ICO Ratings on ICOformula - Movers and Shakers of Week 22
An encouraging weekend in the cryptocurrency markets sees the global cryptocurrency market cap now at $345 billion – up $10 billion from Friday, Bitcoin at $7609 – up $56 and Ethereum currently at $604 also up by $21.
France is aiming to be the first country to regulate Initial Coin Offerings (ICOs) according to reports from the French Treasury Department and the Autorité des Marchés Financiers (AMF) as they draft the “Pact Act” (Action Plan for Business Growth and Transformation). The Act will see the responsibility for governing ICOs under the control of the AMF who will essentially legislate ICOs in a bid to separate the “wheat from the chaff” with what it terms as “ad-hoc regulation” as opposed to banning ICOs at will. ICO projects will be able to apply for a stamp and optional visa from the AMF which will add credibility to projects that comply and confidence for potential ICO investors. The AMF claim they will be guaranteeing the quality of project whitepapers, ensuring escrow services are used and of course ensuring KYC and AML are also adhered to. The Act is expected to have run its parliamentary approval and be in place in early 2019. By all accounts, the French appear to very keen to attract blockchain and cryptocurrency business after the French Finance Minister Bruno Le Maire recently announced his changed views on the sector.
VISA suffered a European-wide outage on Friday due to hardware failure according to statement from the payment processor. Visa executives have been very vocal about not pursuing blockchain technology or the concept of cryptocurrency after Visa CFO Vasant Prabhu had a tantrum on the subject in an interview with the Financial Times in March after commenting that residents in his local neighbourhood (Silicon Valley) likened him to a “Dinosaur”. Whilst major banks and payment processors continue to innovate and experiment with using blockchain solutions despite the processing rate still being relatively slow at the moment – sooner or later the necessary processing capacity will match and rapidly surpass Visas current rate – at which point one has to wonder what will become of Visa itself if they continue to reject the very technology that would have prevented Fridays problems?
Last week in the world of ICO Ratings on ICOformula:
The first chart shows us how the top 10 ICO’s by average position have changed over the course of the previous week:
The second chart shows the top 10 ICO’s by largest average position gain over the past week:
The third chart shows the top 10 ICO's by largest average position drop over the past week:
Caveat: Only ICO’s that have had the status of ICO are used in the data set for the full 7 day range are included in the following charts. ICO’s that either entered the dataset mid-way through the week, OR completed the ICO process and completed their sale/trading as tokens are not included in these charts.
Learn more about ICOformula ratings and how the Formulatron calculates them in our in-depth guide to how ICOformula rates ICOs.
Created: Monday, June 4, 2018
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