Bitcoin & Rest of Crypto Market Falling
A sudden drop in price for all cryptocurrencies was recorded 2pm GMT. The market cap has dropped down to $182,86 billion while the price of bitcoin went as low as $5,615 making it a more than a 12% drop in just a few hours. The Market capitalization for the top cryptocurrency also went below $100 billion. Most of the altcoins however are seeing an even greater decline. Bitcoin cash for example which is set to undergo a hardfork has declined by more than 17%. As a top stablecoin, tether also saw a slight dip of around 1% and it also went below the $0.97 mark.
Brad Garlinghouse: Ripple Taking Over SWIFT
Brad Garlinghouse, the CEO of Ripple, believes that more and more companies will turn to blockchain startup products, rather than SWIFT, because of the advantages of Ripple in speed and manufacturability.
“The technologies that banks use today that SWIFT developed decades ago really hasn’t evolved or kept up with the market. SWIFT said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree,”
Who Will Win the BCH Hash War?
The fourth largest cryptocurrency by market capitalization, Bitcoin Cash (BCH), should pass through the hard fork on Thursday, November 15. Bitcoin Cash itself is a fork of the original Bitcoin, separated from the main network in 2017. As part of the upcoming fork, it is planned to launch two new tokens: Bitcoin Satoshi Vision (SV) and Bitcoin ABC. The upcoming forking of Bitcoin Cash was very controversial. The crypto community was divided by an upcoming update.
The price of BCH rose rapidly in anticipation of the fork. This is a frequent occurrence, as speculators hope to benefit from hard forks, possessing cryptocurrency of both networks. However, all the scandals around the fork apparently forced investors to close positions. Therefore, there is a decrease in the price of BCH.
Lagarde & IMF Call Central Banks to Consider Own Crypto
Christine Lagarde, Managing Director of the International Monetary Fund (IMF) today, November 14, during the Singapore Fintech Festival, called on central banks to change their mindset and study the possibility of issuing their own digital currency in order to compensate for the decline in cash use. Lagarde said that she is not fully convinced in the concept of cryptocurrency in a broader sense, but she admitted that there could be a place in the economy for state digital currencies or similar instruments.
“The case is about change- being open to change, embracing change, shaping change,” Lagarde said.
Chinese Miners Lose Electricity, Hashrate Drops 20%
Mining enterprises in the Chinese provinces of Xinjiang and Guizhou suspended their work during the tax audit. The authorities disconnected the mining farms from the electricity and enterprises suffered daily losses of 1 million yuan (about $143.700).
UAE Adopts Proof of Concept by ProximaX
United Arab Emirates announced that are going to launch a Proof of Concept - PoC that is based on the ProximaX Sirius blockchain platform solution.
Xerox Registers Blockchain Auditing Patent
American Xerox Corporation has registered a patent by the U.S. Patent and Trademark Office (USPTO) for a blockchain-driven auditing system for electronic files, according to the patent filing.
At 18:00 (GMT) total cryptocurrency market capitalization stands at $189.3 billion
Etheera (+11.33%) showed the best growth in the top-100
The trading volume of cryptocurrencies for 24 hours reached $18 (+4.8 billion per day)
- BTC $2.12 for 10 TH/s ⏸
- ETH $0.16 for 10 MH/s ↘️
- BCH $0.13 for 1 TH/s ↘️
- LTC $2.55 for 1 GH/s ↘️
- DASH $0.04 for 1 GH/s ↘️