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Cryptocurrencies turn red after posting gains through the week as Poloniex becomes first exchange to offer pre-fork trading of Bitcoin Cash variants

Nov 08, 2018

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$6511.9 0.36% -0.25% 1.95% USD$113,084,592,451 USD$4,510,536,209
Ethereum ETH USD$216.07 0.64% -1.42% 8.41% USD$22,271,620,142 USD$1,626,685,179
Bitcoin Cash BCH USD$602.45 1.07% -4.04% 42.09% USD$10,511,009,632 USD$899,542,418
EOS EOS USD$5.59 0.69% -1.52% 6.19% USD$5,065,517,151 USD$702,484,035
XRP XRP USD$0.51 0.63% -3.49% 13.89% USD$20,684,208,730 USD$622,750,671


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
Dash DASH USD$169.04 0.25% 1.79% 10.25% USD$1,425,468,982 USD$172,310,327
Monero XMR USD$110.69 0.34% 0.27% 7.0% USD$1,832,337,585 USD$14,733,932
IOTA MIOTA USD$0.5 1.15% -0.18% 7.15% USD$1,395,031,801 USD$7,998,072
Bitcoin BTC USD$6511.9 0.36% -0.25% 1.95% USD$113,084,592,451 USD$4,510,536,209
TRON TRX USD$0.02 0.74% -0.31% 5.88% USD$1,564,390,340 USD$57,222,580


Crypto News

  • Anatoly Aksakov, the chairman of Russia’s State Duma Committee on Financial Markets, said that if Russia pursues a state-backed stablecoin, it would be the complete equivalent to Russia’s fiat ruble. Aksakov further elaborated, saying, “For example, you bring 100 thousand rubles to a bank and get 100 thousand crypto rubles, one to one for fiat money. You can use these funds to buy goods fixed in the blockchain.” Aksakov went on to say that a digital Russian ruble would replace the fiat ruble, “as soon as blockchain begins to occupy a significant place in our economy.” Last week, Aksakov discussed in a press conference that the Russian government is considering the launch of a state-backed cryptocurrency pegged 1:1 to the Russian ruble.  
  • IBM and Seagate, a data storage company, have announced a partnership that will use blockchain technology to tackle the problem of counterfeit hard drives. Specifically, the joint initiative will leverage IBM’s Blockchain Platform to allow manufactures, business partners, and integrators to authenticate the validity of hard drives. Seagate will also implement its “Certified Erase” solution, which, “employs cryptographic erasure technology to produce a digital certificate of data purge, which is electronically signed by the device under the Seagate Secure public key infrastructure (PKI) and stored on the blockchain for compliance management with emerging global data privacy laws.” 
  • NRI SecureTechnologies, a subsidiary of Japan’s Nomura Research Institute (NRI), unveiled a new blockchain security alert tool in a press release while also announcing that it is partnering with US blockchain software company ConsenSys. The blockchain security alert tool, dubbed, “Blockchain Security Monitoring Service,” will inform operators of blockchain networks about “vulnerabilities” in the system. According to the press release, the first target of the Blockchain Security Monitoring Service will be smart contract weakness. NRI SecureTechnologies will work with ConsenSys in order to expand the offerings of its Blockchain Security Monitoring Service. 
  • Perkins Coie LLP, a US-based law firm, has hired Kari Larsen, a former executive at LedgerX and previous counsel for the Commodity Future Trading Commission (CFTC), to serve as partner for the firm’s Blockchain Technology and Digital Currency industry group. J. Dax Hansen, the industry group’s chair, said in a statement about Larsen, “Kari brings to bear a deep knowledge of derivative exchange platforms and the commodities sector to represent traders and CFTC registered entities focused on launching innovative products, including cryptocurrency products.” 
  • Poloniex, a cryptocurrency exchange operated by Goldman Sachs-backed Circle, is the first cryptocurrency exchange to offer trading for the upcoming Bitcoin Cash (BCH) hard fork. This will be the first time Poloniex offers trading of a cryptocurrency ahead of a possible fork. In a blog post, Poloniex discussed that this move is part of a wider strategy to improve customer experience. Two pre-fork variations of BCH will be available, including Bitcoin Cash ABC (BCHABC) sand Bitcoin Cash SV (BCHSV) -- both pre-forked variations of BCH will trade against Circle’s stablecoin, USD Coin (USDC). Check out our recent blog post, “Why is Bitcoin Cash Trading 42% Higher Ahead of its November 15th Hard Fork?” to learn more! 
  • Shinsei Bank, a Japanese financial institution, has signed a Memorandum of Understanding (MoU) with US blockchain software company ConsenSys to widen the exploration of blockchain technology’s application in finance. The MoU describes a business partnership between the two companies, Hong Kong-based Nippon Wealth, and Singaporean private equity fund Tribay Capital. The partnership will explore ways to leverage decentralized applications (DApps) and smart contracts to develop new financial products and services -- Nippon Wealth will specifically head the partnership’s exploration of blockchain infrastructure in the banking sector.  
  • The Korean Bar Association, membership of which is required by all South Korean lawyers, is lobbying the government to take action and expedite a legal framework for cryptocurrency regulation in the country. In a press conference, Korean Bar Association President Kim Hyun said, “We urge the government to break away from negative perceptions and hesitation and draw up bills to help develop the blockchain industry and prevent side effects involving cryptocurrencies.” The Korean Bar Association’s call on the South Korean government comes as South Koreans anxiously await the government’s decision on whether or not to repeal the country’s ban on initial coin offerings (ICO), which was originally enacted in November. 


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