Daily Cryptocurrency News – 1st December 2018

Here are the most important headlines of 1st December 2018:

Cryptocurrency Market Turns Green Again

The cryptocurrency market recovers around $9 billion today. At the moment of writing, Bitcoin sits at $4,242.80 with a 5.44% increase.The second cryptocurrency, Ripple, sits  at $0.375 with a $3.93 % increase since yesterday. Ethereum also had a great increase today and is now trading at $119.11 with a 4.82% increase per today.

This may come as a result of the ending of CME Bitcoin Futures contracts, as people stopped selling their BTC. An important thing to notice is that the volume of Bitcoin is around $5.5 Billion per day, the Ripple’s one is a bit above $400 Millions while the Ethereum one have an impressive $2.2 Billions for today. The Ethereum’s volume for today is larger than than the daily volume of Ripple (XRP), Bitcoin Cash (BCH) and Stellar Lumens (XLM) summed up.

This is great as it shows us that these two cryptocurrencies are not ‘’free falling with low sell-pressure”. Instead, the high volume suggests that BTC and ETH have a potential to increase more.  But before that, they should break the resistance levels at $4,3000 and respectively $120. If they do, we could see a shor term rally.Even though people thought that the Ethereum price declined because of the ICO owners selling their funds, it was not the case according to Chris Burniske, partner at Placeholder VC:

“So, in reality just $8 million worth of ICO treasuries’ ETH directly hit exchanges during November 14–30, 2018. Given the data we have, we are confident to say that ICO projects reacted to the market conditions, rather than dictated them.”

Ripple – Famous In Asian Markets

On 30th November 2018 there was the CryptoCompare & MJAC London Blockchain Summit. Dan Morgan, Ripple’s Head of Regulatory Relations for Europe, was a part of the Q&A session  Siamak Masnavi from CryptoGlobe asked Dan what he thinks about the regularity clarity in the various markets that Ripple operates in & if it was real that Latin America & Asia were the countries where Ripple had the most users. Dan Stated:

It’s very early days, but we see the biggest appetite in Asian markets, in terms of demand, so remittance demand, whether it is corridors that are under-served because correspondence banking is too costly… So, we feel that there is demand.”

“Liquidity, in terms of digital assets, most liquidity we have… is in Asian markets by some distance.”

“And regulatory certainty is the third [factor]. Again, we see a number of pockets around Asia where they are further ahead that we are here… Thailand, I talked about. Obviously, Japan is another place.”

“So, you are absolutely right, it is Asia. I wouldn’t want to pin down exact markets… In Thailand, for instance, with that regulation, I think Siam Commercial Bank… is really active now in terms of settlements, digital assets activity.”

And he’s perfectly right. Japan is one of the most progressive countries in terms of technology. Instead of banning the cryptocurrencies like India or China, Japan created a strong position of itself and now about half of the cryptocurrency trading happens there.

Thailand was first skeptical about cryptocurrencies, banning cryptocurrencies and digital assets. In 2018, Thai government change its opinion and the country now have a framework for licensing exchanges. As a result towards a more friendly environment, Siam Commercial Bank (SCB) became the first institution to use RippleNet’s “multi-hop”. And who knows what the future may bring, as on the last news North Korea announced its first Blockchain and Cryptocurrency Conference. The future looks bright for Ripple and the cryptocurrency space.

Vitalik Buterin Awarded Honorary Doctorate By The University of Basel

On 30th November 2018, the 558th annual Dies Academicus – The number 558 ceremony of University of Basel. The university was created in 1460 and since then it hosts this event in the honor of multiple individuals for their academic and social contributions. Among the honored people this year, it was Vitalik Buterin – Ethereum’s Co-founder.

At only 24 years old, he gained an honorary doctorate from the University’s Faculty of Business and Economics as per the following reasons:

[Vitalik Buterin] received the honor in recognition of his contribution to promoting decentralization and equal rights of participation in the digital revolution, as well as for his achievements in relation to cryptocurrencies, smart contracts, and institutional design.

The co-founder and inventor of “Ethereum” – a decentralized platform based on blockchain technology – authored his scientific publications without an academic degree or ties to a university.

In 2014, Vitalik dropped from University of Waterloo to create Ethereum, after he received the two-year Thiel Fellowship. Since then, he managed to build a billion dollar protocol that now have an amazing potential to change the world as we know. And its actually changing it day-by-day:

 

Bobby Lee  Thinks Now It’s the Perfect Time to Buy Bitcoin  

The Co-Founder of BTCChina and crypto commentator Bobby Lee took some time today to express his opinion about Bitcoin. He tweeted to his 80,000+ followers that right now it would be a good time to buy some Bitcoin. A few days ago, he predicted that Bitcoin will decrease to $3,000 – but as that failed to happen, he changed his opinion and explained to his followers when to buy or sell BTC :

He explained further that nevertheless of the price, in this period it would be great to buy some as we might be close to the bottom so this would be the last time Bitcoin could be ‘on the cheap’.

Would this be the bottom of Bitcoin? Probably not. Should you buy now? Its up to you.

Another important point that he made was regarding the Tokens, ICOs and STOs. He thinks that those are just evolutionary from traditional paper securities and therefore – centralized. The only cryptocurrency that is decentralized in his opinion, is Bitcoin.

Other important News

If you’ve missed yesterday’s news, you can find them here: Daily Cryptocurrency News – 30th November 2018

Image Source: 1zoom

 

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