Blockchain and crypto world is full of innovations, assumptions and sometimes wildly wrong predictions. If you’ve missed the top stories of this week, this post provides a comprehensive look at the top crypto news that made headlines. A lot has happened in the cryptocurrency and blockchain world. Here is a quick round-up of this week’s related stories you may have missed:
Bitcoin Cash Fork LIVETICKER by CryptoTicker
Bitcoin Cash is a cryptocurrency that is divided from the main Bitcoin blockchain in August 2017. On November 15, 2018, around 16:40 UTC, the Bitcoin Cash network hard fork upgraded. But the discussion about this upgrade has caused the Bitcoin Cash ecosystem doled, which could once again point to a division into various projects and coins. Bitcoin Cash is the fourth greatest cryptocurrency by market cap and has earned backing from influential names in the cryptocurrency world like bitcoin.com CEO Roger Ver and Bitmain co-founder Jihan Wu.
How Fake are ICO’s really?
The battle cry of ICOs – “decentralization” and “inclusion of the masses” is just an illusion, the truth is an ugly picture of unwitting crowd participation in a “closed-loop” eco-system, without any rights or participation to the startup ownership or revenues. Tokens are given in exchange for real cash at the “peril of the giver”, that is, the crowd investors. And what awaits most of these optimistic adopters is the disappointed dealt by a flurry of false promises.
All ICOs are crypto-based with a fixed conversion from the quantified token issuance to tokens that are well known and of which the market cap is significant. Bitcoin owing to its status of being the first Cryptocurrency in the world stands out from the crowd and is directly linked to the transformative Blockchain protocol, however the most popular token in the world is not the main driver of ICO fundraising and tokenomics.
Bitcoin Price Falls Below $5000
The Bitcoin price has fallen below $5,000 for the first time in the year 2018 as the crypto market remains to plunge. The Bitcoin price dropped as deep as $4,754 Monday, noting a 14% decrease in a 24-hour span. Bitcoin price has been declining since the start of the year but it has now collapsed by more than 21% in the last week. On Monday, it dropped as low as $4,712 the lowest position since May 2017.
Other influential cryptocurrencies ethereum and XRP declined by 12% and 4% respectively. Bitcoin started falling last week after months of pertinent stillness. The price had been running in the $6,400 range in the month of October 2018. It started trading on Wednesday at $6,328. The reason behind this decline is not completely clear and analysts have struggled to grasp what exactly instigated the latest upset. Some analysts have blamed the fresh Bitcoin Cash hard fork for declining prices of cryptocurrencies.
Trustwave Discovers Cryptojacking Malware On Make-A-Wish Foundation website
Cybersecurity Firm Trustwave has discovered a cryptojacking malware on Make-A-Wish foundation website. The Make-A-Wish Foundation is a non-profit group established in the United States that provides activities called “wishes” to children diagnosed with severe illnesses.
OKEx Controversy Grips the Cryptocurrency World
On November 14th, one of the biggest cryptocurrency exchanges OKEx gave traders a big surprise when it changed its terms of the bitcoin cash contract and forced an early settlement on the same derivative, leaving traders with losses. This is not the first time that OKEx the Hong Kong-based exchange has faced controversies. This August, losses were transferred to traders after the exchange was unable to cover a big wrong way bet by one of its users.
There has been a growing voice from within the crypto world calling for greater regulatory oversight so as to bring some confidence into the crypto world. This recent incident at OKEx is going to add steam to call for regulation which, according to some, goes against the core principles of cryptocurrencies whereby they are “decentralized and unregulated” ie, no one should be able to control it, not even the government. One thing is clear, with such incidents, the government will be forced to act and how the crypto world reacts will be interesting to watch in the near future.
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