Bitcoin Rallies to $6,615 and Bitcoin Cash Pumps Before Next Week’s Hard Fork

The State of The Market — November 7, 2018BTC: $6,528.88 (+1.32%)ETH: $218.08 (+1.60%)XRP: $0.5338 (+0.96%)

The cryptocurrency market is holding on to yesterday’s gains and Bitcoin now trades slightly above $6,500 after topping out at $6,615 yesterday. Ethereum surprised investors by rallying to $225 and currently the altcoin trades above $215. XRP also continued to gain and now trades above $0.50. Currently, the total market cap is $219 billion.

In other news, Bitcoin Cash (BCH) surged above $600 as its November 15 hard fork approaches and a report from the Blockchain Transparency Institute found that cryptocurrency exchanges continue to ‘massively inflate volume’ and exploit small cap coins.

1) A number of cryptocurrency exchanges have reportedly cut ties with Iran after the U.S. imposed tougher economic sanctions against the Islamic Republic. The measures will make it harder for Iranians to trade cryptocurrency across borders and Binance and Bittrex are among the exchanges that will no longer offer service to citizens of Iran. Reports suggest that the Trump Administration imposed the first round of sanctions in July and the U.S government allegedly confiscated nearly $6 million worth of Iranian-owned BTC. Tehran is reported to be developing a state cryptocurrency to compensate for the economic squeeze. (Read More)

2) US financial authorities are set to seize $1.2 Billion from Deltec Bank for helping Venezuelan President Nicolas Maduro launder money. Deltec was recently revealed as Tether’s official banking partner after weeks of uncertainty about USDT’s future. Abraham Edgardo Ortega, the former financial chief executive of Petroleos de Venezuela, S.A., revealed the details after entering a plea bargain with the U.S. government. While Tether’s price is back to $1.00 on some exchanges, Deltec’s problems could affect the price once again. (Read More)

3) Keeping up with its promise of adding support for new cryptocurrencies on the first Tuesday of every month, Ledger has added 6 new cryptocurrencies on the Ledger Nano S and 4 new cryptocurrencies for the Ledger Blue. Lisk, Factom, MIX, Music Coin, GameCredits and EtherGem will be added to Ledger Nano S, while only the last 4 are coming to Ledger Blue. The new cryptocurrencies were deployed by their respective communities, bringing the number of third-party developed apps to 32 this year. Just last week, Ledger also added support for IOTA. (Read More)

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