Blockchain Market Update – November 19, 2018

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November 19, 2018 by
Blockchain Market Update – November 19, 2018

Tom Lee: Wall Street analyst predicts that BTC will make recovery, but cuts his initial prediction from $25K to $15K. The key factor behind his new target is Bitcoin’s “break-even point,” or the level at which the cost to mine Bitcoin matches its trading price. According to Fundstrat’s data, this point is at around $7,000—Other

U.S. SEC: Ruling on Paragon and AirFox ICO could affect many blockchain and crypto projects in coming months, as SEC orders both projects to pay fine of $350K and refund investors who participated in token sale. A refund of $12M and $15M respectively to their investors with the value of BTC and ETH declining substantially, and both projects having used most of their funds for operations will be nearly impossible. Past ICOs that opened token sales for US investors could be vulnerable to class action lawsuits demanding payouts for losses investors suffered through last eleven months of bear market, which could lead many ICOs to bankruptcy—Regulation

CanadaCanadian House Finance Committee met and discussed cryptocurrencies, as regulators see them as easy way to launder money. Outlined three possibilities for how they will regulate the crypto space: 1. Require fiat-to-crypto exchanges to register as money service businesses 2. Create national license for crypto exchanges in Canada 3. Regulate crypto wallet companies to track suspicious/unlawful transactions—Regulation

Thailand SEC: More companies entering crypto space, yet have not applied for approval from Thai SEC, prompting regulator to issue warnings against unapproved operators. Only 6 crypto exchanges and one dealer have been temporarily approved while their applications are reviewed. Currently, Coins.co.th. is only company that has been temporarily approved to operate as cryptocurrency dealer. No approvals have been granted to new exchanges or token issuers—Regulation

Lightning Network: Recently surpassed 14,000 mainnet payment channels and a 180 BTC capacity (approx. $1 million). Data shows the network has a 249.8 BTC (approx. $1.3 million) capacity, and 14,488 payment channels. It currently has over 4,000 nodes, with each having an average of 12.3 payment channels. Notably, the network’s capacity surged by a whooping 125% recently—Project Development

France: Ready to support cryptos issued in its territory only if the entities behind them accept to be regulated. Accepting the optional certifications would give the ICO market increased credibility, and country may become the first major state to regulate initial coin offerings—Regulation

Switzerland: Green lights the world’s first exchange-traded product tracking multiple cryptos. The Amun Crypto ETP, to 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 – BTC, XRP, ETH, BCH and LTC—Trading

Coin Dance: Acknowledged hardfork of BCH is permanent and accepted the common version of ABC as BCH. Meanwhile, it recognizes the BSV version as Bitcoin SV—Trading

SharkPool: Mining pool threatened to annihilate altcoins that have the Bitcoin name in them. They threatened to attack by exclusively mining empty blocks on the altcoins’ networks and selling the proceeds for BCH. SharkPool indicated that their first targets are Bitcoin Diamond, Bitcoin Gold, Bitcoin Private and Bitcoin Interest—Mining

BitMEX: According to research arm of BitMEX, both camps in BCH hash war are mining at major loss, with SV miners estimated to be burning through $280K per day mining the SV chain and ABC miners burning $439K per day—Mining

EOS: Mainnet welcomed its 500,000th account. Within two months, the number of mainnet accounts rose from 300,000 to 500,000. EOS dApps may be credited for the blooming eco-system—Other

“B2B reporter – Content Manager – Contributor – Fintech – Blockchain – Cryptocurrency”

Simon Chou is a B2B reporter and content manager specializing in technology and finance. He has worked with many clients in the fintech and blockchain space. He holds investment positions in bitcoin and other large-cap cryptocurrencies, and has been reporting on cryptocurrency since 2017. Currently, Simon is the content manager for a major cryptocurrency exchange @HybridBlockHQ.

Name Price
Bitcoin (BTC)
$3,669.10
Ethereum (ETH)
$123.23
Bitcoin Cash (BCH)
$130.05
XRP (XRP)
$0.328320
Litecoin (LTC)
$31.75
Cardano (ADA)
$0.044794
IOTA (MIOTA)
$0.315636
Dash (DASH)
$72.40
NEM (XEM)
$0.057036
Monero (XMR)
$45.58
Stellar (XLM)
$0.108528
EOS (EOS)
$2.50
TRON (TRX)
$0.025111
Bitcoin Gold (BTG)
$11.84
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