Key Facts Of The Day 10.10.2018
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Bitcoin 'Implosion' Predicted by Report as Market Declines

The price of Bitcoin continues its fall. On Wednesday, October 10, Bitcoin (Bitcoin) dropped below the $6,600 mark. Bitcoin has been trading at $6,400- $6,600 marks for the last two weeks. Analysts point out that at these levels bears face support, and bulls — resistance.

The first cryptocurrency has failed to reach a new record in nearly 300 days. However, this is not the longest time without beating a historic maximum. The situation was far worse between 2013 and 2017, when the stagnation lasted for 1176 days. Interestingly enough, it’s the past three months of the previous year, October to December, that were the luckiest. Back then, bitcoin topped the record every other day.

Blockchain Capital's venture capitalist crypto expert Spencer Bogart believes that we are facing the other side of the coin now. No bad news affects the market, but the same goes for the good one. Bogart believes that this is a sign that more institutional investors are coming to the market. According to the expert, bitcoin is close to signaling the reach of a reliable minimum.

Zaif Discloses Plans to Return Money to Affected Users

Tech Bureau, an operator of the Japanese crypto exchange Zaif, published a strategy to compensate for the funds of users affected by a hacker attack last month. Recall that the Japanese cryptocurrency exchange Zaif has undergone a hacker attack, as a result of which the attackers managed to steal about $59 million (¥6.7 billion).

Earlier, the Tech Bureau has already stopped registering new users to focus on reimbursing customers. At first, the platform announced that it would disclose its plans to pay damages to the victims before the end of September, but then the exchange operator said that it would take more time to work out the compensation plan. Tech Bureau also announced a basic agreement with the Japanese public corporation Fisco Digital Asset Group, which will receive the majority of shares of the operator in exchange for $44.59 million (5 billion yen). These funds will be directly used to compensate customers.

Today, the details of this plan are finally known. According to the currently established legal procedures, the Tech Bureau declares that it will hold a general meeting for shareholders on November 19 with the date the business is transferred to Fisco on November 22. It is reported that Fisco will assume the rights of customers to receive a return of all cryptocurrency funds deposited, stating that compensation for some monacoin will be made in Japanese yen.

Ciphertrace Report: $927M in Crypto Stolen Since 2018

California-based cybersecurity firm Ciphertrace’s Cryptocurrency Intelligence published its 2018 Q3 Cryptocurrency Anti-Money Laundering Report. A 21-page report draws attention to the cryptocurrency thefts, which rose to $927 million in the first three quarters of this year, $166 million of it being in the third quarter.

According to the report, unregulated exchanges received 97% of direct criminal bitcoin payments. These exchanges are located where AML is weak or not enforced. Also, top exchanges see crypto money laundering with high intensity of bitcoin transfers, around 380,000 bitcoins (approximately $2,5 billion). The report assumes that global adoption of AML regulations will play a vital role to reduce laundering activities in the coming years.

What Else:

  • According to the statement of Blythe Masters, a former top manager of JPMorgan Chase & Co and British economist, the blockchain is coming to commodity markets.
  • The decentralized application (dApp) activity across the ethereum and EOS networks recently hit an all-time high, with more than 65,000 active users on Tuesday.
  • According to the interview of Monetary Authority of Singapore Managing Director Ravi Menon, Singapore’s financial regulator is willing to help cryptocurrency firms that have problems setting up local bank accounts but doesn’t plan to loosen its rules to lure more crypto startups to the country.
  • Bittrex, cryptocurrency exchange will close down the wallets for bitcoin gold, bitcoin private, and bitshares after removing markets for these digital assets.

At 18:30 (GMT+1) total cryptocurrency market capitalization stands at $217.2 billion

Loom Network (+27.44%) showed the best growth in the top-100

Market Dynamics

The trading volume of cryptocurrencies for 24 hours reached $12 (-0.9 billion per day)

  • BTC $2.3 for 10 TH/s
  • ETH $0.17 for 10 MH/s
  • BCH $0.22 for 1 TH/s
  • LTC $3.26 for 1 GH/s
  • DASH $0.09 for 1 GH/s

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