Key Facts Of The Day 14.11.2018

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.

What Else:

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

Market Dynamics

The trading volume of cryptocurrencies for 24 hours reached $18 (+4.8 billion per day)

Mining Profitability