Summary:
- Paris Saint-Germain (PSG), one of the most famous and wealthiest football clubs, launches virtual currency
- The Bank of Russia, the Russian central bank, conducts experimental ICO
- Ethereum (ETHEREUM on xStation5) drops below the $165 handle
Wednesday brought continuation of declines on the cryptocurrency markets, especially on Ethereum and Litecoin markets. The cryptocurrency with the second largest market capitalization has been trading in a downtrend since the beginning of the September. Over the past 24 hours Ethereum and Litecoin have both, lost nearly 10% of their values. The capitalization of the whole cryptocurrency market plunged below the $190 billion mark. However, Bitcoin failed to produce any major price movement and therefore its capitalization remained almost intact around $110 billion. Today, we present news concerning topics such as the French football club’s cryptocurrency and an experimental ICO conducted by the Russian central bank.
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ETHEREUM price continued downward move plunging to around the $165 handle. Ether erased nearly 45% since September. Will ETHEREUM find bottom anytime soon? Source: xStation5
The first piece of news comes from France where Paris Saint-Germain (PSG), one of the world’s most famous football club, plans to launch its own cryptocurrency with a token offering. The new virtual currency will be created in cooperation with Socios.com (the Malta-based blockchain startup), according to Paris Saint-Germain’s announcement on Tuesday. The coin will be listed on the Socios’ platform. Apart from having typical cryptocurrency features, digital asset would enable holders to vote on various, less strategic initiatives, for instance, selection of club’s t-shirts or some match opponents. “This revolutionary technology will have an important impact on the Club’s overall business strategy and the way we engage with our fanbase”, said Marc Armstrong, Chief Partnership Officer of PSG.
Over the past 24 hours BITCOIN has lost over 0.5% of its valuation but in comparison to other major coins its losses look minor. Nevertheless, let us recall that BITCOIN experienced some huge declines last week. At press time, the cryptocurrency is trading in the vicinity of the $6200 handle. Source: xStation5
The second piece of news covered today concerns the crypto-related experiment of the Central Bank of Russia. Namely, the central bank of the world’s biggest country by area announced in Vladivostok (let us note that, now, the Eastern Economic Forum is being held in this town) on Monday that it has conducted experimental ICO recently. The ICO trial has already ended and according to central bank’s officials it has been successful. However, Ivan Semagin, deputy director of the Bank’s financial development department said there were a lot of legal issues but he did not identify any of them.
LITECOIN, similarly to Ether, saw some significant losses today. The cryptocurrency has experienced over 6% drop since midnight, and it is trading around the $47.5 handle at press time. Source: xStation5
