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Cryptocurrencies broadly correct, trade lower during holiday session

Dec 26, 2018

 

 
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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$3793.69 -0.54% -0.36% -1.05% USD$66,179,700,792 USD$5,400,722,063
Ethereum ETH USD$129.1 -1.12% 1.26% 23.08% USD$13,428,749,656 USD$2,932,884,983
EOS EOS USD$2.56 -0.67% 2.74% -2.9% USD$2,322,010,409 USD$936,169,610
XRP XRP USD$0.37 -0.61% -0.82% -0.32% USD$15,232,166,290 USD$699,281,658
Bitcoin Cash BCH USD$171.21 -1.89% 4.06% 36.54% USD$3,001,555,805 USD$551,847,235

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
Ethereum Classic ETC USD$4.91 -1.53% 5.17% 9.54% USD$526,015,072 USD$148,164,715
Bitcoin Cash BCH USD$171.21 -1.89% 4.06% 36.54% USD$3,001,555,805 USD$551,847,235
EOS EOS USD$2.56 -0.67% 2.74% -2.9% USD$2,322,010,409 USD$936,169,610
TRON TRX USD$0.02 -1.16% 2.02% 19.74% USD$1,326,052,081 USD$125,847,690
Ethereum ETH USD$129.1 -1.12% 1.26% 23.08% USD$13,428,749,656 USD$2,932,884,983

 

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Crypto Market Recap

  • Cryptocurrency prices corrected lower over the Christmas trading session as the price of Bitcoin (BTC) is down 10.18% since Monday’s open to USD$3,795.71. Major cryptocurrency Ripple (XRP) outperformed the broader market, falling just 4.58% since Monday’s open to USD$0.37449. Ethereum (ETH), meanwhile, fell 15.14% since Monday’s open to USD$129.66. Total cryptocurrency market capitalization currently sits at USD$128.1bn, down 10.23% from Monday’s open.

Crypto Developments in Financial Services

  • Henri Arslanian, PricewaterhouseCoopers’ (PwC) fintech and crypto lead for China & Hong Kong appeared on Bloomberg TV’s, “Daybreak: Australia,” and discussed that 2019 will be a strong year for the broad crypto market. In an interview, Arslanian discussed that, “In 2018, we saw a lot of the big players entering the space. In 2019, I expect even more players to enter into the sector as well, especially in different ways. Some of them may decide to launch their solutions, others may look to partner with crypto firms, and others might look to invest in crypto companies.”  
  • The South China Morning Post (SCMP) is reporting that cryptocurrency mining giant Bitmain and notable cryptocurrency exchange Huobi have confirmed plans to lay off staff after the 2018 crypto bear market. The report quotes Bitmain saying that the company will undergo, “some adjustments to our staff this year,” adding that, “A part of building a sustainable business is having to really focus on things that are core to that mission and not things that are auxiliary. As we move into the new year, we will continue to double down on hiring the best talent from a diverse range of backgrounds.” Huobi also confirmed the plans to lay off staff while stressing that the company continues to onboard staff, “for its core business and emerging markets.”  
  • Bank of America has filed a patent application that outlines the use of blockchain technology in handling portions of the multinational investment bank’s cash handling devices. The patent, titled, “Banking Systems Controlled by Data Bearing Records,” mentions blockchain technology 58 times in discussing how it could improve traditional deposit and withdrawal systems. The patent specifically discusses the use of blockchain technology in ATM services, explaining that, “Blockchain technology may be used by automated teller machine to accelerate transaction speed and/or facilitate other types of transactions in addition to ATM transactions like cash withdrawals and deposits, such as gift registry transactions.”  
  • Arthur Hayes, CEO of BitMEX, said in an interview with Cointelegraph Japan that Initial Coin Offerings (ICOs) will return within the next, “18 months,” and that Ethereum (ETH) will, “rebound aggressively,” as a result. “The use case for Ether is primarily ICOs. That market is dead right now,” said Hayes, adding that, “Once there are new issues, then Ether will rebound aggressively. When the ICO market returns, Ether will quickly test USD$200. The timing of the ICO rebirth is 12 to 18 months out.” In discussing his reasoning for a return of the ICO market, Hayes said, “Security tokens and stablecoins will prove attractive sirens for investors in 2019. While their fundamental raison d’etre is flawed, investors in this time of pain will latch onto anything they believe will be their ticket to easy riches.”

General Crypto News

  • GMO Internet Group, a Japanese Internet giant, is ceasing its Bitcoin mining hardware operations after an abysmal 4Q2018, according to a disclosure by the company. GMO recorded an, “extraordinary loss,” in 4Q2018 while explaining that it will, “no longer develop, manufacture, and sell,” crypto mining hardware. GMO added in its public statement that, “After taking into consideration changes in the current business environment, the Company expects that it is difficult to recover the carrying amounts of the in-house-mining-related business assets, and therefore, it has been decided to record an extraordinary loss.”  
  • The third annual Stanford Blockchain Conference will focus on security and systemic risk and take place from January 30th to February 1st, according to a post by organizers. The annual three-day event will feature presentations and discussions on a variety of technical topics with participation from both Stanford faculty and notable firms like Blockstream, ConsenSys, and Polychain Capital. According to the post by organizers, the conference, “will explore the use of formal methods, empirical analysis, and risk modeling to better understand security and systemic risk in blockchain protocols.”

 

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

Sources:

http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=HITOFF&u=%2Fnetahtml%2FPTO%2Fsearch-adv.htm&r=6&f=G&l=50&d=PTXT&s1=blockchain&p=1&OS=blockchain&RS=blockchain  
https://coin360.io/  
https://coinmarketcap.com/charts/  
https://cointelegraph.com/news/2019-stanford-blockchain-conference-spotlights-blockchain-security-and-risk  
https://cointelegraph.com/news/bank-of-america-reveals-fresh-blockchain-patent-targeting-cash-handling  
https://cointelegraph.com/news/bitmex-ceo-ethereum-will-quickly-test-200-when-ico-market-returns  
https://cointelegraph.com/news/gmo-internet-exits-bitcoin-miner-production-after-recording-extraordinary-loss-in-q4  
https://cointelegraph.com/news/report-crypto-industry-giants-bitmain-and-huobi-to-layoff-staff  
https://cointelegraph.com/news/reports-bitmain-allegedly-fires-all-bch-developers-in-wave-of-redundancies  
https://cyber.stanford.edu/sbc19  
https://ir.gmo.jp/en/pdf/irlibrary/gmo_disclose_info20181225_e.pdf  
https://jp.cointelegraph.com/news/bitmexs-ceowhen-the-ico-market-returns-ether-will-quickly-test-200  
https://jp.cointelegraph.com/news/gmo-internet-withdraw-from-sales-of-mining-equipment  
https://www.bloomberg.com/news/videos/2018-12-23/-exciting-things-for-crypto-ecosystem-expected-in-2019-pwc-says-video  
https://www.ccn.com/bank-of-america-files-patent-for-blockchain-enabled-cash-handling-devices/  
https://www.ccn.com/pwc-fintech-lead-shares-positive-outlook-for-crypto-market-in-2019/  
https://www.coindesk.com/gmo-quits-selling-mining-machines-after-crypto-market-downturn  
https://www.coindesk.com/layoffs-underway-amid-business-adjustments-bitcoin-miner-bitmain-confirms  
https://www.scmp.com/tech/blockchain/article/2179513/chinas-cryptocurrency-giants-bitmain-and-huobi-plan-lay-offs-amid

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