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Bitfinex halts fiat-currency deposits as cryptocurrencies remain in the red

Oct 11, 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$6282.39 -0.36% -4.64% -4.59% USD$108,792,556,438 USD$5,138,879,365
Ethereum ETH USD$196.17 -1.4% -12.89% -12.14% USD$20,109,835,382 USD$2,121,398,563
XRP XRP USD$0.4 -1.33% -13.47% -24.26% USD$16,074,824,366 USD$821,439,965
EOS EOS USD$5.24 -1.32% -10.8% -9.05% USD$4,751,948,797 USD$781,879,032
Bitcoin Cash BCH USD$443.8 -0.71% -13.51% -14.04% USD$7,720,737,272 USD$498,651,057

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 Volume
Bitcoin BTC USD$6282.39 -0.36% -4.64% -4.59% USD$108,792,556,438 USD$5,138,879,365
Monero XMR USD$105.84 -0.9% -6.2% -7.6% USD$1,744,256,271 USD$402,751,250
Litecoin LTC USD$52.16 -0.73% -9.94% -10.87% USD$3,060,801,470 USD$372,567,115
Dash DASH USD$160.84 -0.52% -10.2% -10.95% USD$1,347,192,028 USD$155,750,698
Ethereum Classic ETC USD$9.71 -0.37% -10.26% -12.37% USD$1,021,617,445 USD$292,686,811

Crypto News

  • A cyber threat report published by researchers from Unit 42 identifies a cryptojacking malware that conceals itself through a fake Adobe Flash update window. The malware steals computers’ processing power in order to mine Monero by installing an XMRig cryptocurrency miner. Unit 42, the research unit that discovered the cryptojacking malware, is a threat intelligence team for Palo Alto Networks.  
  • A Chinese Bitcoin miner has been arrested after admitting to stealing 104,000 yuan (USD$15,000) worth of electricity from a train system. So Xu Xinghua was running 50 Bitcoin mining rigs and 3 electric fans 24 hours a day between November and December of 2017.  Xinghua mined roughly 3.2 Bitcoin, worth as much as USD$63,000 during peak prices.  
  • According to multiple employment advertisements, the People’s Bank of China is looking to recruit blockchain technology experts to assist in the research and development of a central bank digital currency. The employment advertisements detail four engineer positions with experience in system architecture, chip design, blockchain development, and cryptography. Other job postings detail two experts in finance and economics with expertise in economic theory and identifying regulatory risks.  
  • Coinbase has added its first Ethereum-based token to its professional trading platform, Coinbase Pro, according to a blog post Thursday. Trading for the 0x Protocol Token (ZRX), which is an ERC-20 token that runs off of the Ethereum network, began 12 hours after the blog post. As a result of the announcement, ZRX spiked as high as 13% for the day. ZRX trading is rolling out in four stages; transfer-only, post-only, limit-only, and full trading.  
  • Cryptocurrency exchange, Bitfinex, has temporarily suspended the deposits of fiat currencies into accounts for the Euro, US Dollar, Japanese Yen, and Pound Sterling. This development comes after reports broke on October 8th claiming that Bitfinex was insolvent or facing banking issues -- reports that Bitfinex has responded to by saying, “complications continue to exist in the domain of fiat transaction” while emphasizing that it is an issue most crypto-related institutions have to deal with. Bitfinex stressed while announcing the temporary suspension that deposits are expected to resume within the week.  
  • Millennial males are by far the most prominent demographic trading cryptocurrencies, according to a study by cryptocurrency startup, Circle. According to the study, 18% of millennial males have plans to invest in cryptocurrencies within the next year, compared to just 7% of millennial women. The survey sifted through over 3,000 respondents over the age of 18 and found that over a quarter of millennials plan to invest in cryptocurrencies over the next year, compared to just 10% of generation x and 2% of baby boomers.  
  • Rojava, a Northern Syrian region also known as the Democratic Federation of Northern Syria, is beginning to look towards cryptocurrencies as a way to subvert economic sanctions. The region home to 4 million Syrians has been at war for its territory for the last 6 years and only recently has established an extremely fragile peace. However, the region now faces economic sanctions from Turkey, Iran, Syria, and Iraq. With its newfound peace, the Democratic Federation of Northern Syria has been developing self-governing communities and technologic academies – these technologic academies will reportedly have a heavy emphasis on cryptocurrencies and cryptography. 

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

Sources:

https://cointelegraph.com/news/experts-warn-of-cryptojacking-malware-that-mimics-adobe-flash-updates 
https://www.coindesk.com/pboc-is-seeking-blockchain-talent-to-help-build-its-central-bank-crypto/ 
https://www.coindesk.com/coinbase-adds-its-first-ethereum-token-to-professional-trading-platform/ 
https://blog.coinbase.com/zrx-is-launching-on-coinbase-pro-29ae77eadc42 
https://bitcoinist.com/coinbase-pro-adds-0x-zrx-token/ 
https://cointelegraph.com/news/crypto-exchange-bitfinex-suspends-fiat-deposits-expects-to-resume-within-a-week 
https://www.ccn.com/newsflash-bitfinex-suspends-fiat-deposits-amid-bitcoin-selloff/ 
https://bitcoinist.com/bitfinex-reportedly-halts-fiat-deposits/ 
https://www.ccn.com/the-young-and-the-restless-millennial-males-dominant-among-crypto-investors-in-the-us/ 
https://bitcoinist.com/bitcoin-miner-imprisoned-for-stealing-power-from-trains/ 
https://www.coindesk.com/a-war-torn-country-in-syria-will-use-crypto-to-power-an-anarchist-state/