Cryptocurrencies fall deeper in the red, give up week’s gains
Nov 30, 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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- Cryptocurrencies continued to fall overnight, sending the price of Bitcoin (BTC) down 7.61% in the last 24 hours to just above USD$4,000. Ripple (XRP) is down 6.48% in the last 24 hours to USD$0.360098 while Ethereum is down 6.31% in the last 24 hours to USD$113.37. Among major cryptocurrencies, Bitcoin SV (BSV) is the best performer, falling just 0.72% in the last 24 hours to trade at USD$95.69. TRON (TRX), meanwhile, is the worst performing major cryptocurrency, down 13.67% in the last 24 hours to USD$0.013889 after posting gains in excess of 30% over the previous two days.
- A new risk assessment report published by the Financial Information Unit (FIU), a division of South Korea’s Financial Services Commission, finds that traditional banks are more vulnerable to money laundering and terrorist financing risks than cryptocurrencies. The report studies South Korea’s domestic financial sector, which includes banks, securities companies, mutual financing companies, credit card services, insurers, cryptocurrency exchanges. The report finds that, while banks have better systems to combat money laundering and financing activities, they are still more exposed to the risks than other businesses. Additionally, the report notes that cryptocurrencies are less likely to be used for terrorist financing than banks, but they are still vulnerable to the same criminal activities.
- Intel, a global tech giant, has been awarded a patent related to efficiency in Bitcoin (BTC) mining devices. According to the US Patent and Trademark Office’s website, the patent specifies a processor that is able to conduct, “energy-efficient high performance bitcoin mining,” specifically in the SHA-256 algorithm, which is used by BTC. The patent application details further that it could increase energy efficiency by up to 15%.
- Microsoft’s Japanese arm is partnering with blockchain startup LayerX with an aim of accelerating uptake of blockchain technology in Japan. The partnership will leverage Microsoft’s Azure Blockchain-as-a-Service (BaaS) solution in order to promote blockchain technology in the Japanese economy. LayerX is a joint venture between news application Gunosy and advisory service AnyPay that provides consulting services and oversees blockchain implementation on the enterprise level. “We will support the introduction process in its entirely, even down to technical support of finished implementations,” reads a joint press release.
- Paul Donovan, Global Chief Economist for UBS Wealth management, reiterated his distrust for cryptocurrencies while speaking on CNBC’s Fast Money, calling Bitcoin “fundamentally flawed”. Earlier this week, Donovan published a blog post titled, “I come to bury Bitcoin, not to praise it,” where he detailed his criticisms of the benchmark digital asset. “I think anyone with a high school education in economics has been a Bitcoin skeptic right from the start,” Donovan said on Fast Money, adding, “These things were never going to be currencies, they’re not going to be currencies at any point in the future; they’re fatally flawed.”
- Professional boxer Floyd Mayweather Jr. and music producer Khaled Khaled (DJ Khaled) have been charged with illegally advertising and promoting Initial Coin Offerings (ICOs) by the US Securities and Exchange Commission (SEC). The SEC finds that Mayweather Jr. Failed to disclose promotional payments from three different ICO issuers, which included a USD$100,000 from Centra Tech, a cryptocurrency startup. Khaled, meanwhile was charged with the same, failing to disclose a USD$50,000 payment from Centra Tech. As part of the charges, Mayweather has agreed to pay USD$300,000 disgorgement, a USD$300,000 fine, and an additional USD$14,775 in prejudgment interest. Khaled, on the other hand, agreed to pay USD$50,000 in disgorgement, a USD$100,000 fine, and USD$2,725 in prejudgment interest.
- Xolaris Service KVAG, a German alternative investment fund manager, announced the launch of a private equity fund that will be dedicated to Bitcoin mining. The fund will require a minimum investment of 250,000 euros (USD$285,000) with capital first going towards the firm’s expansion. Of late, Xolaris has undertaken several expansionary measures, including opening an office in Hong Kong. “We’ve constantly received requests from professional investors to release a regulated product for the cryptocurrency sphere,” said Stefan Klaile, head of portfolio management with Xolaris, in a company press release.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio