Key Facts Of The Day 5.11.2018

Fate of 9 Bitcoin ETFs Soon to Be Revealed?

Experts are predicting bitcoin to rise. Growth restoration of the first cryptocurrency will continue following the expectations of the U.S. Securities and Exchange Commission’s (SEC) decision. SEC is going to announce the fate of nine bitcoin ETFs in the upcoming days, as today, November 5, the deadline for accepting comments is completed, and if these proposals meet the strict requirements of the SEC, then the BTC price may sharply increase, closing the year at a high level. Nine bitcoin ETFs proposals include five from Direxion, two from GraniteShares and two from ProShares.

Arise Sir BCH, the Hardfork is Upon You

Bitcoin Cash, the 4th largest crypto by market capitalization, has shown rapid growth due to the upcoming hardfork. The price of Bitcoin Cash has shown almost 30% growth over the last 7 days. Thus, the price of the digital asset has increased from $437 to $552. This is happening due to the fact that on November 15, BCH is expecting to undergo a hardfork, which gave rise to many contradictions within the cryptocurrency community.

The whole problem started after the Bitcoin ABC was released on August 20. It included a number of updates, along with the function of smart contracts supporting atomic swaps. That divided the team into two. Bitcoin Cash developers couldn't come to a consensus on what path the cryptocurrency should take.

Chinese Authorities Declare Airdrops Illegal

People's Bank of China (PBoC) expanded sanctions against the cryptocurrency. The central bank intends to put an end to airdrops, free distribution of cryptocurrency tokens, as stated in the published PBoC financial stability report.

The regulator is confident that despite the ban on holding the initial coin offering (ICO) in the country, they still have a place to be in the veiled form. The bank believes that in this way companies shy away from prohibiting the public sale of crypto, giving out free tokens to investors. PBoC believes that the airdrop tokens are then capitalized in a speculative market to inflate the value of assets. Thus, the local regulator equates airdrop tokens to a masked ICO. The bank warns that such projects are increasing, despite all attempts to prevent the release of cryptocurrency tokens in the country.

What Else:

Japanese bank, the First Bank of Toyama, has launched a pilot scheme for its own blockchain-powered stablecoin aiming to deliver special token in October 2019.

The research division of the Hong Kong crypto exchange BitMEX has announced a new tool fortracking forksin bitcoin and bitcoin cash networks.

Huobi Pool, the crypto mining business of the Huobi Group, published a report for 3Q, which discloses an operating profit of $825,744.

U.S. SEC submitted new documents in further support of its former application for a preliminary injunction against cryptocurrency company PlexCorps.

At 18:50 (GMT) total cryptocurrency market capitalization stands at $211.3 billion

Nexo (+9.50%) showed the best growth in the top-100

Market Dynamics

The trading volume of cryptocurrencies for 24 hours reached $13.4 billion (+1.5 billion per day)

Mining Profitability

Click here for the list of ongoing ICOs and rating. Also, subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.