Market Analysis Report

Market Update

Despite rising above its 50-day moving average again, the Bitcoin price is having a hard time traction. As reported by South Korean news sources, the South Korean Financial Supervisory Service (FSS) decided to ban initial coin offerings. Also according to the Russian news source TASS, Alexey Moiseev, russian deputy finance minister, told reporters that no regulator doubts that Bitcoin payments will be banned, which may be helping to the Bitcoin price drop.

At press time, Bitcoin price is sitting at $4,087.89 down from a high of $4,269 yesterday, with over $430 M worth of BTC exchanged in the past 24 hours on the BTC/USD pair which has a 31.54% share of daily volume, second to JPY at 48.89%, this translates into a $67.5 billion market cap.

Yesterday, ETH price rose above the $300 level against the US Dollar. The price traded as high as $311.45 before facing sellers and started dropping.

Currently sitting at $287.58, the Ethereum price dropped 6.13% yesterday, with over $170 M worth of Ethereum exchanged in the past 24 hours on the ETH/USD pair, which has a 37.14% share of daily volume.

See live charts here

South Korea Bans Initial Coin Offerings

As reported by regional news sources News1 Korea and JoongAng, the South Korean Financial Supervisory Service (FSS) decided to ban initial coin offerings, during the September 29 meeting of its cryptocurrency task force in Seoul. The purpose of the ban is to protect investors from fraud. JoongAng cites Kim Yong-bum, vice chairman of the Financial Services Commission:

“We are worried about adverse effects such as increased risk of fraud, The ICO will be prohibited in all forms.”

Read more here

Russia Likely to Ban Bitcoin Payments - Deputy Finance Minister Says

According to the state-backed news source TASS, Alexey Moiseev – who previously said that Bitcoin should be classified as a kind of asset in Russia and limited to qualified investors – told reporters, that no regulator doubts that Bitcoin payments will be banned.

"No regulator doubts that payments will be banned. The discussions will continue. I think that within the framework of these discussions we will decide what we will do with it."

Read more here

Bahrain May Adopt Bitcoin and Issue Bonds in Digital Currency

The Middle East island country of Bahrain is becoming interested in Bitcoin. Their government hopes to be on the cutting edge of fintech innovations. Khalid Al Rumaihi, the chief executive of the Economic Development Board of Bahrain, mentioned the country has been eyeing the blockchain sector for some time:

"We hope Bahrain can issue bonds on digital currency.”

Read more here

VIBE Token Ready to Trade on Livecoin, Starting October 6th.

Viberate is a platform that aims to bring together the entire live music ecosystem. Currently, it acts as an “IMDB for live music”, where profiles are ranked according to their online popularity. After a successful crowdsale, which ended in whopping 4 minutes and 42 seconds, Viberate is set to enter the world of crypto exchanges, starting with LiveCoin.net on October 6th.

At the moment, Viberate lists more than 130,000 profiles of musicians, 50,000 venue and 210,000 event profiles, created by over 50,000 contributors to the site. Funds, raised in September’s token crowdsale, will be used to upgrade and extend the platform with blockchain features, with the first being the rewarding system for Viberate’s contributors. Viberate COO, Vasja Veber, explains:

“It will primarily act as a gig-booking platform between musicians and event organizers where stakeholders will be able to pay and be paid in cryptocurrencies.”

To learn more about Viberate please visit their Blog, Twitter, Facebook or join their Telegram channel.

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