Cryptocurrencies surge this weekend led by Bitcoin Cash (BCH) ahead of its November 15th hard fork
Nov 05, 2018
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- Anatoly Aksakov, the Chairman of Russia’s State Duma Committee on Financial Markets, has claimed that the Russian entity is considering the launch of a state-backed cryptocurrency pegged to the Russian ruble. Aksakov detailed in a press conference that the Russian government would back a cryptocurrency, “but it will be a ruble-pegged cryptocurrency.” The state-backed ruble-pegged cryptocurrency will be backed 1:1 by Russian rubles held in reserves by a Russian banking institution, Aksakov detailed.
- Bitcoin Cash’s (BCH) value surged almost 21% on Sunday after Binance, now the world’s second largest cryptocurrency exchange by daily volume, announced that it would support BCH’s upcoming hard fork. Scheduled for November 15th, 2018, the upcoming BCH hard fork is part of a bi-annual scheduled hard fork of protocol upgrades that is also supported by US cryptocurrency exchange, Coinbase. On news of Binance’s and Coinbase’s support of the hard fork, BCH trading volume increased sevenfold to about USD$1.3bn.
- Bit.ly, a URL shortening service, is being criticized after reportedly blocking more than 200 links from Andreas Antonopoulos’ upcoming “Mastering Ethereum” book that is due for publication in 4 weeks. Antonopoulos is known for writing several guides to Bitcoin and publishing three other cryptocurrency books before the upcoming “Mastering Ethereum” title. On Twitter, Antonopoulos reached out to Bit.ly, saying, “Why are you blocking http://bit.ly links to crypto-currency sites,” and adding, “I’m about to publish my 4th book and it has about 200 http://bit.ly links in it. If you are going to block links, I will need to remove all 200 and replace them with a competitor.”
- IBM, the global technology giant, is applying for another blockchain patent -- IBM's latest blockchain patent concerns augmented reality (AR) gaming and a way to prevent from AR gamers from intruding on undesirable locations. Dubbed as Big Blue, the patent details a blockchain-powered system of interactions between a mobile device running an AR game and a locational database to maintain safe boundaries between AR objects and real-world locations. According to the patent, a distributed ledger would maintain a list of constantly updated undesirable locations.
- Taiwan’s Legislative Yuan, the country’s highest legislative body, has approved amendments to existing laws that will enable the country’s regulator to combat anonymous cryptocurrency transactions. Taiwan’s Legislative Yuan announced changes to the country’s Money Laundering Control Act and Terrorism Financing Prevention Act on Friday that will ensure the country’s Financial Supervisory Commission ability to gather KYC information from investors participating on domestic cryptocurrency exchange platforms. Taiwan’s Legislative Yuan detailed further, saying that the country’s regulator will, “now demand that operators of virtual currency platforms implement real-name systems that require users to register their real names, according to new provisions.”
- The People’s Bank of China, China’s central bank, is extending its regulatory scrutiny to cover token airdrops. According to the central bank’s 2018 Financial Stability report published on November 2nd, 2018, token airdrops are “disguised” initial coin offerings (ICOs) and a form of “illegal” fundraising that exposes investors to risks of fraud and pyramid schemes. The People’s Bank of China warns investors that a continued rise in airdrops and related initiatives may result in a negative societal impact.
- The research arm of BitMEX, a major Hong Kong-based cryptocurrency derivatives platform, announced plans to launch a network monitoring tool for Bitcoin (BTC) and Bitcoin Cash (BCH), specifically aimed at monitoring the cryptocurrencies during network upgrades, or forks. Dubbed ForkMonitor.info, the tool is connected to multiple nodes on both the Bitcoin and Bitcoin Cash networks to help users detect potential consensus bugs in the upgrades. ForkMonitor.info will release on November 15th, 2018, the same date as Bitcoin Cash’s scheduled network upgrade.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio