Daily News Digest Featured News

Monday November 26 2018, Daily News Digest

Bitcoin price
Source: CoinDesk

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United States

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News Summary

United States

Bitcoin (BTC) Falls Under $ 4,000, Bottom Calls Ramp Up (Ethereum World News), Rated: AAA

After days of stagnating at the $4,200 price level, on Saturday afternoon (EST), Bitcoin (BTC) suddenly fell under $4,000, a highly-touted level of support for the cryptosphere’s foremost asset. It wasn’t clear why this bout of selling pressure occurred, but within minutes, sell-side orders pushed BTC (on Coinbase) under $4,200, then $4,100, then $4,000, all the way to $3,800, where the digital asset is situated at the time of writing.

Bitcoin
Source: Ethereum World News

Bitcoin has lost 40 percent of its value in the last two weeks (The Verge), Rated: A

Bitcoin is in the middle of an astounding price drop, reaching prices as low as $3,520 in recent days and wiping out all gains from coins purchased this year. As of press time, the price was hovering around $3,900, a roughly 40 percent drop from two weeks ago. The result is the worst price drop since April 2013, refreshing old doubts about the soundness of bitcoin as an investment vehicle.

Down 36%: Bitcoin Price Faces Worst Weekly Loss Since 2013 (CoinDesk), Rated: A

Bitcoin weeklly
Source: CoinDesk

Bitcoin Lightning Network Sees Massive Growth With $ 2 Million Capacity (Invest in Blockchain), Rated: AAA

While Bitcoin’s price is plummeting to new lows, down 79% from its all-time high of December 2017, Lightning Network is breaking records by reaching over $2 million in capacity (442 BTC).

November has been a transformative month for Bitcoin, and new data from 1ML.com, a Lightning Network search and analysis engine, shows a staggering LN growth of nearly 300%.

The number of LN nodes and channels have skyrocketed, reaching capacities never seen before. At the time of writing, the number of nodes are up over 8%, reaching 4,151, and the number of LN channels has reached 12,317.

Lightning Network
Source: @ConanOBitcoin on Twitter

Lightning-Powered Blog Sees 20,000 Bitcoin Micropayments in 7 Months (Yahoo! Finance), Rated: A

Few projects have done as much to explore crypto micropayments as the year-old Yalls blog created by Lightning Labs developer Alex Bosworth.

From April through early November, Bosworth said, blog participants have processed nearly 20,000 invoices with the Lightning Network, a bitcoin scaling solution that makes micropayments feasible by keeping them off the blockchain, sidestepping network transaction fees.

Litecoin Price Analysis: LTC/USD’s Rebound Faces Crucial Hurdle (Ethereum World News), Rated: AAA

The past few days were very bearish for litecoin price as it declined sharply below $35.00 and $30.00 against the US dollar. The LTC/USD pair even broke the $28.00 support area and traded close to the $25.00-26.00 zone.

Looking at the chart, LTC price tested the $26.00 level and formed a low at $26.35. Later, there was a sharp upward correction and the price traded above the $28.00 and $30.00 resistance levels.

Litecoin
Source: Ethereum World News

Litecoin Technical Analysis: Bearish hold sees no end as cryptocurrency continues to fall (AMBCrypto), Rated: A

The cryptocurrency market has been on a roller coaster with some coins continuing their bearish trudge while a few have witnessed bullish spikes. While Bitcoin Cash [BCH], Monero [XMR] and Tron [TRX] have been in the green, cryptocurrencies such as Litecoin [LTC] are still sliding in terms of price.

The one-hour LTC chart shows the bleak picture of an acute bearish drop. The downtrend has taken the price from $41.74 to $32.84. The current support for Litecoin is at $30.79 while the resistance has been maintained at $42.32.

Litecoin 1 hour
Source: AMBCrypto

Litecoin [LTC], Stellar Lumens [XLM] see double-digit bull run amidst red November (AMBCrypto), Rated: AAA

After a sturdy attack by the bears, the cryptocurrency markets seem to be blossoming green following an interim rise in prices. Litecoin [LTC] has risen by a massive 10.88% in the 24-hour time frame, while Stellar Lumens [XLM] has increased by a total of 10% at the time of writing.

The one-day time frame shows that prices for Litecoin began trading at $28.34 on November 25.

The prices remained the same for a couple of hours and then took a steep downturn and reached $27.18, when the market cap was a mere $1.60 billion. The prices gained momentum after this point and crossed the $30 barrier and reached $32, post which the prices remained the same.

Litecoin
Source: CoinMarketCap

Stellar Lumens has also seen a massive increase of 9.01% in the 24-hour time frame, where the prices of XLM increase from $0.14 to $0.16, and then fell down to $0.15.

Stellar Lumens
Source: CoinMarketCap

Once StellarX incorporates AnchorUSD, Stellar (XLM) won’t need Coinbase listing at all (Captain Altcoin), Rated: A

AnchorUSD is a stablecoin that is launched on Stellar blockchain. Because USDX can always be created for $1 or redeemed for $1, investors can trade with confidence and avoid the volatility of unbacked cryptocurrencies.

You are now able to lock in your price instantly for Stellar Lumens (XLM) purchases using AnchorUSD.

Why Bitcoin Cash SV is the only top coin rising as crypto crash rolls on (Ethereum World News), Rated: A

Bitcoin Cash SV (BCHSV) is 3% higher against the dollar at $65 in the past 24 hours and 20% higher against bitcoin. Compare that to BCH, which is down 21% during the same period to $163, according to coinmarketcap. BCH is now trading at its all-time lows.

Bitcoin hash rate war
Source: Ethereum World News

Former Chief At eBay Says Ripple Will Play A Significant Role In E-commerce Development (Smartereum), Rated: A

The former chief product officer at eBay has declared his support for Ripple and its technology. R.J, Pittman has stated that he believes Ripple’s technology is going to play a major role in the future of e-commerce. He made his conviction known during the Swell 2018 conference that was held in San Francisco. According to him, about 20% of the transactions that happen in the United States happens online.

Top Running Cryptocurrencies November 25th, 2017 – Dai (DAI) (Crypto Block Wire), Rated: A

The top performing cryptocurrency of the day is Dai (DAI). It traded up 2.08% against the US dollar during the twenty-four hour period ending at 06:00 AM Eastern Standard Time on November 25, 2018. Its market cap is $60,305,492. It traded $13,124,086 worth of on exchanges in the past 24 hour period. Also, one Dai token is about $1.02 or 0.000278014 BTC on major cryptocurrency exchanges. The amount of it in circulation is 59,038,398 DAI.

DAI
Source: Crypto Block Wire

TRON founder Justin Sun shares 6 month data & says “check after two years” (BCFocus), Rated: A

TRON founder Justin Sun shared 6-month data of TRON on Sunday. This comes after the coin dropped 15% in the last twenty-four hours. To add some perspective to recent plunge, Sun reminded the holders about all positive things about TRON including how the transaction volume of the blockchain is on the rise still. Acknowledging, the recent bloodbath that struck the cryptocurrency market, urged the community members to remember that ‘nothing has changed’.

Sun tweeted, “In today’s bloodbath, we must remember that nothing has ever changed. #blockchain #bitcoin #DAPP is the future and #TRON will decentralize the Internet. Check out #TRON 6 month data, we haven’t seen such amazing increase before. Plz check after 2 years!”

Small-Cap Cryptocurrency DOCK Seems Primed for a Mini-Bull Run (Blockhain Report), Rated: A

With Black Friday having just passed this is the perfect opportunity to do some cryptocurrency shopping. BTC having fallen more than 30% in the prior week has brought many cryptocurrencies lower with it. However, with a lower BTC comes cheaper cryptocurrencies. This week, DOCK is likely to have the most significant gains in the short term.

USD Coin Price Up 0.7% This Week (USDC) (Marea Informative), Rated: B

USD Coin (CURRENCY:USDC) traded 0.2% lower against the U.S. dollar during the one day period ending at 0:00 AM Eastern on November 24th. USD Coin has a total market capitalization of $169.02 million and $21.26 million worth of USD Coin was traded on exchanges in the last day. One USD Coin token can now be purchased for $1.02 or 0.00027321 BTC on popular exchanges including LATOKEN, Korbit, Coinbase Pro and OKEx. During the last week, USD Coin has traded 0.7% higher against the U.S. dollar.

Ohio first state to accept Bitcoin for business taxes (The Blade), Rated: A

Ohio is becoming the first state to offer businesses the option of paying their taxes using Bitcoin, though it’s unclear how many will want to use cutting-edge digital currency to settle their bills with the treasurer’s office.

ICOs Can Raise Up To Million; Cryptocurrencies Now Taking Advantage of 2015 SEC Regulations (Cryptoslate), Rated: A

Companies have only recently begun taking advantage of recent SEC regulations that allow projects to raise funds. The two regulations, Reg. Crowdfunding (C.F.) and Reg. A, allow companies to secure between $1 million and $50 million. These avenues for fundraising are compliant, cost-effective, and synergistic with ICOs.

Why we must regulate the blockchain (Salon), Rated: AAA

Ken Thompson, the co-creator of the Unix computer operating system, received the Association for Computing Machinery’s prestigious Turing Award in 1984. In his acceptance speech, he did something odd. He chose not to talk about Unix at all; instead, he spoke about trust.  Computer security can never be proven indisputably, Thompson pointed out, because those who write the software can embed malicious code that is invisible to outside observers. “You can’t trust code that you did not totally create yourself,” he concluded. Instead, you must trust the people who wrote the code. Humans are always in the loop.

Several much-hyped examples of revolutionary blockchain opportunities have failed to meet expectations. A pioneering initiative to register land titles on a blockchain in Honduras, thereby empowering individuals, failed amid disputes with local officials. A company that observers said could “transform the music industry” with blockchain technology offered singer/songwriter Imogen Heap’s song “Tiny Human” on Ethereum with great fanfare … and generated sales of $133, as reported by blockchain critic David Gerard.  A prominent, well-funded blockchain start-up promising to cut the cost of remittances between immigrants and their families took two years to launch in its first country, and had less than seventy-five users per day a year later.  None of these examples mean that the companies involved, or the use-cases they promoted, are doomed to failure. Perhaps they were simply too early. But they should be cautionary notes for those who view the triumph of the blockchain as inevitable.

Alleged scammer Jerry Ji Guo could face 20-year sentence if convicted (News.com.au), Rated: B

A former journalist who once wrote for the New York Times could spend up to 20 years behind bars if convicted for ripping off start-ups to the tune of $US3.5 ($A4.8) million.

Jerry Ji Guo, a 31-year-old Yale University graduate, was arrested on November 9 in Puerto Rico on wire-fraud charges.

International

$ 63 Billion Deleted From Crypto in 7 Days, Ethereum Drops Under $ 100 (CCN), Rated: AAA

In the past seven days, the crypto market has experienced a drop of more than $63 billion, as major cryptocurrencies recorded double-digit drops.

Bitcoin (BTC), the most dominant cryptocurrency in the market, fell by 12 percent from $4.300 to $3,800, achieving a new yearly low. At its lowest daily point, on fiat-to-cryptocurrency exchanges like Coinbase and Kraken, the price of BTC fell to $3,456.

Ethereum (ETH), which is currently demonstrating a daily volume that is larger than that of Ripple (XRP) and Bitcoin Cash (BCH) combined at $2.2 billion, dropped to $98, falling to a double-digit for the first time since May 2017.

Kraken ETH USD
Source: CCN

Bitcoin, Ripple (XRP), And Ethereum Got Roasted Over Thanksgiving–Here’s Why (Forbes), Rated: AAA

Bitcoin fell sharply over the Thanksgiving weekend, dragging the wider cryptocurrency market down with it, including ripple (XRP) and ethereum’s ether, as last week’s huge sell-0ff surged back, destroying hopes the bitcoin market had found a floor.

The bitcoin price dropped to a low of $3,604 according to CoinDesk’s bitcoin price tracker, before rebounding back over the psychological $4,000 mark. The bitcoin price is currently hovering around $4,000 on the Luxembourg-based Bitstamp exchange, as the volatility seen throughout November continues to cause chaos for traders, investors, and exchanges.

Bitcoin price
Source: CoinDesk

“Bitcoin’s latest plunge is evidence of the need for greater regulatory oversight to give a boost to investor confidence,” said Herbert Sim, the chief commercial officer at Cryptology, a cryptocurrency exchange based in Singapore. “There is already a huge amount of capital tied up in cryptocurrencies, in excess of $100 billion, so why allow it to continue being a rogue market?

crypto market cap
Source: CoinDesk

Top 5 Crypto Performers Overview: XEM, Ripple, EOS, Bitcoin, IOTA (CoinTelegraph), Rated: A

NEM (XEM) is the best performer among the top cryptocurrencies in the past seven days, though it has slumped about 18 percent, showing bear dominance across markets.

xem
Source: CoinTelegraph

After holding out the week before last, the XRP/USD pair succumbed to selling in the past week. The pair has dipped close to the first support at $0.37185. If this support breaks, a retest of the year-to-date low of $0.24508 is probable. The zone between $0.22 and $0.24508 is likely to act as strong support.

The EOS/USD pair broke down through critical support at $3.8723, marking a new year-to-date low. If the price sustains below this level, the fall can extend to the next lower level of $3 and below that to $2.1531.

EOS
Source: CoinTelegraph

The bears broke below the support at $0.4037 and continued lower, touching an intraweek low of $0.28. Currently, the MIOTA/USD pair is attempting to climb above $0.3193.

Why Crypto Traders Might Need to Embrace Shorting Bitcoin (BTC) and Other Cryptocurrencies (Ethereum World News), Rated: A

Sunday the 25th of November will go down in history as the date Bitcoin (BTC) fell to $3,500 and Ethereum (ETH) went sub $100 when it was valued at $98 only hours ago. These major coins are now valued at $3,866 and $111 as we look forward to the final week of November. In the case of XRP, the digital asset has held its own at the number 2 spot after edging out Ethereum a few days back. XRP is currently valued at $0.35 and could be one of the biggest bargains of the recent crypto market crash if this turns out to be the end of the bear market.

European Union

Interest in Ripple’s XRP unabated: New service XRParrot processed €50k buys in only 3 days (Captain Altcoin), Rated: AAA

As Xrpcommunity writes, XRParrot is recording impressive adoption, €50k or 125,000 XRP worth of transactions through their service in only 3 days.

Ethereum Upgrade Plans By Buterin, Developers Revealed in Recent Doc (Smartereum), Rated: AAA

On Friday, Greg Colvin, an engineer an engineer of the ethereum virtual machine, posted some documents on Ethereum’s page on the open-source sharing network GitHub. The documents included minutes from four private meetings held by ethereum developers during the recently concluded DevCon4 conference.

According to the discussions, the developers planned to launch an upgrade which will greatly increase the capabilities of the ethereum network by the middle of next year. The upgrade referred to as “ethereum 1x” was kept hidden from some members of the ethereum developer community until now.

ETH/USD Rallies Into Resistance Near $ 118 (NewsBTC), Rated: A

In the weekly analysis, we discussed a sharp downside move towards $100 in ETH price against the US Dollar. The ETH/USD pair did move down and traded below the $115 and $110 supports. The price even broke the $100 level and formed a new yearly low at $98. Later, there was a decent upside correction and the price moved above $100 and $110. There was also a break above the 50% Fib retracement level of the recent decline from the $126 high to $98 low.

