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Cryptocurrencies are mixed as BCH future remains unclear after hard fork

Nov 15, 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$5528.3 -0.87% -2.08% -14.35% USD$96,069,855,704 USD$6,994,187,724
Ethereum ETH USD$177.46 -0.89% -0.66% -16.7% USD$18,318,005,849 USD$2,638,384,427
EOS EOS USD$4.58 -0.99% -0.08% -17.14% USD$4,147,620,700 USD$1,236,905,635
Bitcoin Cash BCH USD$416.13 0.39% -3.88% -28.7% USD$7,265,541,994 USD$990,579,123
XRP XRP USD$0.47 -0.22% 1.68% -7.1% USD$18,734,743,151 USD$963,459,564

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
XRP XRP USD$0.47 -0.22% 1.68% -7.1% USD$18,734,743,151 USD$963,459,564
Litecoin LTC USD$43.31 -1.16% 1.23% -18.13% USD$2,562,615,011 USD$605,174,496
EOS EOS USD$4.58 -0.99% -0.08% -17.14% USD$4,147,620,700 USD$1,236,905,635
Stellar XLM USD$0.23 -1.56% -0.14% -12.42% USD$4,284,333,556 USD$87,271,878
Ethereum ETH USD$177.46 -0.89% -0.66% -16.7% USD$18,318,005,849 USD$2,638,384,427

 

Crypto News

  • Benoit Coeure, an Executive Board member of the European Central Bank (ECB), had some harsh comments on Bitcoin (BTC) calling it the, “evil spawn of the [2008] financial crisis,” while at the Bank for International Settlements in Basel. Further, Coeure went on to discuss international monetary authorities and their pursuit of cryptocurrency tokens and distributed ledger technology, saying, “there is broad agreement that a central bank digital currency, in whatever form, is unlikely to be issued within the next decade.” 
  • CIMB Group Holdings Bhd, a Malaysian lending giant, is joining Ripple’s (XRP) RippleNet network, a large cross-border payments network. CIMB will implement Ripple’s XCurrent product for its “SpeedSend” remittance product, as per a Bloomberg report today. Ripple’s RippleNet platform aims to replace the current cross-border money transfer solution used by global financial institutions, SWIFT -- when asked about a potential Ripple/SWIFT partnership at the Singapore Fintech Festival 2018 this week, Ripple CEO Brad Garlinghouse said, “Swift is owned by banks, Ripple is here to help the banks. What we are doing on a day-to-day basis is, in fact, taking over SWIFT. We’ve signed well over 100 banks, some of the world’s largest SWIFT-enabled banks are now using Ripple’s technology.” 
  • Herman Gref, CEO of Russian state-owned Sberbank, predicted that blockchain adoption on the industrial scale will happen within the next one to two years. In explaining his prediction, Gref said, “The hype around the technology [blockchain] is now over, and the technology is entering the stage of industrial. It needs a year or two to be implemented at the industrial scale.” Gref went on to add that he does not believe global markets are ready for large-scale commercial adoption of blockchain, as the technology is still in its infancy.  
  • OKCoin, the parent company of the current largest cryptocurrency exchange in the world, OKEx, has launched fiat-cryptocurrency trading services in Argentina, as per a tweet today. Argentinian users can deposit fiat Argentine pesos (ARS) as early as today with the exchange already offering trading services for popular cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Ripple (XRP), Cardano (ADA), Stellar (XLM), Zcash (ZEC), and 0x (ZRX). OKCoin also revealed plans today to launch services across Latin America in, “the coming months,”.  
  • Rob Sluymer, an analyst for Fundstrat Global Advisors, said that it will take, “weeks, if not months,” to repair the, “technical damage,” that caused the recent fallout of Bitcoin (BTC). According to an article by Bloomberg, Sluymer made these comments in a recent note issued by Fundstrat to its clients. Sluymer concluded in the letter that BTC will be able to support a, “multi-month rally,” but only after it overcomes significant damage done to technical indicators this week. As a result of yesterday’s cryptocurrency sell-off, stocks of companies involved in the cryptocurrency market, including SBI Holdings and Monex Group, took a hit.  
  • The long-anticipated Bitcoin Cash (BCH) hard fork has been activated with activity indicating that neither side of the hard fork will compromise with the other, leading to two competing implementations of the BCH network. The last true BCH block, #556,766, was mined by  SVPool while Bitcoin.com, who supports the Bitcoin ABC implementation, has mined a new block -- this signals that there are two separate and competing networks of BCH. Currently, the future outlook of the Bitcoin Cash community remains undetermined.  
  • Warren Davidson, a Congressman from Ohio, is planning to introduce a bill that would allow Initial Coin Offerings (ICOs) to “sidestep” securities laws in the United States. As per a report by news outlet the Washington Examiner, the bill would propose that ICOs be treated as products, rather than securities, effectively eliminating the US Securities and Exchange Commission's oversight of the industry. The report by the Washington Examiner goes on to mention that officials in the Trump administration have hinted that the department may move forward with its own cryptocurrency policy ideas -- the report specifically mentions Craig Phillips, senior adviser to US Treasury Secretary Steven Mnuchin.

 

 

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

Sources:

https://cointelegraph.com/news/european-central-bank-exec-calls-bitcoin-the-evil-spawn-of-the-financial-crisis 
https://www.ccn.com/bitcoin-is-the-evil-spawn-of-the-financial-crisis-european-central-bank-board-member/ 
https://www.newsbtc.com/2018/11/15/european-central-bank-exec-bitcoin-is-the-evil-spawn-of-the-financial-crisis/ 
https://www.bloomberg.com/news/articles/2018-11-15/cryptocurrencies-are-evil-spawn-of-the-crisis-for-ecb-s-coeure 
https://www.youtube.com/watch?v=ctsvr6MgNMA 
https://www.bloomberg.com/news/articles/2018-11-15/malaysia-s-cimb-to-partner-with-ripple-in-cross-border-payments?srnd=cryptocurrencies 
https://cointelegraph.com/news/malaysian-lending-giant-cimb-joins-ripples-cross-border-payment-network 
https://cointelegraph.com/news/russia-sberbank-ceo-says-industrial-scale-blockchain-adoption-is-1-2-years-away 
https://tass.ru/ekonomika/5787973 
https://cointelegraph.com/news/parent-co-of-worlds-largest-crypto-exchange-okex-launches-trading-in-argentina 
https://cointelegraph.com/news/okex-ceo-quits-to-start-new-life-as-exchange-overtakes-binance-as-worlds-largest 
https://twitter.com/OKCoin/status/1063061605360025606 
https://cointelegraph.com/news/bitcoins-breakdown-will-take-weeks-if-not-months-to-rebound-says-fundstrat-analyst 
https://www.bloomberg.com/news/articles/2018-11-15/asia-crypto-linked-stocks-fall-as-bitcoin-sinks-to-one-year-low 
https://www.coindesk.com/bitcoin-cashs-blockchain-hard-fork-just-went-live 
https://cointelegraph.com/news/ohio-congressman-wants-to-allow-icos-to-sidestep-securities-laws 
https://www.washingtonexaminer.com/policy/economy/bitcoins-backers-now-want-acceptance-from-the-system-they-sought-to-supplant