Investors dump cryptos amid continued BCH hash war, market sheds $16bn
Nov 19, 2018
Top 5 Cryptocurrencies sorted by 24 hour Volume
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Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change
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- Despite a sell-off of cryptocurrency assets last week and today, Ripple (XRP) remains positive month-to-date, generating returns of 5.48% in November. After XRP flipped Ethereum (ETH) last week to become the second largest cryptocurrency by market capitalization, speculation is beginning to build surrounding whether or not it will do the same to Bitcoin (BTC) in 2019 -- month-to-date, BTC has fallen 20.02%. The recent hash war over Bitcoin Cash (BCH) has likely driven investors to divest money from BTC and invest into XRP -- because XRP is controlled by Ripple Labs, a controversial hard fork and network split frequently seen in the cryptocurrency industry is impossible, bolstering the idea that XRP could be a safer investment than one in BTC.
- According to Bank of Thailand Governor Veerathai Santiprabhob, the central bank’s plan to switch from fiat to digital currency will not happen within the “next 3-5 years”. Santiprabhob discussed that the long wait for a central bank digital currency is because they are difficult and time-consuming to create due to the complexity of the monetary system. In August, the Bank of Thailand announced that it has embarked on building its own wholesale central bank digital currency.
- Kraken, a US-based cryptocurrency exchange, is warning its users of the potential risks in trading the Bitcoin SV (BCH SV) token, the underlying token behind one of two of Bitcoin Cash’s new networks. In a Sunday blog post, Kraken said that the new BCH SV token, “does not meet Kraken’s usual listing requirements,” and, “should be seen as an extremely high risk investment.” Kraken goes on to cite risks associated with the investment, including that no wallets have yet supported replay protection for the BCH SV network, which is a way to prevent transactions from occurring on both BCH networks simultaneously. Kraken also discusses that BCH SV’s future may be “mutually exclusive” with other blockchains, due to developer leaders who have been “threatening” and “openly hostile” towards other blockchain networks.
- RIF Labs, the think tank behind off-chain infrastructure solution RIF OS, has announced the acquisition of RSK Labs, the company behind Bitcoin-based smart contract protocol Rootstock (RSK). According to two separate blog posts published by each company, the deal will see RSK protocol developed to be integrated in both the Bitcoin and Ethereum network while supporting peer-to-peer transaction capabilities. RIF Labs’ blog post explains the acquisition further, saying, “The three principal components to the RIF OS announcement include the integration of RIF Labs and RSK Labs, the publications of RIF OS Protocols, and the launch of the first implementation of the RIF Directory Protocol (the Name Services component of RIS OF).”
- SIX Swiss Exchange, Switzerland’s most notable stock exchange, has announced the launch of the world’s first multi-crypto based exchange-traded product (ETP), set to roll out this week. As per a report by the Financial Times, Swiss startup Amun AG will list the world’s first multi-crypto ETP under the index ticker HODL while tracking five major cryptocurrencies: Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). Each cryptocurrency will maintain a specified weight in the ETP, with BTC accounting for roughly half of the ETP’s assets, XRP responsible for 25.4%, ETH responsible for 16.7%, and BCH and LTC representing 5.2% and 3.0%, respectively. The ETP will serve as a well-regulated tool for both institutional and retail investors to gain exposure to cryptocurrencies.
- The Canadian House Finance Committee is recommending that the government regulate cryptocurrencies in order to prevent money laundering, as per a report by Canadian news outlet iPolitics. The Canadian House Finance Committee has held 18 meetings so far to review the Proceeds of Crime Money Laundering and Terrorist Financing Act (PCMLTFA), which occurs every 5 years -- as a result of its meetings, the Canadian House Finance Committee suggests that cryptocurrencies be regulated under the PCMLTFA. The Committee recommends three different ways to regulate cryptocurrencies, including by defining crypto exchanges as money-services businesses, instituting a licensing system for crypto exchanges, and regulating crypto wallet service to make tracking cryptocurrencies easier.
- The Chelan County Public Utility District, a county utility in the state of Washington, is proposing a new electricity pricing structure that would effectively increase the cost of electricity for cryptocurrency miners, according to Central Washington radio station KPQ. Citing Lindsey Mohns, the Customer Utilities Rate Adviser with Chelan County, the article reads, “What this new rate structure (Schedule 36) does is brings into a market consideration on the energy price because we will have to purchase power on the market to serve the variable load associated with cryptocurrency.” In the articles, KQP goes on to state that many members of the cryptocurrency community in Chelan County, Washington have expressed their displeasure for the new price structure.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio