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Cryptocurrencies turn largely red as cryptocurrency mining chip manufacturer TSMC forecasts weaker demand in 4Q2018

Oct 19, 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$6453.14 -0.09% -1.31% 2.48% USD$111,835,040,582 USD$3,786,080,728
Ethereum ETH USD$203.13 -0.06% -1.54% 2.92% USD$20,854,751,629 USD$1,358,212,273
EOS EOS USD$5.32 -0.35% -1.68% 2.19% USD$4,818,957,005 USD$432,839,604
XRP XRP USD$0.45 0.03% -2.48% 6.15% USD$18,091,016,518 USD$420,023,192
Bitcoin Cash BCH USD$434.95 -0.12% -2.68% -2.65% USD$7,572,825,227 USD$330,825,053

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
Litecoin LTC USD$52.78 0.18% -0.56% -0.57% USD$3,102,835,888 USD$284,105,515
Bitcoin BTC USD$6453.14 -0.09% -1.31% 2.48% USD$111,835,040,582 USD$3,786,080,728
Ethereum ETH USD$203.13 -0.06% -1.54% 2.92% USD$20,854,751,629 USD$1,358,212,273
EOS EOS USD$5.32 -0.35% -1.68% 2.19% USD$4,818,957,005 USD$432,839,604
Monero XMR USD$103.77 -0.2% -1.94% 1.13% USD$1,711,803,540 USD$21,071,737

