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Cryptocurrencies extend losses, Lightning Network capacity soars

Dec 06, 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$3737.02 -1.27% -3.97% -13.33% USD$65,060,472,941 USD$5,380,528,657
Ethereum ETH USD$98.4 -2.23% -9.06% -17.97% USD$10,197,584,616 USD$2,208,307,611
EOS EOS USD$2.15 -0.59% -8.09% -30.23% USD$1,950,980,246 USD$840,362,087
XRP XRP USD$0.33 -1.2% -3.84% -12.66% USD$13,467,161,311 USD$430,257,651
Litecoin LTC USD$28.4 -1.76% -7.15% -17.82% USD$1,688,708,044 USD$429,979,665

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
VeChain VET USD$0.0 -2.74% -3.22% -18.53% USD$245,233,952 USD$9,721,737
XRP XRP USD$0.33 -1.2% -3.84% -12.66% USD$13,467,161,311 USD$430,257,651
Bitcoin BTC USD$3737.02 -1.27% -3.97% -13.33% USD$65,060,472,941 USD$5,380,528,657
NEM XEM USD$0.07 -1.92% -5.74% -9.87% USD$655,571,041 USD$11,090,060
Qtum QTUM USD$1.79 -0.41% -5.96% -18.3% USD$159,802,729 USD$138,540,651


Crypto Market Recap

  • Cryptocurrency markets extended their losses through overnight trading as the price of Bitcoin (BTC) is down 3.95% in the last 24 hours to USD$3,737.92. Bitcoin Cash (BCH) plummeted a substantial 17.01% over the last 24 hours to USD$117.78 while Bitcoin SV (BSV), the controversial fork of the Bitcoin Cash Network that came into existence on November 15th, is up 5.19% in the last 24 hours to USD$95.67. After Binance Coin (BNB) posted double digit gains yesterday on the announcement of soon-to-come decentralized exchange Binance Chain, BNB is down 13.43% to trade at USD$5.32.

Crypto Developments in Financial Services

  • A new research study conducted by Imperial College London researchers Jiahua Xu and Benjamin Livshits finds that ‘pump and dump’ schemes on cryptocurrency markets account for roughly USD$7mm worth of monthly trading volume. The USD$7mm in monthly volume that ‘pump and dump’ schemes are responsible for only equates to 0.049% of today’s 24-hour trading volume of USD$14.2bn. To come to this conclusion, Xu and Livshits investigated 236 ‘pump and dump’ scams that occurred between July 21st, 2018 and November 18th, 2018.  
  • SBHI Holdings, a financial services giant based in Japan, is partnering with R3, a software firm, to promote and expand the use of blockchain platform Corda, as per Japanese news outlet Nikkei. As part of the partnership, SBI Holdings with increase its existing investment in R3 to create a joint venture geared towards promotion of Corda. “Europe is the most advanced in blockchain product development,” R3 CEO David Rutter said to Nikkei, adding, “The new joint venture will strengthen the Japanese language services, and promote adoption.” 
  • The Lightening Network, an off-chain scaling solution for Bitcoin (BTC), is growing at a rapid rated with total capacity now surpassing 460 BTC and reported channels now topping 16,000. In November, the Lightning Network had a total capacity of less than 125 BTC. On November 13th, the Lightning Network made news when it reached 4,000 total nodes for the first time in its history -- today, nodes on the Lightning Network now total 4,342. Many cryptocurrency pundits see the Lightning Network as a key to the wide-scale adoption of BTC -- check out our October Crypto QuantShot, “Why the Lightning Network Could ‘Spark’ Wide-Scale Adoption of Bitcoin,” to learn more.

Crypto Regulatory Environmental

  • Malta and Italy have issued a joint warning to their citizens pertaining to unlicensed cryptocurrency exchange OriginalCrypto. In a notice issued on December 5th, regulators ordered the exchange platform top cease operations. OriginalCrypto is a platform owned by SolutionsCM Ltd., who is now coming under fire from both European countries. In February of this year, monitoring website ScamBitcoin warned of OriginalCrypto, writing, “Portraying their platform as a cryptocurrency financial brokerage, has engineered a clever marketing approach to promote their illicit investment services to consumers across the world.”

General Crypto News

  • Australian institute Blockchain Collective is offering Australia’s first fully accredited blockchain certification, titled the, “Advanced Diploma of Applied Blockchain,” according to a report by Australian news outlet Finder. The certification features six core modules and two electives and is the first fully accredited course by the Australian Skills Quality Authority (ASQA). Blockchain Collective aims to equip students who receive the Advanced Diploma of Applied Blockchain with the, “knowledge and experience to apply blockchain frameworks to new and legacy business frameworks.   
  • The United States Department of Homeland Security (DHS) published a press release on Tuesday calling on startups and small businesses to help design blockchain-based solutions to combat the forgery and counterfeiting of digital documents. The press release contains a link to a solicitation by the US DHS titled, “Preventing Forgery and Counterfeiting of Certificates and Licenses,” while calling on startups or small enterprises who have not had a government contract in the past 12 months (totaling more than USD$1mm) and that have a workforce of less than 200. Selected applicants can receive up to USD$800,000 in non-dilutive funding across four phases, the release notes.



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