The altcoin action continues today as the majority of the market is in the green. Meanwhile, Bitcoin has stabilized over $10,000 while continuing to lose some of its dominance.
Cryptocurrency Market Situation. Source: Coin360
Nevertheless, good news keep coming for Bitcoin – this time from Albion. In a landmark decision, the British law firm Stewarts managed to obtain an Asset Preservation Order (APO) for its client. While the matter is still far from being completely settled, this is the first time that Bitcoin is treated as property in British court, which previously struggled with its classification: the law allows for only two types of property, chose in possession and chose in action. The first refers to possession of strictly physical things, while the second pertains to property rights that can be enforced through legal action i.e. money in a bank account. Bitcoin doesn’t fit any of the two rigid definitions, which caused a great deal of uncertainty in court.
Good day for the letter I
The altcoin market is seeing a stable recovery, though most coins in the top-10 only have modest gains comparable to BTC.
The exception is provided by two I tokens: IOTA and ICON.
IOTA has already retraced some of its gains, but remains at +4.86% on the day, a solid increase in the context of the market.
The rise can be attributed to a tweet by Alexander Renz, subsequently retweeted by IOTA’s twitter account, which announced the upcoming presentation of EDAG Engineering’s CityBot, an IOTA-powered autonomous vehicle concept.
#EDAG to present #CityBot at #IAA – a multi-functional robotic vehicles with @iotatoken based feeless machine-to -machine micro-payments. Machines as their own economic agents in the next gen web! #IOTA #DLT #Blockchain https://t.co/f1uzXt17qp
— Alexander Renz (@AlexanderRenz) August 22, 2019
The tweet coincided with a 6% spike in IOTA / USD which added to an already good performance that day.
The biggest winner today in the (almost) top-50 is definitely ICON, with a 10% increase over the last 24 hours.
The explanation is however very simple. ICX used to trade at a more than 100% premium on Huobi, whose price was then excluded from CMC calculations. Yesterday, the floodgates were opened, and arbitrage traders on Binance rushed to buy the coin to then sell it on Huobi. In the process, the price reached a new, slightly higher equilibrium.
What rises must also fall. Source: TradingView
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