However, the price rallied right into a major resistance near $118.

Ethereum
Source: NewsBTC

Ethereum Stablecoin Will Migrate to Upgraded Bitcoin Cash Network (CCN), Rated: A

DiamCoin, not to be confused with Diamco.in, a similar token by different folks, is intended to be a version of a stablecoin that is pegged to the value of a diamond. Each token will be pegged to the value of a millicarat of a diamond. So a thousand tokens equals 1 carat of diamond, and 14,000 tokens would presumably equal a 14-carat diamond.

Like the majority of token developers, Hello Diamonds were first looking to build on Ethereum.

The recent introduction of Wormhole, a smart contract platform which runs on Bitcoin Cash, pushed them to switch their operation over to BCH, effectively making them the first project representing a stablecoin at all on Bitcoin Cash, and one of the earliest tokens to launch on Wormhole, with a projected launch of early next year at the latest.

France to Change the Tax Regime for Cryptoasset Gains (Crowdfund Insider), Rated: A

After tackling the issue of initial coin offering (ICO) regulation and ICO’s access to banking earlier this year, the French government is now proposing to change the tax regime for cryptoassets. A clearer tax regime for private crypto-owners and occasional traders was considered a major missing block in French crypto-ecosystem.

Finnish micro-municipality mulls converting digital currency to cash (Yle.fi), Rated: A

Officials in the tiny town of Sysmä in southern Finland are considering converting a local digital currency into hard cash. When the currency was launched in March, the idea was for residents to use it to pay for items such as groceries, lunch, petrol, and hairdressing and entertainment services.

However municipal decision makers have come to the conclusion that the maintenance costs of the virtual currency are too high. On top of that, some locals have complained that using the currency is too difficult.

United Kingdom

Only a fool would have bought into bitcoin late last year. So guess what I did? (The Guardian), Rated: AAA

What follows is a morality tale for the modern age. It stars me, an idiot, and may produce strong feelings of schadenfreude in you, hopefully not an idiot. Ready? Let us begin.

UK Watchdog Set to Curb Fraudulent Crypto Activities (Coindoo), Rated: A

According to a key spokesperson from the United Kingdom (UK) Financial Conduct Authority (FCA), it was made known that the government’s watchdog is already making plans to curb fraudulent activities in the country’s crypto market.

China/Hong Kong

How Alibaba Uses Blockchain to Compete in the Cloud (Insead Knowledge), Rated: AAA

Cloud services is one industry where big Chinese tech companies are keen to make international inroads. Comparing the worldwide market share of the biggest cloud players, Amazon is in a league of its own with a market share of 33 percent, but Microsoft, IBM and Google are also doing well. So well in fact, that some may say complacency has crept into U.S. tech, resulting in a monolithic approach: A strong salesforce goes after the juicy multinational accounts of this world, offering generic solutions with a tiny amount of customisation. Meanwhile, Alibaba’s market share is a single digit (4 percent), but it is growing the fastest, powered by an entrepreneurial mindset.

alibaba cloud
Source: Synergy Research Group

For geographical, cultural, and strategic reasons, Chinese firms have always had an eye on the Southeast Asian market. Alibaba in particular has shown a keen interest in the region. Just think of Lazada, the Singapore-headquartered e-commerce retailer in which Alibaba has invested US$2 billion since 2016. More recently, Alibaba, through its Ant Financial (formerly Alipay) subsidiary, has leveraged blockchain to get into the global remittance business, currently worth US$600 billion. My case study, Alibaba and Blockchain, examines the lessons we can learn from the use of this much-hyped emergent technology by big Chinese tech.

