Bitmain Plans to Benefit from the Bitcoin Cash Hard Fork and Bitcoin Drops Below $6,500

The State of The Market — November 9, 2018BTC: $6,393.37 (-1.15%)ETH: $210.34 (-1.49%)XRP: $0.5049 (+0.14%)

The overall cryptocurrency market has seen a pullback in prices following recent gains, as the total market cap has dropped more than $5 billion in the last 24-hours. The price of Bitcoin (BTC) has dropped by 1.15% and currently trades at $6,393.37 while Ethereum (ETH) has shed 1.49% and is trading at $210.34. XRP pulled back slightly, but still trades above $0.50. Currently, the total market cap is $212.9 billion.

In other news, Bitmain is rushing to deploy 90,000 S9 Antminers ahead of the Bitcoin Cash hard fork on November 15 and executives from VanEck remain calm and confident about the prospects of the SEC approving a Bitcoin ETF.

1) The U.S. Securities and Exchange Commission (SEC) has filed charges against EtherDelta founder Zachary Coburn for operating an unregistered exchange. The decentralized exchange (DEX) allowed users to exchange Ethereum-based tokens without needing to register accounts or turn their private keys over to the exchange wallet. The SEC claims that EtherDelta illegally permitted users to trade tokens which are classified as “securities” by federal law. The SEC’s co-director of the Enforcement Division said, “EtherDelta had both the user interface and underlying functionality of an online national securities exchange.” EtherDelta’s failure to register with the SEC or qualify for an exemption meant the DEX was in breach of federal law. Coburn has agreed to pay a total of $388,000 in fines but has not admitted or denied the SEC’s findings. (Read More)

2) Coinbase announced on Twitter that it is adding support for Basic Attention Token (BAT) to its iOS and Android mobile apps as well as Coinbase.com starting today. Earlier this month, the exchange added BAT to its professional trading platform Coinbase Pro, and support was widely expected to follow for the mobile apps, which is what today’s announcement was about. BAT is available to traders in most jurisdictions with the exception of New York. Coinbase recently restructured its listing process to accelerate the addition of more coins. (Read More)

3) Cobinhood (COB), a cryptocurrency service platform and exchange that offers zero-fee trading, recently announced the addition of four stablecoins to its platform: the Gemini Dollar (GUSD), MakerDao (DAI), Paxos Standard Token (PAX), and TrueUSD (TUSD). The platform explained that each coin offered distinctly different characteristics to the overall crypto space, which is the reason for multiple stablecoins being added at the same time. There has been a flurry of stablecoins released in recent months, leading to the possibility that 2018 will be known as ‘the year of the stablecoin.’ (Read More)

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