Crypto News

  • A report released by Moscow-based cybersecurity company, Group-IB, finds that cryptocurrency exchanges have lost USD$882 million to hackers over the last two years. The report goes on to forecast that the trend will likely increase in the future as hackers more directly target cryptocurrency exchanges. The most notable cryptocurrency exchange hack occurred at the beginning of 2018 when Japanese crypto exchange, Coincheck, was robbed of USD$532 million of NEM tokens. The report highlights that some of the ‘busiest’ hacking groups involved in orchestrating attacks on cryptocurrency exchanges include Lazarus, Cobalt, Silence, and MoneyTaker. The report goes on to detail, “In 2019, cryptocurrency exchanges will be a new target for the most aggressive hacker groups usually attacking banks. The number of targeted attacks on crypto exchanges will rise.” 
  • A study conducted and published by Glassdoor, a career and recruiting website, finds that cryptocurrency and blockchain related job opportunities have significantly increased in 2018 despite a bearish cryptocurrency market. Glassdoor conducted the study by analyzing a large sample of online US job postings that contained keywords closely related to blockchain, Bitcoin (BTC), and cryptocurrency. According to the report by Glassdoor, as of August 2018, 1,775 job openings existed in the US related to blockchain while, at the same time last year, that number was 446 job openings -- this represents a whopping 300% increase in blockchain and cryptocurrency related job postings.
  • After Bermuda’s House of Assembly enacted new crypto and blockchain regulatory framework in July, the government has awarded the country’s first certification for an initial coin offering (ICO). As per the Royal Gazette, Wayne Gaines, Bermuda’s Minister of National Security, announced while speaking at the Bermuda Executive Forum in Miami that fintech company, Uulala, was awarded the certification. Uulala aims to provide services and increase inclusion for underbanked people through providing financial services and implementing a decentralized peer-to-peer network that would “load cash into the digital economy”. Funds deposited using Uulala also allow customers access to a virtual MasterCard to participate in e-commerce and to send or receive cross-border payments.
  • Cryptocurrency mining chip-maker, Taiwan Semiconductor Manufacturing Company (TSMC) is forecasting weaker demand in 4Q2018 for processors used by cryptocurrency mining hardware. While speaking in their 3Q2018 earnings call, TSMC noted that their revenue will be affected by “continued weakness” in the cryptocurrency mining market. TSMC is the main supplier for Bitmain, the world’s largest manufacturer of cryptocurrency mining hardware -- in Bitmain’s initial public offering filing submitted in late September, investors learned that 60% of Bitmain’s chip supply comes from TSMC. While speaking on the subject, TSMC CEO and Vice Chairman, C.C. Wei said, “We estimate our 2018 growth rate will be about 6.5% in US Dollar terms, which is close to the foundry industry’s growth but slightly below our 7% to 9% guidance given in the last conference.”
  • Gelfman Blueprint, Inc. and its CEO, Nicholas Gelfman, will more than USD$2.5 million in fines after a New York federal court found the firm guilty of operating a fraudulent Ponzi scheme. Gelfman Blueprint maintained 85 clients with 2,367 Bitcoin (BTC) under management as of 2015 after initially launching in 2014. In September 2017, the US Commodity Futures Trading Commission (CFTC) filed an anti-fraud enforcement action against Gelfmann Blueprint after it told investors that it had developed a computer algorithm called “Jigsaw”, which would generate substantial returns through a commodity fund -- the entirety of the scheme was a fraud. According to an announcement from the CFTC, Gelman Blueprint and CEO Nicholas Gefman stole more than USD$600,000 from at least 80 customers. CEO Nicholas Gelman also constructed a fake computer ‘hack’ to cover the firm’s trading losses.
  • Huobi, a cryptocurrency exchange based in Singapore, has launched a new solution that allows users to switch between four different fiat-pegged stablecoins in the event of price volatility or market fluctuations. Huobi announced in a press release on Friday of HUSD, a medium to facilitate exchanges of different stablecoins. When Huobi users deposit, say, 10 Gemini Dollars (GUSD), they receive 10 HUSD in exchange and their GUSD is essentially placed in a pool of other users’ GUSD. When users choose to withdraw, they are debited with the stablecoin of their choice that is pulled from the pool of said stablecoin. Robin Zhu, Huobi’s Chief Operating Office, points out that the solution could potentially run into a problem if the pool is not large enough to cover withdrawals.
  • Ripple Labs, Inc. and digital payments firm, Coil, have partnered with the Bill and Melinda Gates Foundation to implement Ripple’s Interledger Protocol to support, “pro-poor payment systems”. According to data from the World Bank, roughly 1.7 billion adults across the world in 2017 were technically unbanked. Most unbanked individuals are low and middle income earning individuals living in emerging markets without access to clear identification information.
  • While speaking in an interview with Bloomberg, Galaxy Digital CEO, Michael Novogratz, said that stablecoin Tether (USDT) should do a better job of creating transparency in its operations. Novogratz said, “I think Tether didn’t do a great job in terms of creating transparency,” after which he noted, “The concept of stablecoins make sense.” Novogratz’s comments come days after USDT lost its 1:1 peg to the US Dollar and dipped below USD$0.90/token on many exchanges. 

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

Sources:

https://bitcoinist.com/cryptocurrency-exchanges-lost-882-million-to-hackers-in-two-years-report-finds/ 
https://cointelegraph.com/news/report-blockchain-and-crypto-industries-see-growing-demand-for-talent 
https://cointelegraph.com/news/bermuda-government-approves-first-ico-under-new-regulatory-regime 
https://www.coindesk.com/chip-maker-tsmc-forecasts-weaker-crypto-mining-demand-in-q4/ 
https://cointelegraph.com/news/bitcoin-hedge-fund-and-ceo-slapped-with-25-million-penalty-for-ponzi-scheme 
https://www.cftc.gov/PressRoom/PressReleases/7831-18 
https://www.coindesk.com/judge-orders-trading-firm-ceo-to-pay-2-5-million-in-bitcoin-ponzi-case/ 
https://www.coindesk.com/crypto-exchange-huobi-now-lets-users-swap-between-4-different-stablecoins/ 
https://cointelegraph.com/news/gates-foundation-to-partner-with-ripple-and-coil-to-support-pro-poor-payment-systems 
https://www.ccn.com/gates-foundation-partners-ripple-and-coil-in-financial-inclusion-initiative/ 
https://cointelegraph.com/news/tether-didnt-do-a-great-job-on-transparency-claims-investor-mike-novogratz