Cryptocurrencies rebound off lows, still down double-digits for week
Nov 26, 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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- Cryptocurrency prices spent the weekend in the red with the price of Bitcoin (BTC) down 8.75% on the weekend and total cryptocurrency market capitalization down roughly USD$11bn to about USD$129bn. Among major coins, Stellar (XLM) and Monero (XMR) were among the worst performers, falling 14.76% and 15.53% on the weekend, respectively. Bitcoin Cash (BCH) was the best performer of the weekend among major coins, up 1.02% to USD$209.07. As the weekend came to a close, cryptocurrency prices bounced, sending the price of Bitcoin (BTC) higher by 4.69% in the last 24 hours to USD$3,983.66 and adding USD$7bn to total cryptocurrency market capitalization.
- According to a report by the Wall Street Journal, Ohio is set to become the first US state to accept Bitcoin (BTC) as legal tender for tax payments. Although the plan will initially only apply to businesses, the Ohio government plans to extend the option to individual tax payers in the future. The BTC tax payments will be processed by cryptocurrency payments service BitPay. As per the Wall Street Journal report, Ohio state Treasurer Josh Mandel hopes to “plant a flag” with this plan for national cryptocurrency adoption, adding, “I do see bitcoin as a legitimate form of currency.”
- Al Hilal Bank, a financial institution based in the United Arab Emirates (UAE), has announced the completion of “the world’s first Sukuk transaction” using blockchain technology. Sukuk, also known as sharia compliant bonds, are a legal instrument that allow UAE-based investors to generate returns without breaking Islamic law. According to a report by Reuters, Al Hilal Bank leveraged distributed ledger technology to, “sell and settle in the secondary market a small portion of its USD$500mm five-year Sukuk.” The Reuters report also notes that Jibrel Network, a Switzerland-based fintech company, also participated in the transaction.
- In an interview with CoinDesk, Mao Shixing, the founder of the world’s third largest mining pool F2pool, revealed that the firm estimates that between 600,000 and 800,000 Bitcoin (BTC) miners have shut down their mining operations since mid-November, driven by the declining price of BTC and a falling network hashrate. F2pool came to this estimate by accounting for the total network hashrate drop and the average hash power of outdated mining rigs that have a difficult time generating profits. From November 10th's network hashrate of roughly 47mm tera hashes per second (TH/s), the total BTC network hashrate has fallen nearly 13% to 41mm TH/s as of November 20th.
- Lim Guan Eng, the Finance Minister of Malaysia, noted in his response to a question by Malaysian parliament member Dr. Tan Yee Kew that entities wishing to issued cryptocurrency in Malaysia must defer to the country’s central bank, Bank Negara Malaysia (BNM). Dr. Tan Yee Kew’s initial question concerned what specific measures were being taken to assess the risks posed to the country’s financial system and local fiat currency by cryptocurrencies. In response to the question, Lim Guan Eng said, “I advise all parties wishing to introduce Bitcoin style cryptocurrency to refer first to Bank Ngara Malaysia as it is the authority that will issue the decision on financial mechanisms.”
- Mike Novogratz, founder of Galaxy Digital Asset Management, ex-partner with Goldman Sachs, and prominent cryptocurrency pundit, said in an interview with the Financial Times that he expects cryptocurrency to “flip next year”. In the interview, Novogratz discussed his theory that financial institutions will transition from, “investing in cryptocurrency funds to investing in cryptocurrencies proper in the first quarter of next year.” In explaining drivers for his expectation for cryptocurrency prices to turnaround next year, Novogatz cited the highly anticipated launch of Bakkt by the operator of the New York Stock Exchange and the launch of Fidelity Digital Asset Management, specifically geared towards serving financial institutions.
- The United Kingdom’s Financial Conduct Authority (FCA) will investigate 50 cryptocurrency-related entities that are suspected of offering financial services without permission from the UK regulator, according to a report by news outlet The Telegraph. In its report, The Telegraph referenced Andrew Jacobs, a partner with Moore Stephens, who believes that the cryptocurrency price downturn is pressuring the FCA. Jacobs believes that, “The huge sums lost as a result of cryptocurrency prices falling this year will have triggered a rash of complaints to the FCA,” adding, “Now that prices have collapsed, fraud is likely to be exposed”.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio