BTC Analysis: Crypto Rises; NY Assigns Task Force
BTC ANALYSIS – On Thursday, cryptocurrencies increased in Asia. Meanwhile, New York State is planning to make a crypto task force dedicated to studying cryptocurrencies. Consequently, this news has received some attention.
Bitcoin added 1.34% to $3,859.9 as of 1:00 AM ET (06:00 GMT). Moreover, Ethereum rose 8.06% to $152.25. For XRP, it likewise climbed 1.7% to $0.36731. There was an increase of 3.16% to $32.654 in Litecoin.
On Wednesday, Assemblyman Clyde Vanel confirmed the news on social media. He stated that New York Governor Andrew Cuomo signed a digital currency study bill last week. This has made New York the first state in the US to launch a crypto task force.
Basically, the task force will study how to “properly regulate, define and use cryptocurrency.” The team will likely submit reports on December 15, 2020.
“Cryptocurrency…is more than just an asset that stores value. It is used as currency, a means to exchange for goods and services. It is also used to record contracts and transactions. Cryptocurrency tokens are also used as utility tokens that can record or store information; from how long someone browses a website to rewarding behaviors. The technology that undergirds cryptocurrency, blockchain technology, can be used in countless applications in the public and private sectors to improve transparency and efficiency. In fact, our government should consider blockchain uses with elections, the recordation of vital records and real estate transactions; to name a few,” Vanel said.
Meanwhile, the National Electronics and Computer Technology Center (NECTEC) of Thailand reiterated the comments of Vanel. NECTEC has worked the development of a blockchain technology applicable to elections in many levels.
“The goal is to reduce fraud and maintain data integrity,” said Nectec Cybersecurity Laboratory Head Chalee Vorakulpipat.
BTC Analysis: EOS rises 10% in bullish trade
On Wednesday, EOS traded at $2.7984 by 13:29 (18:29 GMT), higher 10.19% within the day. This was the largest percentage of the cryptocurrency since the 28th of December last year.
The upward movement lifted the market cap of the EOS to $2.5673B, or 1.93% of the total cryptocurrency market cap. Meanwhile, the highest market cap of EOS was $17.5290B.
Overnight, EOS traded in a range of $2.6086 to $2.8393. Further, there was an increase in value in the EOS with its 10.57% gains for the past 7 days. EOS’s volume traded in the twenty-four hours to time of writing was $794.8828M or 4.85% of the total volume of all cryptocurrencies. In the past seven days, the cryptocurrency traded in a range of $2.2381 to $2.8393.
EOS’s current price is lower 87.82% from its all-time high of $22.98 last April 29, 2018.