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Cryptocurrencies Sell-off Sends Valuations to New Lows for 2018

Aug 08, 2018

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Top 5 Cryptocurrencies sorted by 24 hour Volume

Name Ticker Price 1H% CHG 24H%CHG 7D%CHG MARKET CAP 24H VOLUME
Bitcoin BTC USD$6355.15 -0.15% -8.54% -16.49% USD$109,295,655,896 USD$5,405,608,118
Ethereum ETH USD$360.23 -0.95% -8.08% -14.35% USD$36,456,125,342 USD$2,133,543,262
EOS EOS USD$5.67 -0.47% -16.78% -21.82% USD$5,141,029,564 USD$907,562,778
Bitcoin Cash BCH USD$593.33 -0.5% -13.25% -22.05% USD$10,254,051,614 USD$473,639,435
Ethereum Classic ETC USD$15.31 -1.13% -12.63% -2.6% USD$1,586,719,534 USD$436,816,969

On Mobile/Tablet scroll to the right.  Source: S&P Capital IQ

Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change

Name Ticker Price 1H% CHG 24H%CHG 7D%CHG MARKET CAP 24H VOLUME
Ethereum ETH USD$360.23 -0.95% -8.08% -14.35% USD$36,456,125,342 USD$2,133,543,262
Bitcoin BTC USD$6355.15 -0.15% -8.54% -16.49% USD$109,295,655,896 USD$5,405,608,118
Dash DASH USD$176.45 -1.68% -10.38% -19.3% USD$1,455,133,796 USD$186,040,868
Cardano ADA USD$0.12 -1.0% -10.56% -17.73% USD$2,997,477,118 USD$88,209,499
Litecoin LTC USD$63.39 -0.45% -11.35% -18.34% USD$3,661,892,873 USD$342,413,570

On Mobile/Tablet scroll to the right.  Source: S&P Capital IQ

 

  • Adius, a decentralized music-sharing protocol, has raised USD$5.5mm in a Series A funding round.  While there is no release date yet, Audius seeks to use blockchain technology to help artists control the music they share.  The Audius platform, which is based on a musician-owned ecosystem, will allow artists to publish work rather than using platforms like SoundCloud.  In comparison to SoundCloud, Audius will offer musicians greater control of their intellectual property.
  • Viacheslav Sniezhkov, a security researcher, has reportedly discovered a major vulnerability in Augur, a decentralized application built on the Ethereum network.  According to his disclosure on HackerOne, Sniezhkov was able to insert fraudulent data into Augur’s user interface which could potentially lead to a significant loss of funds for other users.
  • Binance is enforcing structure rules for listings and partnerships.  Specifically, the rules appear to be targeting confidentiality around coins that are to be listed on the Binance platform.  
  • Mobile short-video application Cheez is launching a virtual currency bonus framework with blockchain content platform Contentos.  At the moment, only Bitcoin, Ethereum and COS (Contentos’ token) has been integrated in the Cheez platform. 
  • The US Drug Enforcement Agency (DEA) reportedly prefers that criminals continue to use cryptocurrencies since blockchain platforms make it easier to track the criminals.  According to an agent in the DEA’s 10-person Cyber Investigative Task Force during an interview with Bloomberg, investigators have many tools to monitor and track criminals thanks to blockchain technology.
  • Jackson Palmer, the creator of Dogecoin and a frequent cryptocurrency commentary believes the low usage of cryptocurrency networks is contributing to the price volatility on non-news days.  As an example, Palmer does not believe the ENTIRE cryptocurrency market should have sold off on news that the SEC deferred its decision on the VanEck-SolidX Bitcoin ETF until September 30.
  • Lightning Network activity on the Bitcoin mainnet has passed 3,000 nodes with capacity for ~100 BTC MTD in August.  According to 1ml.com, the network capacity has increased 85% in the past thirty days to 97 BTC (USD$628,000).
  • Microsoft announces it has introduced a proof of authority (PoA) algorithm on its Ethereum blockchain.  In contrast to the existing proof of work (PoW) algorithm on Azure, the PoA algorithm uses the principle approved identities/validators on the blockchain and does not require competition in the completion of transaction.  PoA product comes up with an identity leasing system, Parity’s web-assembly support, Azure Monitors and Governance DApp.
  • Romir, a unit of Gallup International that operates in Russia, conducted a survey which found that about 44% of its respondents (in Russia) have heard of cryptocurrencies; 13% claim to have a good understand of cryptos.  The survey asked 1,500 Russians about their understanding of cryptocurrencies and the ecosystem that supports them.
  • ShapeShift has acquired Bitfract, a Texas-based startup, that is developing a tool to permit users to exchange different cryptocurrencies with greater ease.  Bitfract’s technology will allow for Bitcoin to be exchanged for several different cryptocurrencies at the same time using a specialized API.  The goal is to make it easier for crypto-buyers to swap cryptocurrency portfolios without having to execute numerous executions.  
  • South Korean police raided the office of a firm which was peddling a cryptocurrency scame which promised spoils from a sunken Russian warship.  The raid was first published by The Korea Herald.
  • In Venezuela, the price of Bitcoin locally is doubling every three weeks as hyperinflation continues to ravage the economy.  As an example, a year ago, a cup of coffee cost 2,300 bolivars; today, the cost is closer to 2mm bolivars according to Bloomberg’s Venezuela Café con Leche Index.