Cryptos remain mixed, Ethereum Classic network attack totals $1.1 million
Jan 08, 2019
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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Crypto Market Recap
- Cryptocurrency markets remain largely mixed with Bitcoin (BTC) slightly positive in the last 24 hours, up 0.27% to USD$4,044.79. Among major cryptocurrencies, TRON (TRX) is posting the largest gains, up 10.96% in the last 24 hours to USD$0.026036. Binance Coin (BNB) and NEO (NEO) are also posting notable gains, up 7.15% and 7.66% in the last 24 hours to USD$6.75 and USD$9.15, respectively. Dash (DASH) and Bitcoin SV (BSV) are lagging major coins in today’s trading, down 2.10% and 2.09% in the last 24 hours to USD$81.51 and USD$87.22, respectively.
Crypto Developments in Financial Services
- RippleNet, the payment network developed and managed by the Ripple company, announced today that 13 new financial institutions have joined the platform, bringing the total number of participants to over 200. The 200+ financial institutions using RippleNet span across 40 countries. As per the official announcement from the Ripple company, five of the new financial institutions joining RippleNet, including JNFX, SendFriend, Transpaygo, FTCS, and Euro Exim Bank, will use Ripple (XRP) for liquidity when conducting cross-border payments.
Crypto Regulatory Environment
- Vladislav Ginko, a Russian university professor at the Russian Presidential Academy of National Economy and Public Administration, said while speaking to news outlet Micky that he expects new US sanctions to push the Kremlin into diversifying cash reserves into Bitcoin (BTC). The publication quotes Ginko saying, “US sanctions may be mitigated only through Bitcoin use. Because of US sanctions, Russia’s elite is forced to dump US assets and US dollars and invest hugely into Bitcoins. The central bank of Russia sits on USD$466bn of reserves and has to diversity in case there are limited opportunities to do it in the future.”
General Crypto News
- A block reorganization that occurred on the Ethereum Classic (ETC) blockchain reportedly included double spending that involved more than USD$1.1mm of crypto tokens, according to US cryptocurrency exchange Coinbase. A post on the Coinbase blog reveals that the team first detected eight block reorganizations on the Ethereum involving 88,500 ETC (worth about USD$460,000) before discovering 12 additional block reorganizations, totaling 219,500 ETC (worth about USD$1.1mm). Coinbase also stated in its post that the exchange’s customers were not affected by the ETC network attack.
- As Ethereum (ETH) core developers are deliberating the implementation of new proof-of-work (PoW) algorithm ProgPoW, some ETH developers are suggesting the world’s second-largest cryptocurrency embrace specialized mining hardware (ASIC) rather than work against it. The ProgPoW protocol would decrease the efficiency divide between ASICs and traditional GPUs while rendering current Ethereum ASICs obsolete. David Vorick, an ETH core developer, however, believes that ProgPoW would favor larger ASIC producers because of the complex hardware required to benefit from economies of scale.
- KodakONE Image Rights Management Platform, a blockchain-based image rights platform developed by KodakONE and licensed by photo industry giant Kodak, generated more than USD$1mm in licensing claims for image rights during its limited beta test. Of the USD$1mm in licensing claims, KodakONE is expected to profit USD$400,000. KodakONE hopes to implement its KodakCoin token and smart contracts in the future in order to enable instant license settlement and license management at scale.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio