Bitcoin Crashes Below $5,300, Taking The Market To A New Low And Switzerland Approves World’s…

The State of The Market — November 19, 2018BTC: $5,221.31 (-6.73%)XRP: $0.477899 (-6.77%)ETH: $154.83 (-11.91%)

After the massive crash last week, some coins made a slight recovery by the end of the week. However, all of it was wiped off early today. Bitcoin dropped to a new low of $5,221. Along with it, the total market cap also crashed to $172 Billion. All of the top 10 cryptocurrencies are down by more than 10%. However, Ethereum suffered the biggest loss, further widening the gap between Ethereum and XRP. The market cap of XRP is now $3 Billion more than Ethereum.

In other news, Hong Kong-based Hang Seng Bank has announced that it has successfully completed a pilot trade transaction for two corporate customers using the recently launched eTradeConnect platform. Hang Seng said that it facilitated an end-to-end blockchain transaction between Clover Group International Limited and Regina Miracle International Limited for the sale and purchase of apparel accessories. Also, as the drama and talk of a hash war resulting from the recent Bitcoin Cash (BCH) fork begins to die down with BCH ABC appearing to have come out on top, the billionaire co-founder of Bitmain, Jihan Wu tweeted what could be the final nail in the coffin for the Craig Wright backed fork. He is expected to dump 1 million BSV once the exchanges start listing it.

1) On Thursday Switzerland’s Six Swiss Exchange will ring a ceremonial bell to mark the listing of it’s first Crypto Exchange Traded Product (ETP). The fund has been under development for about 1.5 years, and Amun AG CEO Hany Rashwan explained that he and his team built a “blockchain enabled fund administration platform” that powers the entire ETP system.” The platform will handle the settlements and clearing. The ETP functions differently than an ETF as it is not based on futures. 100% of the ETP must always be backed by the underlying asset, and this means that whatever an investor purchases, it must be backed by the same amount of crypto-assets which are then stored by a qualified custodian. At the moment, XRP accounts for 30% of the index’s distribution, and there is a passive management fee of 2.5%. (Read More)

2) Bitmain and Ebang Hong Kong Initial Public Offering (IPO) in doubts after Canaan allowed its application to lapse last Thursday. Experts believe regulatory challenges and market volatility have hindered crypto-related organizations from selling shares. According to eToro’s Jasper Lee, Ebang might suffer the same fate as Canaan while Bitmain has a chance to go public as it has enough time to address regulators’ concerns. (Read More)

3) BCH-ABC is mining nearly empty blocks while BCH-SV blocks are growing in size. This is possibly occurring because very few transactions are actually taking place and the BCH mempool has been empty for a while. Bitcoin-Cash SV (BCH-SV), on the other hand, is mining large blocks and this is not a surprise since the fork promoted itself on the ability of 32MB blocks and even larger in the future. The last 20 blocks have a few small blocks but many of them are 3MB, and a few go as high as 20.5MB to 32MB. This shows that the BCH-SV chain is processing a lot of data and as the hard-fork war continues, traders should also keep an eye on the number of blocks produced, whether they are empty or not, and the hash rate of each blockchain. (Read More)

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