Month: November 2018

Twitter Facebook LinkedIn Over the last 24 hours, Ripple (XRP) has fallen by 9.5 percent against the US dollar. Still, it overtook Ethereum (ETH) to become the second most valuable cryptocurrency in the global market. On November 17, XRP recorded an increase in value of around 8 percent during a period in which most major cryptocurrencies including both Bitcoin (BTC) and Ethereum struggled to maintain momentum. The short-term rally of XRP on Saturday allowed it to take a lead over Read more …

Cryptocurrency-focused Huobi Group has set up a Communist Party committee at a Beijing-based subsidiary. The company – which operates the Hong Kong-based exchange of the same name, currently third largest globally by adjusted trading volume – announced the news on its website on Nov. 16, saying it was “necessary to implement” Communist Party principles and policies into private companies. The move, which is reportedly a first for the Chinese cryptocurrency and blockchain space, is also aimed to garner party support for the Read more …

Twitter Facebook LinkedIn As the dust begins to settle from last week’s Bitcoin Cash hard fork, crypto exchanges are now signaling which version will receive the “BCH” ticker symbol, as well as to what extent and on what terms they will support the other blockchain. US crypto exchange Kraken, like the majority of other BCH trading platforms, has elected to list Bitcoin ABC’s BCH implementation under the “bitcoin cash” label while also opening trading markets for Bitcoin SV (BSV) — Read more …

Altcoins EOS, the $4 billion blockchain project developed by Dan Larimer, has been savaged in an exhaustive new review. The 17,000-word report, based on extensive laboratory testing, concludes that EOS’s real-world throughput isn’t much better than Ethereum’s and that its consensus algorithm doesn’t function properly. “In order to succeed as a base layer protocol, EOS needs to re-architect its infrastructure,” is the damning verdict. Also read: Cryptocurrency Memes: The Only Assets That Can Survive a Bear Market EOS Faces Its Sternest Read more …

Switzerland is to see the launch of the first ever exchange-traded product (ETP) tracking multiple cryptocurrencies. As reported in the The Financial Times on Saturday, the country’s principle stock exchange, Six, has given the go ahead for the ETP, which is called the Amun Crypto ETP and will go by the ticker symbol “HODL.” Trading will start on the Zurich-based stock exchange next week, the FT says. According to the website of London-based Amun, the ETP will track an index “the top 5 Read more …

Twitter Facebook LinkedIn The market cap of the world’s leading cryptocurrency has established its new yearly bottom. Bitcoin on Monday continued its downtrend, and its valuation dropped to a new bearish low at $92.53 billion. At the same time, the price of the digital currency fell to an average of $5,322, according to aggregate data available at CoinMarketCap.com. Overall, the bearish action intensified the possibility of Bitcoin establishing a double bottom anytime this year. As reported on CCN last week, Read more …

A document published Nov. 12 on the official website of the Cyberspace Administration of China (CAC) calls on the country to “accelerate” the development of standards for the blockchain industry. The text has been authored by the Ministry of Industry and Information Technology (MIIT)’s Zhou Ping, who is also secretary general of the China Blockchain Technology and Industry Development Forum and director of the Software Engineering and Evaluation Center at China’s Electronics Technology Standardization Research Institute. The document argues that Read more …

Netherlands-based ‘Big Four’ auditor KPMG released a bullish report on cryptocurrency Nov. 15. The report argues that institutional investors must join the industry for it to “realize its potential.” The report, dubbed ‘Institutionalization of Cryptoassets,’ focuses on why and how institutional investors should enter cryptocurrency, along with “challenges” the process faces and under what circumstances crypto could become a “full-fledged asset class.” “Cryptoassets have potential. But for them to realize this potential, institutionalization is needed,” the report’s authors argue, continuing: Read more …

Korea’s largest power provider KEPCO says it will use blockchain and other innovative energy solutions to develop its next-generation micro grid (MG), according to an official press release Nov. 19. KEPCO is a $15.9 billion market cap corporation in which the South Korean government and state-controlled bank hold a majority stake; it has a “virtual monopoly” over power generation and distribution in the country, according to Asia-focused publication Nikkei. KEPCO’s new “Open MG” will reportedly harness blockchain and other technologies Read more …

Fintech Ivypay, a cryptocurrency-based payments platform, was launched in Australia on Nov. 19. The service — built by blockchain company Ivy in partnership with Hiveex, a cryptocurrency broker — allows Australians to use digital currencies to pay bills and transfer money directly into their bank accounts. Also Read: Islamic Countries Challenge USD ‘Sanctioning Tool’ With Planned Common Cryptocurrency Mainstreaming Cryptocurrency Use The developers of Ivypay, which was released in beta earlier this month, aim to bring cryptocurrency into the mainstream by Read more …

Traders have reportedly incurred losses after Hong Kong-based cryptocurrency exchange OKEx settled bitcoin cash futures contracts almost without warning ahead of last week’s hard fork. According to a Bloomberg report Monday, the decision by OKEx resulted in significant losses for some investors, including Qiao Changhe, founder of a firm called Consensus Technologies, who said his fund was down $700,000 because the exchange closed the contracts at a level that did not reflect market prices at the time. As a result, Read more …