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▪️Bitcoin (BTC) $13699.85 CAD decreased 5.81%. The Bank of England’s (BoE) Governor Mark Carney has declared that BTC cannot be considered a legit currency by “traditional” definitions. At a recent event, Carney claimed how BTC fails to meet two major requirements of a traditional currency, claiming that BTC is neither a means of exchange, nor a store of value. However, Carney continues to talk about cryptocurrencies undying value (Blockchain technology) “may still prove useful” due to its decentralized nature. There is still lots of questioning regarding how cryptocurrencies should be treated. The US Internal Revenue Service (IRS), defines virtual currency as a “digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value” and has been taxing cryptocurrency as property since March 2014. Check out CoinTelegraph’s article that goes into Carneys views on cryptocurrencies along with how cryptocurrency is viewed under the law! (https://cointelegraph.com/news/bank-of-england-governor-claims-bitcoin-has-failed-as-a-currency) ▪️Ethereum (ETH) $1107.55 CAD decreased 7.52%. Vitalik Buterin came up with a new ICO idea, where it provides investors have more control over the ICO’s they invest into. The concept would be merged with a decentralized autonomous organization (DAO), to best allow investors to have a say in how money raised gets handled. This whole model will be called DAICO, which is already being developed with a gaming startup The Abyss, where they are building their very own version for its upcoming token sale. Check out CoinDesk which goes much more into depth on how Buterin wants this to work! (https://www.coindesk.com/vitalik-new-idea-icos-tested/) ▪️Bitcoin Cash (BCH) $1721.00 CAD decreased 11.36%. Currently there is no news/announcements that could affect BCH’s value, and that it followed the markets trend. Check out CoinTelegraph’s newest price analysis that goes over
▪️Today was a rather calm day, until later in the day where there was a crash. With a total cryptocurrency market cap of $474 billion USD, the market is showing a strong decrease currently. —————————— ⏰Tune in tomorrow between 8-10pm (UTC-5) for the daily update, and remember to like todays update!