HSBC settled forex trades worth $250 billion using blockchain

Summary:

  • Top British bank settles forex trades worth $250 billion using blockchain
  • Denmark’s tax agency to be allowed to collect crypto exchanges’ user data
  • Bitcoin trades a little below $3600, Ethereum around $125

Yesterday’s trading was quite successful for top cryptocurrencies. The largest three cryptocurrencies - Bitcoin, Ripple, and Ethereum - saw sizeable bullish candlesticks on a daily chart. However, Tuesday’s trading has not performed so good, and major cryptocurrencies have experienced slight declines thus far. According to CoinMarketCap, the capitalization of the cryptocurrency market stands around the $123 billion handle while the capitalization of altcoins sitting a little below the $60 billion mark.

Bitcoin (BITCOIN on xStation5) saw a large increase yesterday, but today it has been trading subtly lower. The cryptocurrency price is situated a little below the $3600 handle at press time. Source: xStation5

HSBC settled FX transactions worth quarter of a trillion of dollars using blockchain

HSBC, one of the world’s largest banks, settled forex deals worth $250 billion last year using blockchain, as it said on Monday. The British bank settled over 3 million FX trades and made 150 thousands of payments using blockchain technology. Although, the bank did not reveal the same information related to FX trades being settled in a traditional way, it said that blockchain-settled deals represented only a small part. Nevertheless, such data and figures may be another evidence that blockchain technology is gaining larger and larger adoption among financial institutions.

Ethereum (ETHEREUM on xStation5) , like its bigger peer Bitcoin, experienced a rise yesterday. However, yesterday’s gains did not manage to recoup all latest drops. Moreover, Tuesday has not been so optimistic, and Ethereum has seen a slight drop so far. Source: xStation5

Danish Tax Agency to collect user data from crypto exchanges

The Danish Tax Agency called the Skattestyrelsen, which is an agency under the Denmark’s Ministry of Taxation, has obtained a permission to collect user data from local cryptocurrency exchanges. Furthermore, it informed that this is the first time when the Agency gets such access. As a result, the Danish Tax Agency could obtain information regarding trades, names, addresses, and CPR numbers (i.e. a Denmark’s personal identification number) of crypto traders.

Ripple (RIPPLE on xStation5) has overtaken Ethereum in terms of market cap recently once again, but its dominance could be described as rather symbolic. Source: xStation5

Markets roiled as Trump launches stunning China attack
Instant view: Powell strikes balanced tone
Stocks swoon on Chinese tariffs; Powell next
DE30 craters on China tariffs, budget news
Pound set for another weekly gain
When performing transactions in the OTC Forex market, the possibility of making a profit is inextricably linked with the risk of losses.