Here are the most important cryptocurrency news of 15th November 2018:
Cryptocurrency Markets Falls Down – The Possible Reasons Behind the $25 Billion Decline
Yesterday, was a rough day for most of the cryptocurrency hodlers. The market decreased with over $25 Billion in less than 4 hours. The market capitalization reached a minimum of $174.9 billions yesterday at 17:00 UTC+2, according to Coinmarketcap. A lot of people ask themselves though – what caused this instant movement? What was the reason behind it?
Most of the people think this had something to do with the future Bitcoin Cash hard fork – as right now, there’s the battle of billionaires – each fighting for power. The Bitcoin cash hard fork will split Bitcoin Cash into two separate cryptocurrencies :Bitcoin ABC – core Bitcoin Cash and Bitcoin SV – Bitcoin Satoshi’s Vision. While this fight is not over yet – this is a sign that the selloff could continue as the two billionaires will fight for supremacy. And why would they crash the Bitcoin? What’s in it for them?
Hashing Power. They probably sold their BTC for USD in order to pay for more hashing power so their chain will be recognized as the true ‘Bitcoin Cash’. The bad news is, this had an effect over the entire cryptocurrency market – making people sell their cryptocurrencies and going safe on USDT. But the safety in USDT is not how it looks like. USDT which was supposed to be $1 now sits at a $0.98 value. This market wasn’t bad for Bitmex short traders, as some of them made a small fortune yesterday.
Will the selloff continue after the fork? Probably. Bitcoin Cash was created on 1st August 2017. At that moment, it didn’t had a negative impact over Bitcoin’s price. But 2017 was a bull year, when assets went up 100% or more. 2018 is not like that, unfortunately. So after the Bitcoin cash hard fork – we could probably see another drop in price as people will sell their Bitcoin ABC and Bitcoin SV for Bitcoin or USD.
Bitcoin’s future – Opinion
Tim Draper is one of the persons that the cryptocurrency is familiar with. He claimed that in the next 15 years, crypto market cap will reach the amazing amount of $80 Trillion. This can turn out to be true, or not. There are still a lot of issues in the cryptocurrency space that needs to be resolved. His opinion is based on the fact that crypto will change all the trillion dollar markets : finance, healthcare, insurance, banking and even governments. In addition, cryptocurrencies is probably the highest volatile market that ever was. We saw people became millionaires last year and people losing big amounts of cash this one. Not to mention the $1 billion hacks of 2018.
Other people likes to think about good old times. Last year, on 12th November 2017 – the bull run was starting. Bitcoin went from $5,922 to over $19,000 in less than 60 days. While last year on this time people were talking about buying Bitcoin cheap – now people pray to see it above $10,000 again. Could the history repeat and see a Bitcoin bull run until the end of 2018? Most probably. But don’t expect a huge one. We’re not in 2017 when there was no Bitmex or other services offering shorting opportunities.
While Bitcoin and other cryptocurrencies had a rough year, its important to understand that the market is fairly new and the volatility can affect your investments. Invest at your own risk, as much as you can afford to lose.
Binance Exchange Will Support USDC Deposits Starting November 16th
While Tether cannot be trusted as a stable coin anymore, people are relying on other stable cryptocurrencies – such as USDC. Binance decided to offer support for Circle’s own stable cryptocurrency USDC. The cryptocurrency was launched recently, and its already supported by Coinbase, Poloniex, Binance and 9 other cryptocurrency exchanges alongside with 7 cryptocurrency wallets. Binance will support USDC and will start with two trading pairs for it: USDC/BTC and USDC/BNB.
The USDC is indeed a fully collateralized USD-backed cryptocurrency, as Tether was supposed to be. The difference is,USDC is a transparent and compliant token backed by USD in a 1:1 ratio. Moreover, Circle claims that they took a lot of measures and precautions to ensure that USDC will not be used for illegal activities.
Circle reserves the right to “blacklist” certain USDC addresses and freeze associated USDC (temporarily or permanently) that it determines, in its sole discretion, are associated with illegal activity or activity that otherwise violates the terms of this User Agreement (“Blacklisted Addresses”). In the event that you send USDC to a Blacklisted Address, or receive USDC from a Blacklisted Address, Circle may freeze such USDC and take steps to terminate your USDC Account.
The Binance listing will surely affect the volume of USDC – which now have a market cap of $146 million. In addition, people could keep their funds safe by converting them into USD way easier – now that they have two stable coins to chose from.
NEO ONE Is Launched After One Year of Development
This solution for the NEO blockchain will surely attract more developers to test it out. If you want to keep in touch with the NEO ONE team, you can follow them on Twitter or discuss with them privately over Discord.
ICON Foundation’s Latest Update To The Community
After a period of silence, the ICON team decided to create a blog post and respond to community’s concerns. Firstly, the ICON team hired Ricky Dodds as Head of Institutional Markets and Contributor Relations. Ricky joins ICON after working as a Vice President in Equity Research at Deutsche Bank. With over 8 years experience in investment banking and equity research, Ricky Dodds hopes to increase the value of the ICON Project by establishing partnership with enterprises and therefore, proving the real use-case value of ICON.
Secondly, ICON team claims that they plan to build a ‘healthy community’ by eliminating the posts that are not respecting the standards. They also declared that in the future they plan to connect the private ICONLOOP networks to ICON via the ICON Nexus – to assure an interoperability between ICONLOOP and the public chain. Another important factor that they mention is the creation of the Yellow Paper – which will explain the ICON governance system. The Yellow Paper will be created until the end of 2018 – as they still need to check different variables that might affect the decentralization of the network.
And the most important issue for the ICON users, the circulating supply issue. Over the past few weeks, the ICX circulating supply grew from $400 millions to $473 millions – and many people believed that its the management’s fault. ICON declared that the increase of the circulating supply is a factor of smart contracts vesting being unlocked – which now allows partners & advisers to sell the token if they want to.
Other Important News
- Without SWIFT, Iran turns to crypto
- Bitcoin Cash Hardfork in 1 hour. Jihan Wu has 90,000 miners being set up. Craig says “SV is mining at a loss. They will block all ABC transactions and re-org any ABC blocks.”
- Ohio Congressman Wants to Allow ICOs to ‘Sidestep’ Securities Laws
- 8 arrested for running $68M cryptocurrency Ponzi scheme in Japan
- Binance Lists Mithril (MITH)
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