Pump and Dump Schemes Bring Millions of Dollars Monthly
Researchers at Imperial College London have concluded that one of the most popular fraudulent schemes in the cryptocurrency market is still the so-called pump-and-dump.
Imperial College London conducted a study of 236 pump-and-dump episodes from July 21 to November 18. The scheme is that the organizer chooses a coin, artificially causes a stir on its purchase, thereby increasing the asset’s price many times, and then sells the coins, greatly increasing its funds. However, many other investors who bought the coin at an inflated price remain at a loss. The scheme is widely used in the cryptocurrency market. The authors of the study note that at the moment, trading under pump-and-dump schemes takes up 0.049% of the daily trading volume.
Opponents Unite — R3 to Officially Use XRP
The blockchain consortium R3 announced launching Corda Settler application for international cryptocurrency payments in corporate distributed networks. XRP became the first supported cryptocurrency.
Corda Settler is a decentralized application (dApp) that runs on open source. It makes it possible to carry out payments in Corda network through any parallel means supporting cryptocurrency, or other crypto assets, or traditional payment mechanisms that can provide cryptographic confirmation of the fact of a settlement of transactions. The application will only confirm operations if the funds have arrived at the beneficiary’s account by writing new data to the distributed registry. A little later, developers plan to add support for deferred netting of transactions and real-time gross settlements (RTGS) to Corda Settler.
Expert: Bitcoin Will Drop to $1,500
Even tougher times await bitcoin ahead, as the downward trend for the first cryptocurrency continues. This means that the price of the coin could fall to $1.500, says Bloomberg Intelligence analyst Mike McGlone.
BTC is currently trading above $3,650. November was a truly depressing month for bitcoin and for the entire cryptocurrency market as a whole. However, it’s not the end of the dark times, McGlone assures. The analyst says that the sale of crypto assets will continue, and the bearish trend in the market still persists. Mike McGlone drew attention an indicator for bitcoin called the Average Directional Index (ADX). It grows with the increasing sales trend and is at its highest level since July — around 47. If the ADX rises above 50, this will be a signal of strengthening the existing bearish trend.
Indian Major Tech Firm to Promote Blockchain
Indian native major tech firm and blockchain development company Tech Mahindra’s Eleven01 entered a partnership with Indian company APIS to promote blockchain using the variety of methods from holding events to organize educational and mentorship programs, according to the report of the company.
Swiss Crypto ATM Manufacturer Integrates Monero
Crypto-related blockchain startup Bity has announced the integration of anonymous cryptocurrency monero (XMR) in its ATMs all around Switzerland.
Binance Collaborates with Fastest-Growing Germany’s Fintech Company
A publicly traded fintech firm NAGA has announced a new cooperation with cryptocurrency exchange Binance in order to give an access to buy/sell investment products offered directly on NAGA Trade.
Release of Braiins OS Cobalt for Mining Devices
Czech-based software solutions developer Braiins Systems, which is the operator of the first mining pool in history – Slush Pool, introduced a version of Braiins OS Cobalt (bOS).
At 18:00 (GMT) total cryptocurrency market capitalization stands at $116.2 billion
Bitcoin SV (+10.54%) showed the best growth in the top-100
The trading volume of cryptocurrencies for 24 hours reached $15.7 (+1.5 billion per day)
- BTC $1.63 for 10 TH/s ↗️
- ETH $0.10 for 10 MH/s ↘️
- BCH $1.17 for 1 TH/s ↘️
- LTC $2.20 for 1 GH/s ↘️
- DASH $0.03 for 1 GH/s ⏸