellar (XLM) Hits Market Capitalization of $7.67 Billion

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Stellar (CURRENCY:XLM) traded up 4.8% against the U.S. dollar during the twenty-four hour period ending at 17:00 PM ET on February 6th. One Stellar coin can currently be purchased for approximately $0.42 or 0.00004872 BTC on major cryptocurrency exchanges including BCEX, GOPAX, Exrates and AEX. Stellar has a market capitalization of $7.67 billion and approximately $189.90 million worth of Stellar was traded on exchanges in the last day. Over the last seven days, Stellar has traded up 18.5% against the U.S. dollar.

Here’s how similar cryptocurrencies have performed over the last day:

  • Ripple (XRP) traded down 4.8% against the dollar and now trades at $1.03 or 0.00012037 BTC.
  • NEO (NEO) traded down 2.1% against the dollar and now trades at $111.10 or 0.01300720 BTC.
  • IOTA (MIOTA) traded down 3.3% against the dollar and now trades at $1.80 or 0.00021070 BTC.
  • TRON (TRX) traded down 6.7% against the dollar and now trades at $0.0432 or 0.00000505 BTC.
  • Tether (USDT) traded 0.2% lower against the dollar and now trades at $1.00 or 0.00011696 BTC.
  • VeChain (VEN) traded 1.8% lower against the dollar and now trades at $4.22 or 0.00049358 BTC.
  • Populous (PPT) traded 11.6% lower against the dollar and now trades at $26.46 or 0.00309729 BTC.
  • Binance Coin (BNB) traded down 3.6% against the dollar and now trades at $8.95 or 0.00104830 BTC.
  • U.CASH (UCASH) traded 51.3% lower against the dollar and now trades at $0.0952 or 0.00001114 BTC.
  • Status (SNT) traded down 2.2% against the dollar and now trades at $0.22 or 0.00002554 BTC

Stellar’s genesis date was July 19th, 2013. Stellar’s total supply is 103,689,123,972 coins and its circulating supply is 18,432,548,633 coins. Stellar’s official Twitter account is @stellarorg and its Facebook page is accessible here. Stellar’s official message board is stellarcommunity.org. The Reddit community for Stellar is /r/stellar and the currency’s Github account can be viewed here. The official website for Stellar is www.stellar.org.

According to CryptoCompare, “Stellar is public infrastructure for money. Supported by a nonprofit, Stellar brings the world together by increasing interoperability between diverse financial systems and currencies. Stellar is a technology that enables money to move directly between people, companies and financial institutions as easily as email. This means more access for individuals, lower costs for banks, and more revenue for businesses. Help better the world’s financial infrastructure by participating in our community or by building on Stellar.  “

Stellar Coin Trading

Stellar can be bought or sold on these cryptocurrency exchanges: Qryptos, Upbit, RippleFox, Binance, AEX, Gatehub, OKEx, Bittrex, CoinEgg, GOPAX, Exrates, Poloniex, Kraken, Mr. Exchange, Bitstamp (Ripple Gateway), Stellar Decentralized Exchange, BCEX and Bitcoin Indonesia. It is not presently possible to buy Stellar directly using US dollars. Investors seeking to acquire Stellar must first buy Bitcoin or Ethereum using an exchange that deals in US dollars such as Coinbase, GDAX or Changelly. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Stellar using one of the aforementioned exchanges.

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India’s proposed crypto ban is ‘corrupt’ says Tim Draper

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  • India’s proposed bill is “pathetic and corrupt,” Tim Draper.
  • Draper is known for his public support for Bitcoin and freedom to use cryptocurrencies.

Following a leaked bill from the India government proposed a blanket ban on cryptocurrency, Tim Draper, a Bitcoin support and investor in Tezos has come out to condemn the move. The outspoken investor has recently advocated Bitcoin to the government of Argentina. He refers to India’s proposed bill as being “pathetic and corrupt.”

He wrote on Twitter:

“People behaving badly! India’s government banned Bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership.”

His comments have not been received well by the people on Twitter with some saying that Draper has not confirmed the developments and is acting on hearsay only. Draper is known for his public support for Bitcoin and freedom to use cryptocurrencies and does not support government involvement in terms of regulating the space.

