Tether market cap overtakes EOS – January 29

Current Bitcoin Price: $3418 (as of 9:00 AM PST)

Most cryptocurrencies are in the green today, albeit by a small amount. This small bounce-back comes after a 5% drop in the total market capitalization yesterday, and amounts to an increase of about 0.8% on average across all cryptocurrencies.

Bitcoin hasn’t budged a bit over the last 24 hours; Ethereum and XRP are up by 1% and 2% respectively; and TRON is posting impressive gains of more than 5.5%. In summary, it’s been a relatively quiet day for the cryptocurrency market — as for the cryptocurrency headlines!

Top Bitcoin & Crypto News Stories for 29th January 2018

Tether market cap overtakes EOS

Cryptocurrency market capitalizations jump up and down all the time, with every haphazard fluctuation of the market. However, EOS has long been a significantly more popular cryptocurrency than stablecoin Tether; by comparison, EOS boasted a market cap of more than 17 billion dollars at its peak, as compared to Tether’s less-than-3 billion dollar cap.

For a brief period today, Tether overtook EOS as the fourth largest cryptocurrency. This clearly shows the movement of funds from traditional cryptoassets to stablecoins such as Tether, although it has been quickly reversed by a 4% swing in EOS’ price today.

Netherlands plans crypto exchange licenses

The cryptocurrency industry has long been in need of regulation, especially for market makers such as exchanges. For some countries this has been difficult, but countries in the European Union have to follow collective rules regardless of their own decisions.

One of such rules is the EU’s Anti-Money Laundering Act, which has mandated EU countries to at least somewhat regulate the operations of cryptocurrency exchanges. As such, major Dutch government bodies — such as Netherlands Authority of the Financial Markets — have been planning their approach to the licensing of cryptocurrency exchanges.

NEXO supposedly abandons investors

NEXO is a crypto project that allows users to take out fiat loans by depositing cryptocurrency as a down payment. As with several other unsuccessful projects, NEXO offered its users a unique fiat-crypto credit card.

Unfortunately, NEXO has been accused of abandoning its investors. The investor who made these accusations claimed that NEXO had not fulfilled its many promises for 2018 (including the card), and that the team had significantly dropped its communication.