BITFINEX BITCOIN EXCHANGE LISTS RSK TOKENS (ICO Brothers), Rated: A

Hong Kong crypto exchange Bitfinex has listed trading for RSK (RBTC) – a smart contract platform secured by the Bitcoin network, according to official Bitfinex announcement. 
RootStock is a smart-contract peer-to-peer platform built on top of the Bitcoin blockchain. Its goal is to add value and functionality to the core Bitcoin network by the implementation of sophisticated smart contracts as a sidechain.

Is STO replacing ICO as the ‘new sexy’ in the cryptocurrency community? (South China Morning Post), Rated: A

According to a comprehensive token report by Fabric Ventures, 58 per cent of all ICOs in 2018 failed to raise capital, disappeared, or refunded participants.

However, the decline of ICOs has opened the door to a new type of token offering, the Security Token Offering (STO), which according to Nasdaq, is “set to take centre stage in 2019”.

InVault’s cryptocurrency custodian service debuts in Hong Kong as new regulations kick in (South China Morning Post), Rated: A

Under a strict new licensing regime, trading platforms and fund managers are required to ensure their clients’ virtual assets are well protected. One method is to take on the services of a third-party cryptocurrency custodian.

InVault, a Shanghai-based start-up, claims to be the first such digital custodian to take advantage of the new licensing requirements to launch its services in Hong Kong.

crypto exchange hacks
Source: South China Morning Post

MoneySQ expands blockchain platform to real estate sector (ComputerWorld), Rated: B

Hong Kong crowdfunded online lending platform MoneySQ has revealed plans to expand its blockchain business platform trustME to the real estate sector via a joint initiative with the Hong Kong Real Estate Agencies General Association.

Under the collaboration, the partners will launch smartME Contract, a smart contract agreement for real estate sales.

Asia

Guan Eng puts the brakes on cryptocurrencies pending Bank Negara decision (The Star), Rated: AAA

Finance Minister Lim Guan Eng has put the brakes on those seeking to create cryptocurrencies, pending the final word from Bank Negara Malaysia.

GETTING ENTERPRISES UP TO SPEED ON BLOCKCHAIN (Digital News Asia), Rated: A

Everyone seems to be talking about the benefits of blockchain and how it can be applied to a business, but IDC Asia Pacific senior market analyst for blockchain and security research Jeff Xie pointed out two common misconceptions that need to be addressed so organisations can fully understand the technology before implementing it.

“First, blockchain is not cryptocurrency or bitcoin which is just one of the financial concepts on blockchain. Next, is the perception of having a whole organisation’s infrastructure on blockchain.

BlockShow becomes first blockchain conference to sell tickets by smart contracts (Crypto-Reporter), Rated: B

BlockShow, the flagship event for the blockchain industry which this month will return to Singapore for the second time, has announced that it is now the world’s first blockchain conference selling tickets via ethereum-based smart contracts. This breakthrough decentralized approach is possible thanks to a partnership with Trustee, the secure and easy-to-use blockchain service providing the interface.

MENA

Saudi Arabia will be launching its own digital currency next year (Crypto News Review), Rated: AAA

Joining the gradually expanding list of countries planning to introduce their own native crypto, Saudi Arabia has recently announced that it will be releasing its own digital currency next year.

Africa

Uganda to Regulate Cryptocurrencies Over the Rise of Crypto-Related Pyramid Schemes (CryptoGlobe), Rated: AAA

The government of Uganda is reportedly set to regulate cryptocurrencies like bitcoin as crypto-related schemes are seemingly on the rise in the country. Several of the country’s policymakers have called on regulations to protect the public.

US company in blockchain plan to reduce losses after harvest (Business Daily), Rated: A

Silicon Valley-based software development company is partnering with a Kenyan start-up to launch a logistics platform for monitoring post-harvest losses of select farm produce.

In a statement, HashCash Consultants confirmed initiating talks with a Kenyan start-up but declined to disclose nature of their partnership on the planned early next year.

Authors:

George Popescu
George Popescu
Allen Taylor
Allen Taylor

About the author

Allen Taylor

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