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Cryptocurrency Fire Sale Ensues as Total Market Capitalization Sheds $30bn

Nov 14, 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$5719.14 2.81% -10.1% -12.36% USD$99,376,881,714 USD$7,086,766,566
Ethereum ETH USD$181.75 3.73% -12.07% -16.43% USD$18,756,820,055 USD$2,494,362,834
EOS EOS USD$4.63 2.07% -11.43% -17.98% USD$4,192,332,396 USD$1,206,817,267
Bitcoin Cash BCH USD$437.5 2.48% -15.5% -28.78% USD$7,637,903,660 USD$1,154,220,978
XRP XRP USD$0.47 4.53% -8.83% -12.79% USD$18,730,835,655 USD$909,550,117

 

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$147.8 3.4% -7.71% -11.68% USD$1,248,038,007 USD$155,231,000
XRP XRP USD$0.47 4.53% -8.83% -12.79% USD$18,730,835,655 USD$909,550,117
Bitcoin BTC USD$5719.14 2.81% -10.1% -12.36% USD$99,376,881,714 USD$7,086,766,566
Stellar XLM USD$0.23 4.11% -10.65% -10.25% USD$4,368,746,029 USD$96,265,452
EOS EOS USD$4.63 2.07% -11.43% -17.98% USD$4,192,332,396 USD$1,206,817,267

 

Crypto News

  • A report conducted by French financial markets regulator AMF details that France is a minor player in the global initial coin offering (ICO) market while the United States leads the industry. As per the report, the global ICO market has seen 19.4 billion euros (USD$21.8 billion) since 2014 -- France has accounted for just 89 million euros (USD$100 million) through 15 ICO projects. The financial markets regulator details further in the report that the ICO industry needs appropriate regulation in order to maintain investor protection through the adoption of anti-money laundering requirements.  
  • CLS Group, a forex exchange settlement giant, will launch an IBM blockchain-powered netting service in the next couple of days, as per Chief Strategy Officer Alan Manquard. CLS Group settles an average of USD$5 trillion in payment transactions daily, working with notable financial institutions like Goldman Sachs, JP Morgan, Barclays, and Citigroup. The blockchain netting service will offset and determine the value of multiple positions or payments due between parties while taking into account factors like currency volatility caused by different time zones. According to a whitepaper released by CLS and IBM, the platform will be able to process up to 2.9 million daily transactions.  
  • Cryptocurrency markets observed a massive sell-off today that saw total cryptocurrency market capitalization shed as much as USD$30 billion. Current cryptocurrency market capitalization is currently at its lowest value in more than a year. The price of Bitcoin (BTC) took a substantial 10.2% hit with BTC currently trading at USD$5,711.49 while Bitcoin Cash (BCH) fell 15.35% to USD$438.52.  Currently, only 5 of the top 100 cryptocurrencies by market capitalization are in the green, with 3 of those being stablecoins.  
  • Kin, the cryptocurrency being developed by popular messaging application Kik, is leaving Ethereum (ETH) for good after initially launching kin on the Ethereum blockchain. As per a company announcement, Kik will close kin’s atomic swap with Ethereum, although the company did not specify a date. While reiterating his goal to make kin the most used cryptocurrency in the world, Kik CEO Ted Livingston said in the press release, “One Kin on one blockchain. That’s our vision, and our strategy continues evolving as we work toward building an infrastructure that supports this.” 
  • OKEx, one of the world’s largest cryptocurrency exchanges, announced in a Wednesday press release that they are rolling out early delivery of Bitcoin Cash (BCH) futures contracts. Detailed in the announcement, all BCH futures contracts stopped trading on OKEx at 9:05 AM CET followed by delivery at 10:00 AM CET -- the reason for the trading stop was to avoid market manipulation ahead of BCH’s scheduled hard fork tomorrow, citing a desire to avoid losses for clients.  
  • Stanley Yong, global lead for central bank digital currency solutions at IBM, said in an interview with CNBC’s Squawk Box that central bank issued digital currencies could contribute to mitigating some risks that caused the 2008 financial crash. Yong, who is also the Chief Technical Officer of BIM Blockchain for Financial Services, said in the interview that central bank issued digital currencies are, “the only way you can have the certainty of settlement that is required for financial services, especially when you think about the kinds of risks that came about during the Lehman crisis of 2008.” Yong went on to suggest in the interview that the 2008 crisis was triggered by a lack of confidence in the delivery versus payment mechanisms available at that point in time, and that a blockchain system could alleviate that risk.  
  • The New York State Department of Financial Services (DFS) issued the state’s 14th BitLicense to the New York Digital Investment Group (NYDIG), which will allow the firm to offer cryptocurrency services in the state of New York. As per a press release by the New York State DFS, the virtual currency license will allow NYDIG to offer liquidity and asset management services to New York residents. Additionally, the license extends to NYDIG Trust Company, a subsidiary of NYDIG, which will allow NYDIG Trust Company to offer trade execution and custody services to New York residents -- initially, services will be offered for Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC).

 

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

Sources:

https://cointelegraph.com/news/report-france-accounts-for-minor-part-of-global-ico-market-while-us-leads-the-industry 
https://www.amf-france.org/Actualites/Communiques-de-presse/AMF/annee-2018?docId=workspace%3A%2F%2FSpacesStore%2F3cc117ce-60e2-4fb0-9a3b-7c7a47cfb80d 
https://cointelegraph.com/news/5-trln-fx-settlement-giant-cls-to-launch-blockchain-based-netting-service-within-days 
https://www.cls-group.com/document-downloads/bridging-the-divide-how-cls-and-ibm-moved-to-blockchain/ 
https://www.cbronline.com/news/cls-blockchain-netting 
https://cointelegraph.com/news/fx-settlement-provider-cls-begins-final-testing-for-blockchain-payment-banking-service 
https://www.coindesk.com/two-chains-no-more-kik-selects-stellar-over-ethereum-for-crypto-token-launch 
https://www.ccn.com/one-blockchain-ambitious-crypto-project-kin-forks-roadmap-again/ 
https://cointelegraph.com/news/okex-notes-early-delivery-of-bch-futures-after-trading-stop-to-avoid-market-manipulation 
https://twitter.com/OKEx/status/1062621672069574656 
https://cointelegraph.com/news/bitmex-releases-fork-monitoring-tool-in-run-up-to-bitcoin-cash-hard-fork 
https://cointelegraph.com/news/ibm-exec-cbdcs-can-alleviate-risks-that-contributed-to-2008-financial-crash 
https://www.cnbc.com/video/2018/11/13/central-bank-digital-currencies-will-reduce-risks-ibm.html 
https://www.coindesk.com/ny-financial-services-new-york-digital-investment-group-bitlicense 
https://www.dfs.ny.gov/about/press/pr1811141.htm 
https://www.coindesk.com/tag/bitlicense