Daily Cryptocurrency News – 2nd December 2018

Here are the most important headlines of December 2nd, 2018:

Komodo (KMD) Surge Prior To Its Hardfork

Komodo (KMD) had a great 17%+ increase this Sunday morning. Even though the market is on the red zone for today, Komodo seems to do pretty well with a 7% increase at the time of writing the article. This increase can be caused by the future hardfork – a large batch of mandatory updates – which are scheduled to December 15th 2018. These updates will be implemented into the Komodo blockchain, therefore the need for a Hardfork.

If you’re from a few years in this industry, you probably know that Komodo is a fork from the Zcash (ZEC) blockchain. Now, they plan to add the Sapling Technology. This technology that has already been implemented by other cryptocurrencies will have multiple benefits such as : a development from Verus Coin (VRSC) which will allow users for equal CPU/GPU hashing algorithms, interchain smart contracts and a better privacy level. The announcement of the updates was the following:

An update to the Komodo code base will be made on December 15, 2018 at 01:00 UTC. The update will activate a number of new features, including the Sapling Upgrade, 10 new assetchain parameters, and an increase in block size for all updated chains, from 2 MB to 4 MB.”

The update will see a range of features either added to or amended on the KMD blockchain, including the addition of the VerusHash and VerusPoS algorithms, which will be able to split KMD mining/staking equally among CPU and GPU users.

Komodo volume of trading increased significantly since its announcement, from $200,000 to over $1,000,000 in just a matter of hours. The exchanges with the most volume are Binance, Bittrex and Upbit. Komodo (KMD) increased by 61% since last week – but its still down 40% down for the month. Komodo lost in 2018 around 94.7% of its volume, decreasing from $15.41 to $0.75.

Stellar Lumens Activity Skyrocket In The Last 6 Months 

Stellar Lumens (XLM) had recently passed Bitcoin Cash (BCH) in terms of market capitalization. Now it sits on the #4 place on the cryptocurrency market cap, according to CoinMarketCap.com. Based on the data from Stellar Expert, an analytics platform created for the Stellar Network as well as a block explorer, Stellar started increasing in activity a lot since July 2018.

At the beginning of 2018, Stellar had only 164,847 active accounts. Until the middle of the year, over 512,000 accounts had been registered. Afterwards, the Stellar growth started truly. At this point, Stellar have more than 2,000,000 active accounts on their network. This is ten times more the network had at the start of 2018. Once this happen, Stellar announced on Reddit:

 

2,000,000 accounts from r/Stellar

This increase could be a factor of their massive partnership with Blockchain.com. To celebrate that, the Stellar Foundation hosted a $125,000,000 giveaway in XLM.  Any user that confirmed its identity on the Blockchain.com wallet and an accepted location should receive $25 in XLM value – only 1 giveaway per person. The total amount of $125,000,000 makes it the biggest airdrop in the history of cryptocurrency.

Another factor may be the great increase of Diruna, an Indonesian project that develops a marketplace based on the Stellar technology. Diruna reached 1,000,000 active accounts in October and its widely used in Indonesia. People can purchase goods there and pay in DRN – a token that runs on Stellar’s blockchain.

SEC’s Next Victim: Social Media Influencers That Promoted ICOs

The U.S. Securities and Exchange Commission (SEC) is working hard right now on cracking down ICOs. According to a top official, there are dozens of cases pending right now. And besides that, they decided to move to their next victims : Social Media Influencers. The main factor that made the U.S. authorities target them were the Floyd Mayweather and DJ Khaled supporting certain cryptocurrencies on social media and promoting them to their huge audience.

Any writers, Youtube celebrities, cryptocurrency review platforms, publications and other individuals could be targeted by SEC if there’s an evidence that they received compensation from ICO organizers to promote a token sale without disclosing the amount received from an ICO to their audience. They also followed up on November 28th and declared:

“Investors should be skeptical of investment advice posted to social media platforms, and should not make decisions based on celebrity endorsements. Social media influencers are often paid promoters, not investment professionals, and the securities they’re touting, regardless of whether they are issued using traditional certificates or on the blockchain, could be frauds.”

Moreover, Jay Clayton – the Chairman of SEC – declared on Tuesday for Hacked.com that the commission views most ICOs as securities:

“We don’t believe Bitcoin is a security. Many of the ICOs that you see and you talk about, they are securities. And if you’re going to offer or sell securities, you have to do so in compliance with our laws. We’ve been clear about that, the recent actions further emphasized that our securities laws to apply to the ICO space, and if people are going to raise money using initial coin offerings they either have to do so in private placement or register with the SEC.”

Promoting an ICO that is recognized as a security could lead to a fine equal to double the amount received, such as the case of Floyd Mayweather who paid over $600,000 for receiving $300,000 to promote three ICOs.

KuCoin Now Accepts Credit Card Payment For Crypto 

KuCoin recently announced a partnership with Simplex, partnership which will allow users to purchase cryptocurrencies using their debit and credit cards:

We are delighted to announce that KuCoin has partnered with Simplex to enable new and current KuCoin users to purchase cryptocurrencies using their credit and debit cards. This service can be found in “Assets – Deposit” and currently supports the purchasing of BTC, ETH, and LTC with both USD and EUR in over 100 countries (click here to see the supported countries and regions).

Simplex is an EU leading financial institution, which provides fraud-free payment processing solutions worldwide. In case of fraudulent charge-backs, everything will be covered by Simplex. Founded in 2014, Simplex works with multiple financial institutions as well as cryptocurrency ones such as Shapeshift, BRD, Litecoin Foundation, XAPO and Changelly.

Other Important News

If you’ve missed yesterday’s news, you can find them here: Daily Cryptocurrency News – 1st December 2018

Image Source:

Leave a Reply

Your email address will not be published.