Cryptocurrencies pare gains, miners call for armistice in BCH hash war
Nov 26, 2018
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- Cryptocurrency prices are deep in the red again today as the price of Bitcoin (BTC) is down 8.75% in the last 24 hours to USD$3,664.66/token. Total cryptocurrency market capitalization is down another USD$8bn in the last 24 hours to USD$120bn. Notably, Ethereum (ETH) is the worst performer among major coins, down 8.98% in the last 24 hours to just USD$105.47/token -- since its peak in January 2018, ETH has fallen 92.41%. Meanwhile, Ripple (XRP) is the best performing major coin, down just 5.33% in the last 24 hours to trade at USD$0.3503/token.
- A class action lawsuit against Bitmain, one of the world’s largest cryptocurrency firms, accuses the giant of mining cryptocurrencies for its own benefit while using customer devices unbeknownst to their owners. As per filings through the Northern District Court of California, the class action lawsuit is for USD$5mm and specifically alleges that Bitmain benefits from the lengthy “initialization” period required by its application-specific integrated circuit device, or ASIC. The filings explain further, saying, “Until the complicated and time-consuming initialization procedures are completed, Bitmain’s ASIC devices are preconfigured to use its customers’ electricity to generate cryptocurrency for the benefit of Bitmain rather than its customers.”
- Anthony Pompliano, a member of Morgan Creek’s Digital Assets division, said in an interview with CNBC’s Squawk Box that he believes the price of Bitcoin (BTC) will bottom out at a level 85% lower from its previous all-time high. “85% from the all-time high is about where we’ll end up. Puts it around USD$3,000. Came close over the weekend but probably a little bit more to fall,” said Pompliano, prefacing that his prediction is based on previous experience in cryptocurrency markets. Pompliano also explained that he believes that the drop in BTC is a healthy correction driven by a drop in investor confidence.
- Bitcoin Cash (BCH) rallied more than 20% today above USD$200/token before paring gains and falling to previous levels around USD$180/token after CoinGeek formally called for an end to the “hash war” between the Bitcoin Cash ABC network and the Bitcoin Cash SV network. Notably, CoinGeek was the largest Bitcoin Cash mining pool backing the Bitcoin Cash SV network. Initially, the Bitcoin Cash SV network indicated that it would be an all-out war between the two Bitcoin Cash networks, with Bitcoin Cash SV prepared to attack the Bitcoin ABC chain until it wavered. Now, however, the Bitcoin Cash SV network appears to be taking a more level-headed and sustainable approach, at least in the short-term.
- Hester Peirce, a commissioner of the US Securities and Exchange Commission, appeared on the “What Bitcoin Did” podcast last weekend and confirmed the possibility of a Bitcoin (BTC) ETF. A notable pro-BTC member of the SEC, Peirce initially became a favorite of the cryptocurrency community after disagreeing the SEC’s decision to deny ETF applications by the Winklevoss twins because BTC was not, “ripe enough, respectable enough, or regulated enough to be worthy of our markets.” While speaking on the podcast this past weekend, Peirce reiterated that it is the SEC’s job to uphold regulatory framework and not to become an interventionist.
- Japanese cryptocurrency exchange Coincheck has officially reinstated trading services for all of its listed cryptocurrencies after suffering a USD$533mm hack in January 2018. Coincheck, now owned and operated by Japan-based Monex Group achieved this feat after relaunching services for Ripple (XRP). As of today, Coincheck offers full services for nine cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Bitcoin Cash (BCH), NEM (XEM), and Lisk (LSK). Next steps for Coincheck include plans to implement leveraged transactions, Japanese Yen deposits through convenience stores, and a system to allow users to pay utility bills with cryptocurrency holdings.
- Securitize, a US-based technology platform startup that aims to enable the issuances of digital securities, has closed its Series A funding round, raising a total of USD$12.75mm. Leading the Series A funding round was Blockchain Capital, with further participation from Coinbase Ventures, Global Brain, and OK Blockchain Capital. As part of Blockchain Capital’s investment, co-founder and managing partner Brad Stephens will serve on Securitize’s Board of Directors. According to the press release regarding the funding round, the digital securities industry is worth more than USD$7tn annually.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio