The past 24 hours have been rollercoaster of sorts for the crypto market, with the price of the world’s premier digital currency, Bitcoin, dropping by more than 10% late Wednesday afternoon. As a consequence of this, BTC was seen stooping to its 2017 low of $5,312 before gradually recovering (a little) and settling around the 5,742 mark (at press time).
Despite a prolonged cryptocurrency bear market and regulatory uncertainties, OKCoin, one of the largest cryptocurrency exchanges in the world, is expanding to Latin America launching a new exchange platform headquartered in Buenos Aires, Argentina.
Already active in 110 countries and 21 U.S. states, OKCoin USA CEO Tim Byun told Bitcoin Magazine that he is not worried about market volatility as they launch on a new continent:
“Overall, we are very bullish on the cryptocurrencies markets throughout the world and in Latin America in particular.
The market for cryptocurrency tax services is growing rapidly, and it is providing forward-thinking tax professionals with an opportunity to capture oversized profits.
While we’ve seen the market cap of bitcoin and other cryptocurrencies dramatically fall from around $800 billion at its height to around $200 billion today, the number of developers, traders, companies and professionals joining the larger cryptocurrency and blockchain ecosystem has continued to increase in spite of this “crash.
The first major contentious Bitcoin hard fork, Bitcoin Cash, which took place just over a year ago, had a massive positive impact on the global market capitalization of cryptocurrency. Bitcoin Cash is now undergoing a contentious fork of its own, but market reception has been far different. Everything is tanking with the fork event just hours away.
The days leading up to the Bitcoin Cash fork in 2017 sparked a frenzy for Bitcoin, with speculators looking to cash in on a two-for-one deal on their coin purchases.
By now, most of you know that Bitcoin is trading at its lowest price since October last year. The sharp decline was sudden and brought the whole market down with it, some cryptos more than others. However, different people received the information differently. Some were confident that this was just a stumble on the path to adoption, to others it signified the beginning of an intense bull run. To the skeptics, this is all they needed to stamp their long-held belief that cryptos are a scam.
Crytpocurrency markets are in turmoil right now, most currencies seeing drops of over 10%. What is the reason for the sudden selloff? Most likely due to the drama regarding the upcoming BCH fork.
While many disagree that the Coinbase had anything to do with the recent selloff, the announcement coincided with the massive dump.
It’s been a bearish year for the cryptocurrency industry, but today marks a new low for the king of cryptos. Bitcoin shed over 12 percent to hit its lowest level since October last year, with other cryptos following suit. In what has been a day to forget for the industry, Ethereum, Ripple, Stellar and EOS all shed 15 percent in a few hours, with nearly all major cryptos seeing double-digit losses. With its hard fork slated for tomorrow, Bitcoin Cash wasn’t spared either and lost 20 percent, the largest loss in the top 20.
As the Bitcoin Cash fork draw near, there is a renewed interest in trading the pre-fork coins on the exchanges which support it. At this time, it seems there is a genuine interest in Bitcoin SV, whereas Bitcoin ABC is quickly losing ground. This seems to further confirm Bitcoin SV is effectively gaining support at least among speculators.
Bitcoin SV Price Rises Spectacularly
It has been quite interesting to keep an eye on how this pre-fork trading is shaping up.
Most of the popular currencies are still under a lot of pressure at this time. This is primarily because there is a massive amount of pressure on Bitcoin, which eventually pushes all altcoins down in the process. In the case of Dogecoin, things are not looking all that great, and the dip below $0.003 is in effect. Based on the current circumstances, it would seem this trend may remain in place for quite some to come.
Dogecoin Price Pressure Isn’t Relenting
It is only normal there is a lot of negative pressure on Bitcoin.
Today and tomorrow will be two incredibly important dates for Bitcoin Cash. The upcoming hard fork is a very controversial development which can have all kinds of side effects. So far, the Bitcoin Cash price is holding its own despite all of the controversy. Finding stability near $520 would be a semi-bullish signal for the future.
Bitcoin Cash Price Needs Solid Support
Despite a relatively steep price rise last week, the value per BCH has not found any real stability to speak of.
In the world of cryptocurrencies and digital assets, a lot of interesting things are happening lately. Most of the top markets remain subdued, and XRP is – once again – no exception in this department. The asset continues to struggle for price stability, as $0.5 remains a level of substantial resistance. A few interesting days may loom ahead for XRP, although the price impact may be minimal.
XRP Price Can’t Escape the $0.5 Level
Earlier this week, it seemed to be a matter of time until XRP broke through to $0.
Today, November 14, 2018, the New York State Department of Financial Services (DFS) announced that it has approved the application of NYDIG Execution LLC, a subsidiary of NYDIG LLC, for a virtual currency license and a money transmission license. The approval of this so-called “BitLicense” or “Virtual Currency License” application is the 14th of its kind and is required under New York State law in order for a company to engage in “any Virtual Currency Business Activity.
South Korea’s leading technology university, the Korea Advanced Institute of Science and Technology (KAIST), is working with Theta Labs, the first blockchain-based video delivery system, to introduce students to an entirely new set of coursework regarding the applications of blockchain technology.
“We’re kicking things off with a seminar at the electrical engineering school this Friday [the 16th] where we’ll be providing a high-level overview of blockchain technology and current trends in development,” Theta Labs CEO Mitch Liu told Bitcoin Magazine.
In what is becoming an emerging trend, Twitter accounts of popular brands are being hacked in an attempt to scam unsuspecting users out of their cryptocurrencies.
Target and Google are two high profile targets that have seen their accounts taken over by hackers who, in turn, have used them to scam followers by advertising fraudulent crypto giveaways.
Google's G Suite Twitter Account is Hacked!! pic.
With contributing reporting from Jimmy Aki.
Christine Lagarde, head of the International Monetary Fund (IMF), suggested a new course of action for central banks around the world: turn their fiat currencies digital.
The IMF chair gave a speech at the Singapore Fintech Festival on November 14, 2018, titled “Winds of Change: The New Case for Digital Currency.
The Ontario Superior Court of Justice has recently moved to take custody of a large sum of assets from a crypto exchange currently frozen in accounts at the Canadian Imperial Bank of Commerce (CIBC).
According to a recent court document, the CIBC had frozen several accounts of some disputed assets at the crypto exchange QuadrigaCX, including $25.
Bitmain has denied reports that its CEO Jihan Wu was ousted as the mining firm’s board director while confirming that the board has undergone restructuring.
Setting the record straight, Nishant Sharma, international marketing manager of Bitmain Technologies Limited, told Bitcoin Magazine that, instead of losing his position, Wu will continue on as a co-director of the board amidst a wider reorganization.
“As is standard listing practice, Bitmain is restructuring its board and group structure, to ensure it meets regulatory requirements on its road to IPO.
Ripple’s legal team in their ongoing securities suit is attempting a new tack: to have the claim proceed at the federal level.
In a move that legal commentator Jake Chervinsky described as “seriously crafty,” Ripple has filed a formal notice-of-removal motion to have their most recent securities suit, Zakinov et al v.
“Go for the Jugular” is the advice George Soros gave to his team during his famous attack on the British pound for a profit of $1 billion on so-called Black Wednesday in 1992. On October 15, 2018, tether, the market dominating stablecoin with a market cap of $2 billion, was attacked, breaking tether’s peg to USD, dropping its value by 7 percent but simultaneously driving up bitcoin and the whole crypto market by more than 10 percent.
South Korea is a very interesting region when it comes to cryptocurrencies. In most cases, there is nothing but positive news first and foremost. At the same time, local regulators are looking for ways to ensure the industry gains more legitimacy. This has forced the first cryptocurrency fund in the country to shut down effective immediately.
A Major Setback in South Korea
Most cryptocurrency enthusiasts look at South Korea as a bastion of proactive regulation.
It is not uncommon for students to get crafty when they aim to mine cryptocurrencies. Some use the “free” electricity of their dorm to mine Ethereum and other altcoins. In China, one entire school seemingly had a secret Ethereum mining operation going for quite some time. Cheap electricity sparks a lot of interesting, albeit not always legitimate, business models moving forward.
Cryptocurrency Mining in China Remains Popular
No one will deny China has always been an awkward country when it comes to Bitcoin and other cryptocurrencies.
Every day in the cryptocurrency world comes with new opportunities to explore. Especially for those who simply want to score a quick buck by moving funds to and from exchanges, good money can be made in quick succession. Some intriguing arbitrage opportunities are popping up once again, albeit these gaps can close pretty quickly.
Cardano (Kraken / Gate)
In the case of Cardano – or ADA – there is one particular arbitrage opportunity which stands out in a rather spectacular fashion.
Bitmain has dominated ASIC manufacturing since it was founded in 2013. One man has been at the forefront of this domination, leading the company into the giant that it is today; Jihan Wu. However, it may not be so for much longer, with a Chinese publication revealing that a recent reshuffle has demoted the renowned crypto campaigner to the role of a supervisor from his previously held Director role in the board.
The news come after the Financial Times unearthed the fact that the figures reported for the profitability of the firm had almost been doubled in earlier reports by the firm.
At press time, the father of cryptocurrency has dropped by roughly $100 since our last price piece and is now trading for just over $6,200.
The currency has been trapped in a serious slump for several weeks, where the trading range appears locked between $6,200 and $6,300. Some analysts – like Victor Dergunov – are referring to this period as “the calm before the storm,” as they expect bitcoin’s price to fly through the roof in the coming months.
In a recent blog post, Dergunov explained:
“This is not the first time that bitcoin has seen calm waters.
November 13, 2018, Diego Garcia, British Indian Ocean Territory (BIOT): A massive “sexstortion” scheme that has been raking in millions of dollars in Bitcoins from terrified victims has been traced to the Bitcoin money laundering site Bitblender.io.
All the sextortion emails follow a similar sinister formula: a message is sent from a supposed hacker who’s compromised your computer and used your webcam to record a video of you while you were watching porn! The email threatens to release the video to all your contacts unless you pay a Bitcoin ransom.
Кто знает подойдет ли этот кошелек для постоянного приема в сатоши? Я просто майнить не решился, но написал несколько ботов для того, чтобы они собирали с кранов монеты. Я так понял, что это веб-кошел...