Cryptocurrency bloodbath continues as BTC nears $4,000
Nov 20, 2018
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- Cryptocurrency markets are in a panic that has sent the price of Bitcoin (BTC) down 16.47% in the last 24 hours to USD$4,444.20. Amid harsh sell-offs, USD$77bn has been wiped out from total cryptocurrency market capitalization in the last 7 days sending crypto market capitalization to USD$144.3bn, its lowest total since October 2017. Historically, November has been a strong month for cryptocurrencies -- since first launching in 2010, BTC has generated monthly gains in November 7 times. Additionally, BTC’s relative strength index (RSI) fell to a record low 9.5, deep into oversold territory, although this has not helped to stimulate a price recovery.
- As the hash war between Bitcoin Cash ABC and Bitcoin Cash SV is raging on, it appears that established cryptocurrency exchanges and platforms are leaning in favor of Bitcoin Cash ABC. On CoinMarketCap and Huobi, Bitcoin Cash ABC is already listed under the ticker BCH, the historical ticker for the original Bitcoin Cash token. Meanwhile, Bitcoin Cash ABC’s token is trading at USD$235.82 while Bitcoin Cash SV’s token is trading at just USD$57.51.
- A recent study published yesterday funded by Canada non-profit national research organization Mitacs Canada and regtech platform iComply was carried out by the University of British Columbia (UBC) and finds that Initial Coin Offerings (ICOs) are being held back by a regulatory “compliance trilemma”. As part of the study, UBC’s research team studied the ICO industry over six months and conducted 45 qualitative interviews with professionals from the ICO space, specifically those from finance, law, and science sub-sectors of the field. The study concludes that ICOs face difficulty due to a “trilemma” where only 2 of 3 objective can be addressed at a time -- the 3 objectives are having a compliant offering, reaching a distributed pool of investors, and delivering an ICO in a manner that is cost effective.
- After years of uncertainty, the government of India is likely set to reveal draft regulations for the country’s cryptocurrency sector before the end of 2018. According to a report by news outlet Quartz, a counter-affidavit filed by India’s ruling government in a Supreme Court case involving the country’s domestic cryptocurrency exchange industry challenging a banking ban by the central bank indicates that the country will reveal draft regulation by 2018’s end. An excerpt from the counter-affidavit states, “Serious efforts are going on for preparation of the draft report and the draft bill on virtual currencies, use of distributed ledger technology if the financial system, and framework for digital currency in India.”
- OKEx, currently the world’s second largest cryptocurrency exchange by trading volume, is responding to accusations that it “manipulated markets” by modifying Bitcoin Cash (BCH) futures settlements and forced the early settlement of futures contracts. After deciding to deliver early BCH futures trading ahead of the coin’s controversial hard fork, OKEx received a flurry of negative publicity with individuals complaining that OKEx had overstepped its bounds when it decided to force the early settlement of futures contracts. OKEx responded to the criticism in a post sent to users, specifically addressing a Medium post by Amber Al, saying, “In the absence of evidence, Amber Al alleged us for trading against our own customers and manipulating markets,” and adding, “These are completely false allegations and the defamatory statements have caused serious damages to OKEx’s reputation.”
- The CEO of US-based software company Autodesk, Andrew Anagnost, said while speaking at the 2018 Autodesk University conference in Las Vegas that blockchain could aid in the fight against corruption in the construction industry. According to a report by the Australian Financial Review, Anagnost said in his speech, “What is blockchain good at? It’s a distributed, trusted ledger that cannot be altered and allows traceability and accountability. A technology like that in an environment like construction where various people involved in the process don’t trust each other is going to find some kind of application.” Although Anagnost detailed that Autodesk is considering how blockchain may play a role in the company’s future, Autodesk has yet to introduce any sort of blockchain products into its operations.
- The Monetary Authority of Singapore (MAS) is expanding its regulatory framework to include payment providers in order to bring certain cryptocurrencies under its jurisdiction, as per a report by local news outlet The Straits Times. Members of the central bank’s board submitted the new Payment Services Bill (PSB) to parliament and it is set to replace two pre-existing pieces of legislation -- the Payment Systems (Oversight) Act and the Money-Changing and Remittance Business Act. The new bill will allow tokens like Bitcoin (BTC) and Ethereum (ETH) to fall under the central bank’s jurisdiction.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio