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Cryptocurrency prices buoyed, Bitcoin Cash SV accused of centralization

Nov 21, 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$4523.13 0.66% 3.12% -21.13% USD$78,645,449,348 USD$6,180,436,700
Ethereum ETH USD$134.58 0.58% 2.24% -25.77% USD$13,907,458,492 USD$2,712,369,436
EOS EOS USD$3.75 0.18% 1.34% -18.56% USD$3,399,337,753 USD$983,310,275
XRP XRP USD$0.44 0.27% 0.94% -4.22% USD$17,742,704,599 USD$879,461,560
Litecoin LTC USD$33.71 0.99% 2.41% -22.67% USD$1,997,445,968 USD$495,756,281

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
IOTA MIOTA USD$0.33 2.92% 10.5% -22.56% USD$921,491,878 USD$13,975,654
Dash DASH USD$112.28 0.84% 9.12% -21.95% USD$949,553,930 USD$130,661,318
VeChain VET USD$0.01 0.2% 7.64% -30.88% USD$312,827,323 USD$12,268,054
Cardano ADA USD$0.05 0.54% 4.53% -26.93% USD$1,210,974,448 USD$34,476,206
Monero XMR USD$68.49 0.13% 4.18% -24.63% USD$1,136,044,199 USD$21,937,050

 

Crypto News

  • Cryptocurrency price levels have held throughout the trading day with Bitcoin (BTC) trading up 2.82% in the last 24 hours, hovering around the USD$4,500 price level. As the dust has settled, Ripple (XRP) currently sits in the #2 spot for cryptocurrencies by market capitalization with USD$17.7bn in total market capitalization compared to #3 Ethereum’s (ETH) USD$13.9bn. Although it briefly overtook Bitcoin Cash’s (BCH) #4 position, Stellar (XLM) has since retracted to the #5 spot for cryptocurrencies by market capitalization with a total value of USD$3.8bn. Of the top 10 cryptocurrencies by market capitalization, Ripple (XRP) has fallen the least over the last week, losing just 4.35% of its total value to trade at USD$0.4411/token. 
  • An Initial Public Offering (IPO) filing by the parent company of Silvergate Bank details that the bank serves a whopping 483 cryptocurrency clients with a combined USD$1.7bn in non-interest-bearing deposits, as of the end of 3Q2018. The total number of clients has increased 323% y/y from 114 in 3Q2017. Silvergate explains its clientele further in the report, saying, “The majority of our funding comes from non-interest-bearing deposits associated with clients in the digital currency industry,” while adding that the unique source of funding offers the bank many advantages compared to working with traditional financial institutions. 
  • Bitcoin Cash SV (BCHSV), one of two networks that resulted from last week’s Bitcoin Cash Network hard fork, underwent what is known as a blockchain reorganization yesterday and is facing criticisms of centralization. Seen as a setback for the controversial network, the blockchain reorganization was initially perceived as a malicious attack. A blockchain reorganization occurs when two miners solve a block at the same time and cause a temporary fork of the network. “This should not be possible in a decentralized system,” said Emin Gun Sirer, creator of the world’s first cryptocurrency to leverage a proof-of-work concept, explaining, “You can only invalidate your own block and create a new tail if you’re the majority miner. BCHSV is a centralized coin.”
  • Giga Watt, a major cryptocurrency mining firm based in Washington state, has filed for bankruptcy and reportedly faces eviction from its location. The major cryptocurrency mining firm filed for Chapter 11 protection after claiming that the company is, “insolvent and unable to pay its debts when due.” According to a report by news outlet Wenatchee World, the Port of Douglas County has already begun launching the eviction process. 
  • Grant Thorton LLP, the US arm of global accounting firm Grant Thorton International, has completed an attestation audit of Circle Internet Financial. The audit specifically focused on Circle’s dollar-pegged stablecoin USD Coin (USDC) and finds that the company had just under USD$127.5 million backing USDC, enough to redeem every token on the market. Although not a full audit, the attestation audit finds that Circle and its USDC stablecoin comply with standards set for by the American Institute of Certified Public Accountants. 
  • Rumors are circling the cryptocurrency community that Chinese mining companies have turned off a large number of mining rigs because the process is allegedly no longer profitable. According to Dovey Wan, partner with Primitive, the “turn off price” of the popular Bitmain Antminer S9 rig is around USD$3,800, but this can change based on difficulty and hashrate. Wan explained, “Many miners are mining at loss at the current price point, now it’s more economic to turn it off and take it off from the rack to reduce cost on electricity and opex.”
  • The Colorado Division of Securities, the state’s securities regulator, is filing cessation orders against four Initial Coin Offerings (ICOs), as per an official statement on the regulator’s website. The four ICOs, who reportedly took part in fraudulent and illicit practices, include Global Pay Net, Credits LLC, CrowdShare Mining, and CyberSmart Coin Invest. According to the company statement, Global Pay Net Shares falsely claimed that investors would receive 80% of company profits while CrowdShare Mining guaranteed at least a 1,000% four-year return.

 

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

Sources:

https://www.coindesk.com/nearly-500-crypto-startups-bank-at-silvergate-ipo-filing-reveals
https://www.sec.gov/Archives/edgar/data/1312109/000119312518329074/d568616ds1.htm
https://cointelegraph.com/news/bitcoin-cash-sv-blockchain-reorganization-draws-further-centralization-criticism
https://twitter.com/el33th4xor/status/1064571586274045952
https://twitter.com/el33th4xor/status/1064584224269832192
https://cointelegraph.com/news/crypto-mining-firm-giga-watt-files-for-bankruptcy-faces-eviction-in-washington-county
https://www.wenatcheeworld.com/news/2018/nov/20/giga-watt-declares-bankruptcy/
https://www.coindesk.com/circles-dollar-tied-stablecoin-fully-backed-auditors-attestation-says
https://www.centre.io/usdc-transparency/index.html
https://bitcoinist.com/bitcoin-hashrate-drop-miner-price/
https://cointelegraph.com/news/colorado-securities-regulators-crack-down-on-four-more-icos-for-alleged-illicit-practices
https://www.colorado.gov/pacific/dora/colorado-ico-cases-filed
https://www.coindesk.com/four-more-icos-hit-with-cease-and-desists-by-colorado-securities-regulator