- Bitcoin Cash Fork Chaos that brought the markets down,
- XRP is now ahead of Ethereum at second place by market cap,
- Opposite view from the regulators as IMF says Govts Should Set Up Own Cryptocurrencies while the European Commercial Bank calls Cryptos an Evil Swamp,
- Finally, a Crypto Exchange-Traded Product will go live on Swiss Stock Exchange Next Week,
- OKCoin Launches In Latin America
Among major news this week, Bitcoin Cash, the project that forked away from the Bitcoin blockchain in August 2017, “hard forked” (split) into two different coins: “Bitcoin Cash ABC” (BCH ABC) and “Bitcoin Cash SV” (BCH SV). In the aftermath of the fork, the Bitcoin Cash ABC chain has more accumulated proof of work, and its native currency, BCH ABC, was trading higher on (futures) exchanges. Most Bitcoin Cash ABC proponents, therefore, felt victorious — though many Bitcoin Cash SV proponents have not yet conceded defeat. Although, just before the fork, the cryptos finally broke their stability, only to plunge down 10%. Nearly all major currencies took the beating but did see some mild recovery post the fork.
This BCH fork led downpour in the crypto market and subdued prices over past few months, resulted in Ethereum losing its second spot to XRP. Ethereum’s value plummeted 38.6 percent in the past three months, dropping its market cap to $18.1 billion. XRP’s value rose 61.1 percent in that same period, pushing its market cap to $20.5 billion.
Among regulators, IMF head Christine Lagarde said, Governments should consider offering their own cryptocurrencies to prevent the systems becoming havens for fraudsters and money launderers. According to The Guardian report, Lagarde said that central banks had to work quickly to establish digital cash for burgeoning networks of private financial transactions or risk their mushrooming into trading networks that were inherently unstable.
While IMF had a positive view, European Central Bank (ECB) executive board member Benoit Coeure has stated that cryptocurrencies like Bitcoin are the evil spawn of the 2008 financial crisis, reported Bloomberg. He further added that was an extremely clever idea, but not very clever idea is a good idea. Speaking at the Bank for International Settlements in Basel, Coeure seconded the Bank for International Settlements (BIS) chief Agustin Carstens’ idea that Bitcoin is a “combination of a bubble, a Ponzi scheme, and an environmental disaster” and said, “Few remember that Satoshi embedded the genesis block with a Times headline from January 2009 about U.K. banks’ bailout. In more ways than one, Bitcoin is the evil spawn of the financial crisis.”
Finally, An exchange-traded product tracking an index of five leading cryptocurrencies reportedly will start trading on Switzerland’s Six stock exchange next week. The product will be available to both retail and institutional investors. The Financial Times reported on Friday that Switzerland’s Six exchange has given a green light to a cryptocurrency exchange-traded product (ETP). The news outlet elaborated:”The Amun Crypto ETP, which will start trading next week on the Six exchange in Zurich, has been designed to track an index based on the movements of five leading cryptocurrencies”
Among international expansions, US-based OKCoin recently announced the launch of its licensed exchange platform in Latin America by offering fiat-to-crypto trading between the Argentine peso and several major cryptocurrencies. The exchange offers cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, Cardano, Stellar, Zcash and 0x. The exchange plans to open an office in Buenos Aires and build up a team to support its business throughout Latin America.
Bitcoin finally broke its stability as the pre BCH fork meltdown took the coin down by 10% breaking the USD 600 support. The prices hit the high point of USD 6,434.21 and the lowest point of USD 5,358.38 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were, BitMex (15.24%), CoinBene (3.85%) and Binance (2.48)
Among prominent voices, prominent crypto analyst Tom Lee, who once targeted Bitcoin to reach $25000 by end 2018 is lowering his prediction to $15000
Ether prices took a beating and lost its long-standing second place to XRP. Ethereum on the top, this week was at USD 212.62 and were at lows of USD 170.19 breaching the USD 200 mark by distance. The markets that were more active, in volumes, with ETH across various pairs this week were OEX (4.90%), BitForex (3.83%) and LBank (3.80%)
Among news surrounding Ethereum, Mike McDonald, creator of MKR Tools, revealed that 1,000,000 ETH – roughly 1% of the total supply of Ether – are locked in a MakerDAO’s smart contract.
XRP moves to second place as Ethereum takes a beating. On the top, this week the prices of XRP were at USD 0.525536 and towards the bottom, it quoted USD 0.430398. The exchanges that were more active, in volumes, with XRP across various pairs this week were Bitbank (14.20%), Binance (8.08%) and UpBit (5.72)
For XRP this week, Binance CEO, CZ, Hints at how XRP can become a base currency on the platform
The Other Movers and Shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on November 18 at 1:30 pm IST) were
– Nasdacoin – Showing a rise of 222.89%
– On.Live – Showing a rise of 71.43 %
– Fox Trading – Showing a rise of 68.88%
– Olive – Showing a drop of 84.64%
– Provoco Token – Showing a drop of 70.71%
– InvestFeed – Showing a drop of 59.04%
What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.