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Cryptocurrencies Poised to Finish the Day Positive, Bernstein Report Suggests Bitmain Market Position Deteriorating

Aug 23, 2018

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Top 5 Cryptocurrencies sorted by 24 hour Volume

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Name Ticker Price 1H% CHG 24H%CHG 7D%CHG MARKET CAP 24H VOLUME
Bitcoin BTC USD$6448.41 0.17% 0.72% 1.18% USD$111,086,671,428 USD$3,672,882,532
Ethereum ETH USD$274.63 0.04% 1.44% -5.49% USD$27,878,145,768 USD$1,385,050,074
EOS EOS USD$4.81 -0.04% 2.96% 3.68% USD$4,357,303,703 USD$464,807,617
Bitcoin Cash BCH USD$520.19 0.21% 0.18% -1.01% USD$9,003,904,569 USD$288,890,794
XRP XRP USD$0.32 0.49% 0.32% 9.06% USD$12,707,589,944 USD$228,118,254

Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change

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Name Ticker Price 1H% CHG 24H%CHG 7D%CHG MARKET CAP 24H VOLUME
VeChain VET USD$0.01 1.28% 10.57% 31.78% USD$796,309,955 USD$37,268,460
IOTA MIOTA USD$0.5 0.59% 3.12% 6.39% USD$1,379,730,974 USD$33,668,785
EOS EOS USD$4.81 -0.04% 2.96% 3.68% USD$4,357,303,703 USD$464,807,617
TRON TRX USD$0.02 -0.04% 2.42% 2.32% USD$1,328,503,136 USD$84,305,082
Litecoin LTC USD$56.04 -0.01% 2.21% 0.26% USD$3,249,165,732 USD$209,432,996
 

Crypto News

  • Bitmain, the world’s large Bitcoin mining manufacturer, is introducing a new 18 terahash water-cooled mining device.  The new rig, called the Antminer S9 Hydro, will have a hashrate of 18TH/s and will consumer ~1,728W.   
  • A research report from Sanford Bernstein suggest that Bitmain’s monopolistic position in the bitcoin mining manufacturing industry is deteriorating.  According to the analysis, competitors such as Canann and Ebang International are catching up to Bitmain and cause pricing pressure on Bitmain’s products.  The decline in cryptocurrency market valuations have further put downward pressure on Bitmain profitability and returns on capital. 
  • US cryptocurrency exchange Bittrex is partnering with Rialto Trading, a regulated alternative trading system, to launch blockchain-based securities.  If the regulators approve of the idea, the Bittrrex-Rialto partnership is looking to launch products like issuance advisory service, placement, trading and custody.  
  • According to Chinese news sources, the Chinese government has blocked domestic traders from accessing 120 overseas cryptocurrency exchanges.   
  • After being hacked this past June, South Korean cryptocurrency exchange Bithumb recorded net profit of USD$35mm for C1H2018.  Total revenues were USD$270mm while operating profit was USD$194 in spite of a significant drop in trading volume following the USD$31mm breach in June 2018. 
  • The German Government call for an independent payment system that is free of the United States is being viewed as a net positive for Bitcoin. 
  • LG, the South Korean electronics conglomerate, is strategic focus that emphasizes blockchain.  The blockchain platform will emphasize a new decentralized identification protocol which will help LG transition to a completely digital ecosystem that manages customer businesses. 
  • Stockholm IT Ventures AB, a Swedish Block startup, has signed an agreement with Valens Bank to use the BTT Crypto Trading Toolbox for Crypto Fund trading.  The agreement will allow professional traders to actively manage digital assets for customers using AI trading tools. 
  • The UK Ministry of Justice is exploring blockchain as a tool to secure digital forms of evidence according to CoinDesk.  The idea, as explained by Deputy Director Balaji Anbil is that blockchain technology can be used to assist in handling digital evidence. 
  • London-based Wirex, a Bitcoin wallet and payment card provider, announces it is the 3rd crypto-enabled company to receive a e-money license from the UK financial regulators.  Wirex can now issue electronic money and provide payment services throughout the EU and European Free Trade Association. 
  • The World Bank and Commonwealth Bank of Australia have issued a A$100mm (USD$73.16mm) public bond exclusively on a blockchain network. 
     

*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

Sources:

https://news.bitcoin.com/bitmain-unveils-new-18-terahash-water-cooled-bitcoin-miner/ 
https://bitcoinist.com/bitmain-cracks-monopoly-according-analysts/ 
https://www.coindesk.com/bittrex-partners-with-trading-firm-on-crypto-securities-offering/ 
https://www.newsbtc.com/2018/08/23/china-continues-its-crypto-crackdown-blocks-public-access-to-offshore-exchanges/ 
https://www.coindesk.com/hacked-crypto-exchange-bithumb-made-35-million-profit-in-first-half-2018/ 
https://www.ccn.com/boost-for-bitcoin-germany-aims-to-withdraw-from-us-led-financial-system/ 
https://cointelegraph.com/news/electronics-giant-lg-focuses-on-development-of-blockchain-ai-iot-with-branding-strategy 
https://www.coindesk.com/swedish-bank-inks-deal-to-offer-crypto-fund-trading/ 
https://www.coindesk.com/bitcoin-wallet-provider-receives-e-money-license-from-uk-regulator/ 
https://www.cryptoninjas.net/2018/08/23/bitcoin-wallet-app-company-wirex-granted-uk-e-money-license/ 
https://cointelegraph.com/news/uk-watchdog-grants-third-e-money-license-to-crypto-company 
https://www.coindesk.com/uk-government-pilots-blockchain-in-bid-to-secure-digital-evidence/ 
https://www.coindesk.com/uk-government-pilots-blockchain-in-bid-to-secure-digital-evidence/ 
https://cointelegraph.com/news/world-bank-and-australias-largest-bank-issue-bond-exclusively-through-blockchain