Key Facts Of The Day 29.10.2018

Zcash Reborn After Updating

The Zcash Sapling network upgrade got activated today. Representatives of the project announced a successful hard fork in the official Twitter account. Zcash representatives say that Sapling activation is, in fact, the second birthday of cryptocurrency.

The update activated at block 419200. Sapling introduces new shielded addresses. It allows Zcash to significantly improve the performance of the blockchain. After the hard fork, the transaction construction time will be reduced by 90%, the amount of memory consumed by more than 97%. The protocol activation also enhances the security of transactions and makes the system closer to the proliferation of an open and private payment system.

European Investment Company Buys Bitstamp

Belgium-based investment company NXMH has acquired Bitstamp, one of Europe's largest crypto exchanges. NXC, the parent company of NXMH, also owns Korbit, a South Korean crypto platform, and the video game developer Nexon.

The transaction was carried out fully in cash, said the CEO of the exchange Nejc Kodrič. However, the amount of the transaction is unknown. As part of the deal, NXMH will receive an 80% stake in Bitstamp. Kodrič will retain a 10% stake and will remain the CEO. Pantera Capital Management LP, which in 2010 invested $10 million in the company, also sold part of its stake in Bitstamp to NXMH.

UK’s Bad Regulations to Scare Off Crypto Industry

Following the report issued by the UK MPs less than a month ago suggesting to regulate the “wild west” crypto industry, British Bussiness Financial Authority (BBFA) along with the Baker Bots law firm, Novum Insights venture capital fund, and TodaQ cryptocurrency exchange have presented their own report.

The document that landed in the hands of the Telegraph journalists states that MPs plan to regulate the problems of the industry such as volatile prices, lack of consumer protection, high risks of becoming a victim of a cyber attack and money laundering is concentrated around bitcoin and what's more, can end up punishing any other crypto assets. It is also warning that in the heist of presenting new regulations, authorities might aggravate the situation stating that “bad regulation is worse than no regulation at all”.

What Else:

Coincheck Reports $5M Lost in Q3

Coincheck, which lost more than $500 million due to the January hacking, reported an increase in losses in the third quarter of 2018.

FBI Launches Criminal Investigation Against Tesla

The FBI is looking into Tesla for allegedly misstating production figures about the electric car maker's Model 3 sedan and misled investors about its business operations.

Grain on Blockchain — Agricultural Giants Change Rules

The four largest corporations, Archer Daniels Midland, Bunge, Cargill, and Louis Dreyfus, announced plans to standardize international supplies of agricultural products.

Indian Regulator Asks for Government Opinion on Crypto

Indian Supreme Court has requested the country's government to provide its opinion about cryptocurrencies and their regulation following April central bank actions in relation to cryptocurrency exchanges.

At 18:30 (BST) total cryptocurrency market capitalization stands at $203.3 billion

Market Dynamics

The trading volume of cryptocurrencies for 24 hours reached $11,7 billion (+2.2 billion per day)

Mining Profitability