- Falling crypto prices force Chinese Miners to sell their equipment as Junk
- Gibraltar Blockchain Exchange (GBX) Secures DLT Provider License
- Crypto Mining Industry Sees a Calamity as Crypto-mining Host Giga Watt Files For Bankruptcy
- Tron is Getting Stronger as it Closes on USD 2 Million Transactions Per Day
- BCH Fork ABC Wins The Bitcoin Cash War by Nakamoto Consensus
- Bitcoin’s Daily Transfer Volume Close to MasterCard’s Now
Among major news this week, the fall in crypto prices has scared everyone. The confidence is nearly at all-time low, but the worst affected in this meltdown has been the crypto miners. According to a report published in International Business Times, Some small and medium-sized miners in China’s Xinjiang and Inner Mongolia have been selling their mining machines in the second-hand market. The miners were not able to cover the electricity cost by mining currencies with their older machines. According to F2Pool, mining models including Antminer S7, T9, and Avalon A741 [mining machines] have already reached the ‘shutdown price’ — the critical BTC price below which miners have to be shut down for lack of profitability.
Gibraltar Blockchain Exchange (GBX), a subsidiary of the Gibraltar Stock Exchange Group (GSX Group) that claims to be aiming to be a world-leading institutional-grade token sale platform and cryptoassets exchange, has announced it has successfully obtained the Gibraltar distributed ledger technology (DLT) provider license from the nation’s Financial Services Commission (GFSC), reported Finextra. With the new milestone reached, the Gibraltar Stock Exchange (GSX) has become the first ever stock exchange to own a regulated crypto exchange.
GigaWatt Inc., which had opened with a lot of publicity and media attention last year in Douglas County to provide turnkey mining services and custom packages tailored to clients’ needs that included a full range of mining services from equipment sales, maintenance and repair to private blockchain servicing, has filed for bankruptcy. The promoters of the company appeared at Washington’s Eastern District federal court and filled their Chapter 11 documents which revealed that the company had less than USD 50000 worth of assets and its largest creditors owed nearly $70 million. The documents revealed that Giga Watt’s board secretary and chief coordinator Andrey Kuzenny had signed the court documents as the company failed to sustain a crash in cryptocurrency market values and two class-action lawsuits alleging wire fraud and impropriety in its “initial coin offering,”
Among Altcoins, in a recent tweet, Justin Sun, the founder of the project, announced that Tron has broken another record as it inched towards 2 million transactions per day. According to the picture that forms part of the tweet, Tron currently has 1911 online nodes and has reached a block height of 1424121. It also shows that the MainNet has been able to achieve a Maximum of 748 transactions per second which incredible for a relatively nascent ManiNet. At this speed, in no time Tron would take over Ethereum
The two powerful factions of Bitcoin Cash that came after the fork, the Bitcoin SV and ABC have been trying to gain control over the network via hashwar. However, the ABC faction led by crypto investor Roger Ver has now won the race called as the Nakamoto Consensus, in which computers that support the Bitcoin Cash network voted to go with either ABC or SV, which offered different technical improvements to the network. Roger Ver, however, tweeted, “No one wins a war. Some just lose less than others.”
Despite all the bad news, there is good news too. According to a recent report, Bitcoin is inching closer by the day towards overtaking MasterCard in terms of daily transfers. A news daily Trustnodes reported that going by the official numbers released by MasterCard in the payment behemoth’s latest quarterly report, Bitcoin is fast becoming a more serious rival than ever. Currently, Bitcoin daily transaction is nearly 73% of MasterCard’s daily volume of $11 Bn.
Bitcoin is melting down and it’s doing in very quickly. The prices hit the high point of USD 5,620.78 and the lowest point of USD 3,795.16 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were, BitMex (38.06%), Binance (3.26%) and Bitfinex (2.91%)
Among prominent voices, Llew Claasen who is the executive director of Bitcoin foundation recently stated that he expected Bitcoin to hit $40,000 by the end of this very year. He further added that 90% of the cryptocurrencies will actually fall
Ether-like BTC is hit severely and are looking close to breaking the USD 100 levels. Ethereum on the top, this week was at USD 177.18 and were at lows of USD 110.83. The markets that were more active, in volumes, with ETH across various pairs this week were OKEx (5.18%), BitFinex (5.04%) and CoinBit (4.03%)
Among news surrounding Ethereum, It’s been reported by media that Ethereum developers are secretly planning an earlier unrevealed upgrade that could increase the capacities of the technology. The developers may be executing innovative maneuverings to stimulate its evolution roadmap.
XRP still is at second place as Ethereum takes a beating. On the top, this week the prices of XRP were at USD 0.510127 and towards the bottom, it quoted USD 0.367354. The exchanges that were more active, in volumes, with XRP across various pairs this week were Bitbank (13.37%), ZBG (8.54%) and UpBit (7.61%)
For XRP this week, Cory Johnson, the chief market strategist at Ripple Labs, recently claimed that the Bitcoin network “has some real technological limitations” – which include “how many transactions it can do per hour…let alone…nobody even talks [anymore] about per minute.”
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 25 at 1:35 pm IST) were
- Veros – Showing a rise of 192.75%
- Bezop – Showing a rise of 96.41 %
- Olive – Showing a rise of 85.59%
- Aphelion – Showing a drop of 84.07%
- Alibabacoin – Showing a drop of 72.55%
- VisionX – Showing a drop of 72.14%
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.