As reported by FXStreet, a lawyer in India shared what he referred to as the evidence of a draft law that could be used to ban cryptocurrencies in India except for the ‘Digital Rupee,” a digital asset that will be issued and backed by the Reserve Bank of India.

More on India’s leaked draft bill: India’s battle with crypto ban continues: “Digital Rupee” to be only the digital currency

source:.fxstreet.

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France’s Financial Watchdog Proposes ‘Voluntary’ Regulatory Framework for Crypto Firms

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The Financial Markets Authority (AMF), France’s top financial organization, plans to release an experimental regulatory framework for crypto firms later this month, according to a Reuters report.

The rules will include capital requirements, tax mandates, and consumer protection protocols – which “crypto-related firms will voluntarily abide by” in exchange for regulatory approval, reports Reuters.

Anne Marechal, executive director for legal affairs at the AMF, called the experimental arrangement a “precursor” for international crypto-specific legislation, rather than the mismatched application of financial regulations written prior to the advent of the asset class.

This is not the first time France has unveiled a “tit for tat” regulatory scheme. In April, the AMF released a requirement for banks to open accounts for crypto firms that “opt in” to being regulated. Part of the PACTE law, crypto exchanges and custodians were also extended the “option” to attain an operating visa.

At the time, Finance Minister Bruno Le Maire suggested the European Union follow “the French experience” by using the PACTE guidance to set up a “single regulatory framework” for digital assets in the EU single market.

These relatively unrestrictive legal measures were taken to promote the growth of small and medium-size businesses. While some governments, organizations, or industry leaders call explicitly for self-regulation or no regulation, many believe clearer rules regarding the sale, distribution, trading of cryptocurrencies would stimulate, rather than hamper, the industry.

Frederic Montagnon, the co-founder of LGO, a crypto exchange looking to expand into France, told Reuters, “When you are an entrepreneur, the worst that can happen to you is to set up your business where there is no regulation, to see an adverse regulatory framework later imposed that jeopardizes your whole business.”

Marechal said “several” crypto exchanges, custodians, and hedge funds are in dialogue regarding the regulatory framework with the AMF, which is also set to approve “three or four” ICOs.

Specifics will arise when the watchdog publishes the regulatory guidance.

source:coindesk.

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For each U.S dollar in BTC spent on the darknet, $800 is laundered, says report attacking Steven Mnuchin’s claims

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Following the crypto-focused briefing by the U.S Treasury Secretary, many have drawn conclusions that best fit their financial interests. But, with Steven Mnuchin linking Bitcoin to enabling illegal activities, hardcore crypto-enthusiasts have taken the criticism personally. In an attempt to dispense of this notion, Messari.io published a detailed report to compare the top fiat’s contribution towards fraud, in comparison to the world’s leading cryptocurrency, Bitcoin.

Source: Messari

In the report titled, “Bitcoin in the grand scheme of things,” BTC’s contribution toward illegal activities was dwarfed by the strongest of fiat establishments. Through a combined analysis of data from Chainalysis and United Nations Office on Drugs and Crime, the report claimed,

“For each $ (U.S. Dollar) in BTC spent on the darknet, at least $800 is laundered.”

While this revelation may come as a shocker to traditional financial giants, it is important to note that messari.io has considered the total volume of BTC spent on the darknet, which largely comprises of legitimate transfers.

Further, the one-on-one comparison also showed that global economies recorded an explosive increase in their stock of narrow money [M1] i.e. physical money and digital assets. With the European Union leading this race with 0.87 billion in supply, it’s currently 98% higher than BTC’s total supply expected to be recorded sometime in 2020 (considering BTC’s price to be $10,000).

The report also considered the Federal Reserve’s balance sheet from 2009, the year when BTC was launched. The report revealed that the Fed’s balance sheet showed a currency issuance rate of 13,664%, against BTC’s modest 12 billion.

This report was shared by, @fmoulin7, over a tweet directed towards Mnuchin, which read,

“Just a quick reminder… @stevenmnuchin1”

Most leaders within the cryptoverse expect the U.S. government to allow the use of crypto within the limits set by the nation’s ruling government. The remaining however, retain their optimism for a BTC-dominated future, with or without the support of the government.

Source.ambcrypto

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