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Cryptocurrencies fall over the weekend, member of US Congress introduces trio of bills in support of cryptos and blockchain technology

Sep 24, 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 Volume
Bitcoin BTC USD$6594.57 -0.19% -2.2% 2.66% USD$113,990,246,608 USD$4,208,774,345
Ethereum ETH USD$234.21 0.26% -4.58% 8.9% USD$23,925,743,750 USD$1,750,669,055
XRP XRP USD$0.53 0.08% -8.26% 89.52% USD$20,970,181,451 USD$990,049,139
EOS EOS USD$5.7 0.45% -5.59% 8.82% USD$5,169,051,990 USD$683,589,079
Bitcoin Cash BCH USD$468.86 0.37% -5.62% 6.81% USD$8,142,128,991 USD$391,310,777

Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change

On Mobile/Tablet scroll to the right

Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
Bitcoin BTC USD$6594.57 -0.19% -2.2% 2.66% USD$113,990,246,608 USD$4,208,774,345
Ethereum Classic ETC USD$11.12 0.43% -4.45% 1.62% USD$1,165,311,431 USD$149,855,131
Ethereum ETH USD$234.21 0.26% -4.58% 8.9% USD$23,925,743,750 USD$1,750,669,055
NEM XEM USD$0.1 -0.56% -5.48% 7.88% USD$861,028,342 USD$10,421,576
EOS EOS USD$5.7 0.45% -5.59% 8.82% USD$5,169,051,990 USD$683,589,079

Crypto News

  •  A research report authored by Weiss Ratings, a provider of market research on stocks, ETFs, mutual funds, and cryptocurrencies, makes a bold prediction saying Bitcoin will lose half of its market share to Ethereum within five years. The research report cites that Bitcoin is a, “one trick pony” while Ethereum’s superior blockchain does not limit the cryptocurrency in any sense. After receiving some negative feedback from investors, Weiss Ratings clarified via tweet that they see an, “Ethereum-like platform dominating the market – not necessarily Ethereum itself.” 
  • According to a report by Bloomberg, Brazil’s largest independent broker, Grupo XP, is launching a cryptocurrency exchange in the coming months. Grupo XP announced this move as Brazil may be on the brink of eased cryptocurrency regulations after Brazil’s regulatory agency announced last week it is investigating the country’s largest banks for allegedly halted the service to cryptocurrency related firms. Approximately 3 million Brazilians own cryptocurrencies while just 600,000 have holdings in stocks.  
  • After Bitcoin developers reported of a patch in Bitcoin Core to fix a bug that could bring down a large chunk of the network, an official Common Vulnerabilities and Exposures (CVE) report revealed that the bug was more serious than initially let on. According to the CVE report, an attacker could have exploited the bug to create new Bitcoin, thereby inflating the 21-million coin supply and devaluing current Bitcoins. Over half of Bitcoin miners have updated to the new software patch meaning users can no longer exploit this bug.  
  • Cryptocurrencies and their blockchains have observed more “down-time” in 2018 than ever before. After Steemit, a blockchain-based blogging platform that pays content creator in cryptocurrencies, went down for multiple hours on September 17th, Coindesk released an article discussing the increased down-time cryptocurrencies and their blockchains have observed in 2018. Coindesk’s article details that new and innovative consensus protocols, such as varied versions of Proof of Stake, have contributed to causing increased blockchain downtimes due to experimental protocols and unforeseen issues with these experimental protocols.  
  • Dubai’s Department of Finance (DoF) announced yesterday that it has partnered with the Smart Dubai Office (SDO) to launch a blockchain-powered government payment system. Reported by local news outlet, Zawya, the platform, dubbed, Payment Reconciliation and Settlement, launched yesterday and enables government entities to conduct real-time payments between each other and within government structures while providing more transparency.  
  • Erik Voorhees, CEO of cryptocurrency exchange ShapeShift, said that the exchange’s decision to begin collecting IDs from users was proactive and a necessary step to reduce legal risks. The decision came as Shapeshift was facing warnings from regulators to begin adhering to Know-Your-Customer regulations.  
  • Ethereum developers and miners have come together to stop specialized mining hardware from operating on its network. After a new application-specific integrated circuit (ASIC) was announced last Thursday, developers and mines have become vocal about ASICs effectively pushing out smaller miners from being able to operate. Members of the Ethereum community have called on developers to implement measures against ASIC mining in the Ethereum blockchain, as many believe ASICs can dominate a mining community and force decisions upon a coin.  
  • Iceland’s cryptocurrency industry may be moving away from a mining focus and moving towards a pure blockchain focus. Halldor Jorgenson, chairman of Borealis Data Center in Reykjavik, told news outlet Red Herring that demand from local cryptocurrency firms is shifting more towards pure blockchain. Iceland has become a popular area for mining due to its cold climate and cheap electricity, however, Icelandic industry experts have cited that a blockchain focus is better for the long-term future.  
  • In relation to the probe against Amit Bhardwaj and his alleged Bitcoin Ponzi fraud, Indian police authorities have seized USD$60 million of assets associated with the scheme. The Ponzi scheme was responsible for stealing roughly USD$5.26 billion from over 8,000 people.  
  • Opera is launching a special edition of its Labs desktop browser today that will feature a functional built-in crypto wallet. Announced in early August, the special edition of Labs opened today for private beta testers. According to a blog-post shared with Cointelegraph, Labs will enable users to authenticate Web 3.0 and dApp transactions made on their computer using their Android phone.  
  • Tom Emmer, a member of US Congress, is sponsoring a trio of blockchain-focused bills that aims to support the development and use of blockchain technology and cryptocurrencies. The first of the three bills addresses regulatory frameworks around cryptocurrencies and blockchain. The second bill ensures cryptocurrency miners would not be required to register as money transmitters. The third bill would protect tax payers in reporting revenue from tokens that resulted from a hardfork. Emmer’s announcement of these three bills came Friday, the same day he was named a co-chair of the Congressional Blockchain Caucus.  

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

Sources:

https://bitcoinist.com/weiss-ratings-bitcoin-lose-ethereum/ 
https://www.coindesk.com/brazils-largest-independent-broker-is-launching-a-crypto-exchange/ 
https://www.ccn.com/brazils-biggest-brokerage-processes-bitcoin-trades-govt-supportive/ 
https://www.coindesk.com/the-latest-bitcoin-bug-was-so-bad-developers-kept-its-full-details-a-secret/ 
https://www.coindesk.com/when-blockchains-go-down-why-crypto-outages-are-on-the-rise/ 
https://cointelegraph.com/news/dubai-department-of-finance-launches-blockchain-based-payment-system-for-uae-govt 
https://bitcoinist.com/dubai-is-building-a-blockchain-powered-government/ 
https://www.ccn.com/indian-authorities-round-up-on-bitcoin-scammers-properties-worth-60-million/ 
https://cointelegraph.com/news/icelands-industry-to-shift-from-crypto-mining-to-pure-blockchain-business-insiders-say 
https://www.coindesk.com/momentum-is-building-to-block-ethereum-asics/ 
https://cointelegraph.com/news/icelands-industry-to-shift-from-crypto-mining-to-pure-blockchain-business-insiders-say 
https://www.coindesk.com/us-congressman-drafts-bills-to-aid-blockchain-development/ 
https://cointelegraph.com/news/opera-launches-beta-labs-version-of-built-in-crypto-wallet-for-desktop-browser 
https://cointelegraph.com/news/us-congressman-to-introduce-bills-supporting-blockchain-technology-cryptocurrencies