After the massive crash that wiped out over $35 Billion yesterday, the market bounced back, posting small gains. However, it is far from recovery yet. The total market cap is still way below $200 Billion at $184 Billion. Meanwhile, XRP managed to gain past Ethereum’s market cap to take the second spot and has stayed in that position for over a day now. Ethereum has a market cap of $18.4 Billion, while XRP is at $19 Billion.
In other news, chip maker Nvidia is suffering from lower-than-expected revenues amid an inventory glut that is a result of the downturn in the cryptocurrency market. Nvidia’s revenue in the original equipment manufacturer’s business, which is where the crypto demand is reflected, declined by more than 20% in the latest quarter to $148 million. Nvidia’s stock fell by double-digits yesterday. Also, Canaan Creative’s IPO plans with the Hong Kong Stock Exchange (HKEX) is in doubts as its application has now lapsed. It has exceeded its lifespan of 6 months since it was first submitted.
1) Bitcoin Cash ABC is currently 45 blocks ahead of Bitcoin Cash SV. It has now been hours since the Bitcoin Cash (BCH) network update, which many predicted would lead to a hard fork and hash war between Bitcoin ABC and Bitcoin SV, and so far Bitcoin ABC has jumped out ahead in terms of hash rate and block production. The blocks are signaling that there is a higher hashrate backing the Bitcoin ABC chain over Bitcoin SV. The overall effect of the ongoing feud between these two BCH camps remains to be seen and may take some time for a clear winner to emerge. (Read More)
2) Cryptocurrency exchange KuCoin has raised $20 million in its latest round. The Singapore-based cryptocurrency exchange received funding from Neo Global Capital, IDG Capital, and Matrix Partners, three major investment firms in the crypto space. In total, the firms invested in the exchange with the goal of helping it to expand its services dramatically and help to bring cryptocurrencies to the masses. KuCoin plans to begin expanding into several more locations during the fourth quarter of 2018, with Vietnam, Turkey, Italy, Russia, and every Spanish-speaking country being the first territories on its list. (Read More)
3) The government of Poland has amended its tax regulations to collect 19% tax on revenue from cryptocurrencies. It has been submitted to President Andrzej Duda for approval. Once approved, it will go into effect from January 1, 2019. An attempt to impose existing Civil Law Transactions Tax (PCC) on cryptocurrencies received harsh criticism early this year. Also, crypto-to-crypto transactions will be exempted from income tax. The 19% tax is only applied when converting from crypto to fiat. The tax is the same for both corporate entities and private individuals. Taxpayers would have to pay an additional 4% tax if their income exceeds 1 million Polish zloty (approx. $265,000) in a given year. (Read More)